1031.Exchange INTELLIGENCE NETWORK
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TRANSACTION & CLOSING

Purchase and sale agreement

Also called: PSA · purchase agreement · contract of sale

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PLAIN-ENGLISH DEFINITION

The definitive contract governing a real-estate purchase and sale.

What it means in practice.

The PSA typically addresses price, deposit, title, diligence, representations, closing conditions, risk allocation and remedies. Exchange cooperation language may also be included.

Why it matters.

The contract drives closing execution and should be coordinated with the exchange and financing teams.

Additional notes.

The PSA typically addresses price, deposit, title, diligence, representations, closing conditions, risk allocation and remedies. Exchange cooperation language may also be included.

CONNECTED LANGUAGE

Related definitions.

Transaction & ClosingLOIA preliminary document outlining major proposed deal terms before definitive contracts are negotiated.Transaction & ClosingEarnest moneyMoney deposited to support a buyer’s obligations under a purchase contract.Exchange MechanicsAssignmentThe transfer of contractual rights or obligations from one party to another.
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