The second document is known as the Purchase and Sale Agreement. This document details the obligations of the parties. Please be advised that a real estate attorney is of great benefit and assistance to you when drafting and reviewing the Purchase and Sale Agreement.

Contingencies of the Purchase
The Offer to Purchase states the price you agree to accept for the property and the date you plan to close (pass papers). The buyer may also have specified that the property will be inspected for structural/pest/radon/lead or other defects that allow for revoking the Offer to Purchase within a specified period.

Another contingency that may be added to the Offer to Purchase is financing. This contingency specifies the amount of money the buyer intends to borrow, the deadline by which they must submit the application for loan, and the deadline for which a bank can be expected to issue a full commitment. The mortgage contingency appears on both the Offer to Purchase and the Purchase and Sale Agreement.

The Closing
The passing takes place at a convenient location to all parties (generally at the office of the lender’s attorney, or at the local Registry of Deeds). The following items will be needed at the closing: a new deed in the buyer’s name, a copy of the smoke detector certificate certifying that all the smoke detectors are in the proper place in your home and are in working condition, copy of the final water bill, copy of your paid real estate tax bill, copies of any repairs performed as a result of the home inspection, copies of all appliance instruction manuals, and a copy of your driver’s license.