What is an Agreement of Purchase and Sale or an APS?
An Agreement of Purchase and Sale is a legal document between a seller and a buyer for the purchase or sale of a particular property. It’s a written contract where buyer agrees to purchase the property for a certain price, provided that a number of terms and conditions are satisfied. Once an agreement of purchase and sale is signed by both buyer and seller then it becomes legally binding.
An Agreement of purchase documents the terms of the transaction discussed between both parties. Included are the purchase price and the closing date, two of the most important things in any real estate transaction along with any other conditions that they wish to add in the agreement.
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