A purchase and sale agreement memorializes the terms under which real property is sold. Such agreements will identify the parties and the property being sold as well as any structures, improvements and fixtures included in the transaction. The agreement will also provide for the purchase price, as well as how and when the seller may conduct an inspection of the land and premises. The agreement may also lists the warranties or representations of the buyer and seller, as well as any provision for liquidated damages or other remedies in the event one party defaults.
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