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Purchase and Sale Agreement

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SINGLE FAMILY PURCHASE AND SALES AGREEMENT
Rhode Island Association of REALTORS®

1. SALES AGREEMENT

This (“Agreement”) made between (“Seller”):

Mailing Address:

and (“Buyer”):

Mailing Address:

Seller agrees to SELL and Buyer to BUY, upon the price and terms below, the following property (the “Property”):

Property Address Assessor’s Plat Lot Block in the City/Town of , State of Rhode Island, Zip code

2. DATE OF THIS AGREEMENT

The Date of this Agreement shall be the later of: (a) the date on which Buyer signs this Agreement, or (b) the date on which Seller signs this Agreement.

3. PURCHASE PRICE

Buyer agrees to pay Seller a Purchase Price for the Property in the amount of: Dollars ($) (“Purchase Price”) of which:

$ has been paid as a deposit.

$ Additional deposit to be paid on or before

$ Balance due at closing by certified check, wire transfer and/or bank check.

$ TOTAL PURCHASE PRICE.

4. CLOSING DATE/PLACE

Closing is to be held on , at 10:00 A.M. at the office of the Land Evidence Records in the municipality where the Property is located or at such other time and place as may be agreed to by Buyer and Seller.

5. DEPOSITS

All deposits shall be held in an escrow account by the Listing Brokerage Firm named in Section 18, unless mutually agreed otherwise in writing by Buyer and Seller, and applied to the Purchase Price, except as otherwise provided.

6. WAIVER OF MORTGAGE CONTINGENCY

If initialed by Buyer, this Agreement is not contingent upon financing and Section 7 of this Agreement shall not apply. (Initials of Buyer)

7. MORTGAGE CONTINGENCY

This Agreement is subject to Buyer obtaining a commitment letter issued by an institutional mortgage lender or mortgage broker ("Lender") on or before ("Mortgage Contingency Deadline") under the following terms: an amount not to exceed $ at an initial rate of interest not to exceed % per year, for a term of at least years, with a maximum of points.

8. PERSONAL PROPERTY AND FIXTURES

Appliances to remain include the following:

The following items, including leased or tenant-owned items, are excluded from the sale:

9. TITLE AND DEED

(a) Seller shall convey Property by a deed conveying a good, clear, insurable, and marketable title to the Property.

10. TAXES, ADJUSTMENTS, OTHER ASSESSMENTS

(c) Assessments: All assessments, including sewer, which are payable over a period of more than one year and constitute a lien on the Property shall be paid as follows:

The Seller shall pay the balance of the assessment in full or acknowledge that there is no assessment, or

The Buyer shall pay the balance of the assessment in full, if any, or assume the balance of the assessment where permitted by law.

11. ADDITIONAL OBLIGATIONS

(a) Smoke/Carbon Monoxide Detectors: Seller shall deliver the Property at the closing with a smoke detector and carbon monoxide detector certificate dated no earlier than 120 calendar days before the closing unless exempt from Rhode Island law.

12. POSSESSION AND CONDITION OF PROPERTY

Seller shall deliver to Buyer at closing full occupancy and possession of the Property, in “broom clean” condition, free and clear of personal possessions, tenants, and occupants except as agreed below.

EXCEPTIONS: (subject to assumption of leases)

13. RECEIPT AND ACKNOWLEDGMENT OF RI DISCLOSURE FORMS

Buyer acknowledges that Buyer has received the following forms (unless exempted by law):

Rhode Island Real Estate Sales Disclosure Form prepared by Seller

Mandatory Real Estate Relationship Disclosure

Seller’s Lead Disclosure which is incorporated in this Agreement by reference

Pamphlet “Protect Your Family from Lead in Your Home”

14. BUYER’S RIGHTS

Inspections: potential purchaser(s) shall be permitted a ten (10) day period to conduct inspections.

(1) Lead Inspection

(2) Private Well Water Inspection

(3) Cesspool Inspection

15. WAIVER OF INSPECTIONS CONTINGENCY

Buyer waives all rights to inspections, including the 10-day period.

Buyer waives Buyer’s 10-day right to test/inspect for the presence of lead.

16. INSPECTIONS CONTINGENCY

Additional Provisions:

17. REQUIRED DOCUMENTS

Buyer and Seller agree to execute and deliver such other documents, instruments, and affidavits as may reasonably be required to complete the transaction.

