Definition of Purchase and Sale Agreement:

Orange County, Purchase and Sale Agreement:

The official document received after mutual acceptance on an offer stating the final sale price and all terms of the agreement. The specific items in this contract and will always include the following:

  • Final sale price

  • Earnest Money paid by certified funds, cashier's check, money order or wire transfer - one to three days after the document is signed

  • Closing date

  • Title Insurance company information

  • Contingencies for financing, home inspections and a clear title report

  • Seller's agreement to provide a clear title of ownership

  • Addendums explaining any additional terms of the offer not included in the actual document

In Orange County the escrow company will coordinate the closing process and the buyer's agent is responsible for preparing this initial document.

 

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