A SPA- or Sale &Purchase Agreement is a legally binding document between two parties. This document obliges the parties involved to close a particular transaction. Typically, SPAs are contracts that are closed between the buyer and the seller of a real estate property. Your new york real estate lawyer will carefully analyze the document before signing to protect your best interests. Regardless of whether you are the seller or the buyer in the equation, you should always hire a real estate lawyer to help you navigate all legal issues.
This contract or agreement basally sums up all the terms and conditions of the transaction, and once each party signs the document, they agree to all these terms. In layman’s terms, such a SPA will obligate the buyer to pay and the seller to sell the individual property mentioned in the contract. Some of the details highlighted within the agreement include the sale price of the item or asset and the transaction’s principal payment terms and conditions. Certain conditions must be met before the sale, and these are also detailed within the sale and purchase agreement. If you find these terms confusing and the entire transaction too complex or tiresome to navigate, you should hire a new york real estate lawyer. He will represent your best interests throughout the transaction. This contract also typically includes any confidentiality terms, the broker’s commissions if existent, and other essential details.
The SPA becomes the pillar of the negotiation between the buyer and the seller. Indeed, both parties negotiate the price and terms, and when they find the common denominator, a contract will be drafted. SPAs are generally used in case of more extensive sales, be it real estate sales or any item sales. The SPA becomes legally binding once it is signed. Therefore, you need the help and assistance of a good lawyer, who will explain everything in detail and raise questions or concerns if needed. The final sale exact date will also be included in the contract.