18. NOTICES

SELLERS:

Name(s):

Mailing Address:

Email:

Listing Brokerage Firm Name: Mailing Address:

Name of Principal Broker: License #:

Name of Licensee: License #:

Status: Designated Seller Representative Transaction Facilitator Dual Facilitator

Email: Phone:

BUYERS:

Name(s):

Mailing Address:

Email:

Cooperating Brokerage Firm Name: Mailing Address:

Name of Principal Broker: License #:

Name of Licensee: License #: MLS ID #:

Status: Designated Buyer Representative Transaction Facilitator

Email: Phone:

19. DEFAULT

Upon default by Buyer, Seller shall have the right to the Deposits in accordance with Section 5.

20. ASSIGNMENT

This Agreement may be assigned by either party without written consent of the other, and shall be binding upon the assigns of Buyer and Seller.

21. ACCURATE DISCLOSURE OF SELLING PRICE

Buyer and Seller certify that this Agreement and all Addenda accurately reflect the gross sales price as indicated in Section 3.

22. ADDENDUM/ADDENDA

The following addendum/addenda are made a part of this Agreement:

23. ADDITIONAL PROVISIONS

24. PREPARATION OF DOCUMENT CONFIRMATION CLAUSE

This Agreement was prepared by (check one): Listing Licensee Cooperating Licensee Other

Name: Address:

25. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of Rhode Island.

26. CONSTRUCTION OF AGREEMENT

If two or more persons are named as Seller or Buyer, their obligations shall be joint and several.

27. ENTIRE AGREEMENT

Buyer and Seller agree that this Agreement contains the entire agreement between us.

NOTICE: THIS IS A LEGAL DOCUMENT THAT CREATES BINDING OBLIGATIONS.

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What the Purchase and Sale Agreement Is and When it Matters

A Purchase and Sale Agreement (PSA) is a legally binding contract that records the transfer of real property between a seller and a buyer, setting price, property description, contingencies, and closing conditions. It allocates responsibilities for inspections, financing, title delivery, prorations, and closing costs, and it typically becomes the controlling document for escrow and title company actions. The PSA standardizes obligations, reduces ambiguity on material terms, and creates enforceable remedies for breach while preserving rights to deposit funds and require performance at closing.

Why a Clear Purchase and Sale Agreement Protects All Parties

A well-drafted PSA clarifies price, timelines, and contingencies, reducing disputes and enabling escrow and title services to proceed without delay.

Why a Clear Purchase and Sale Agreement Protects All Parties

Who Typically Prepares or Signs a Purchase and Sale Agreement

The PSA is used by a range of participants in real estate transactions; the profiles below summarize common roles.

  • Buyers and their agents — prepare offer terms, contingencies, financing deadlines, and coordinate deposits with escrow.
  • Sellers and listing agents — set price, disclosure schedules, and acceptable closing windows while managing counteroffers.
  • Title/escrow officers — review PSA provisions for title exceptions, prorations, and closing instructions to prepare settlement statements.

Each signer should confirm authority to bind their entity and verify identity documentation before executing the agreement.

Core Elements Every Professional Purchase and Sale Agreement Should Include

A complete PSA saves time and reduces litigation risk by explicitly defining price, property, contingencies, closing mechanics, allocation of costs, and remedies.

Parties

Legal names and entity types for buyer and seller, including DBA or trust names where applicable, to ensure enforceability and title accuracy.

Property Description

Complete street address and legal description or parcel ID; attach survey or plat if required by lender or title company.

Purchase Price

Total price, deposit amount, escrow instructions, acceptable payment methods, and treatment of earnest money at default or closing.

Contingencies

Inspection, financing, appraisal, and title contingencies with explicit cure periods and termination rights stated in calendar days.

Closing Terms

Target closing date, place of closing, allocation of closing costs, prorations for taxes and utilities, and deed delivery method.

Remedies

Default remedies such as specific performance, liquidated damages, or termination rights, and any limitations on consequential damages.

Essential Information to Include on the Agreement

Buyer Name: Full legal name
Seller Name: Full legal name
Property Address: Street, city, state, ZIP
Purchase Price: Dollar amount
Effective Date: MM/DD/YYYY
Signatures: Signed and dated

Step-by-Step: Completing and Executing a Purchase and Sale Agreement

Follow these steps to prepare, review, and finalize a PSA with clear deadlines and responsibilities for each party.

  • 01
    Draft Agreement: Populate all core fields and attach required disclosures.
  • 02
    Review Terms: Buyers and sellers review contingencies, costs, and deadlines.
  • 03
    Escrow Deposit: Buyer funds earnest money per escrow instructions.
  • 04
    Execute and Close: Parties sign, deliver to escrow, and proceed to closing.

Where to Send, File, and Record the Executed Agreement

After signatures, route the PSA to escrow, title, and the party responsible for recording; destination differs by transaction type.

