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What's the buyer's responsibility when reviewing a Purchase & Sale (P&S) Agreement?

I believe the most important role of the BUYER in the P&S process is to ensure that the business terms of the deal are correct in the P&S as the attorney is not always familiar with all the details of the deal especially if there are terms not included in the Offer to Purchase. The BUYER should ensure that everything that they believe was agreed to between the parties is written into the P&S as verbal agreements are not binding. When emailing the BUYER or SELLER the final draft of P&S, I include a detailed email breaking out the important points for a BUYER or SELLER to confirm prior to signing the P&S.  It is also important for the BUYER or SELLER to read the P&S and ask any questions that they have but in general the BUYER or SELLER should not get overly caught up in the “legalease” of the P&S as the P&S and accompanying Riders are standardized documents that do not dramatically vary from deal to deal.

Have Any Questions? Contact Flow Realty to learn more about the process of buying real estate.

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