  • Escrow or Title Company: Send executed PSA to escrow for closing instructions and settlement statement preparation.
  • County Recorder: Deed recording occurs at the county recorder's office after closing and funding.
  • Lender/Servicer: Provide copies to mortgage lender for loan file and post-closing review.
  • Brokerage Files: Retain executed PSA in broker transaction file per state brokerage rules.

How to Configure an Online Signing Workflow for a Purchase and Sale Agreement

Set up a clear online routing order, required fields, and signer authentication to reduce friction and preserve evidentiary value.

Field Configuration
Signer Order Seller → Buyer → Escrow → Lender
Required Fields Names, signatures, dates, deposit amount
Authentication Email link + SMS or ID verification
Audit Trail Enable IP, timestamps, and certificate

Digital Signing and Distribution Options for the PSA

Choose a platform that supports authenticated signing, audit trails, and secure document storage for real estate closings.

  • File Formats: PDF, DOCX
  • Integrations: Title/escrow and CRM systems
  • Authentication: Email, SMS, KBA

Ensure your chosen provider supports notarization workflows or can integrate with a Remote Online Notarization (RON) vendor if required.

Common Timelines and Deadlines in a Purchase and Sale Agreement

Standard PSAs include calendar-driven deadlines governing contingencies, financing, and closing; track these carefully to avoid forfeiture of deposits.

Inspection Period:

Typically 7–15 days from effective date for inspections and repair requests.

Financing Contingency:

Usually 21–30 days to secure loan approval and deliver commitment.

Title Objection:

Buyer often has 7–10 days to object to title exceptions after title report delivery.

Closing Date:

Specified date when funds transfer and deed are recorded.

Earnest Money Deadline:

Deposit due within agreed days after contract acceptance.

Key Milestones from Offer to Recording

A typical transaction follows discrete milestones; tracking each stage helps coordinate lenders, title, and escrow.

01

Offer Acceptance

Contract becomes effective when signed by all parties.

02

Contingency Period

Buyer completes inspections and secures financing.

03

Clear to Close

Lender and title confirm conditions met for funding.

04

Recording

Deed and mortgage are recorded at county recorder's office.

Common Preparation Errors That Delay or Void a PSA

  • Using informal or incomplete party names that differ from title records can derail closing and require corrective deeds.
  • Failing to calendar contingency deadlines leads to missed cure windows and potential deposit forfeiture.
  • Omitting signature authority details when an entity signs creates ambiguity about agency and may block recording.
  • Relying on unsigned or initial-only pages without full execution can produce unenforceable or partially executed agreements.

Legal and Financial Risks from an Incorrect or Incomplete PSA

Deposit Forfeiture: Loss of earnest money
Specific Performance: Court-ordered transfer
Rescission: Contract unwound
Recording Rejection: County may refuse deed
Title Defects: Cloud on title
Extended Liability: Post-closing indemnities

Pricing and Feature Comparison: eSignature Options for Executing a PSA

This table summarizes starting prices and common capabilities to consider when choosing an eSignature provider for Purchase and Sale Agreements.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies Varies Yes, limited Varies
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Real-World Examples of Purchase and Sale Agreement Use

These case examples show how organizations use online signing and PSA templates to streamline closings and reduce errors.

Optica Ventures LLC

Optica standardized PSAs across broker teams to reduce drafting time and improve consistency.

  • The team used templates and digital routing to enforce deadlines.
  • Brian Fitzgibbons, COO, noted the interface is simple for internal teams and customers, enabling faster, more reliable closings with fewer manual follow-ups.

Martin Properties

A small agency adopted online PSAs for remote buyers and sellers to avoid in-person signings.

  • Mobile signing and offline support allowed field agents to capture signatures on site.
  • Tim Martin, Founder, reported the ability to process and execute documents online with compliance and security improved turnaround and client satisfaction.

Practical Tips for Accurate and Efficient PSA Completion

Adopt these practices to reduce risk, speed closing, and ensure the PSA is enforceable.

Use Standardized Templates
Start with a vetted template that includes required disclosures, title obligations, and commonly negotiated clauses to minimize drafting errors and review time.
Confirm Signatory Authority
Obtain entity resolutions or trustee affidavits when an organization or trust signs; record title-holder verification to prevent recording issues.
Calendar Deadlines
Log inspection, financing, and closing dates in a shared calendar with automated reminders to avoid missed contingency windows and potential deposit disputes.
Preserve Audit Trails
Use eSignature platforms that capture IP, timestamps, and signer authentication events to strengthen enforceability and evidentiary value.

Frequently Asked Questions About Purchase and Sale Agreements

Answers to the most common questions about execution, enforceability, notarization, and online signing of PSAs.


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