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Purchase and Sale Agreement

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Correction Statement and Agreement

STATE OF RHODE ISLAND

COUNTY OF

In consideration of the closing of the sales transaction identified herein, Seller(s) and Buyer(s) agree as follows:

1. This agreement concerns the closing of a real estate transaction between Seller(s) and Buyer(s) as evidenced by dated , a copy of which is attached hereto.

2. Seller(s) and/or Buyer(s) shall correct and/or replace any closing document at the request of the other, or the Closing Representative, or Lender, that contains an error, inaccuracy, or has been lost, destroyed or misplaced for any reason. A closing document shall be deemed to contain an error or inaccuracy if it fails to reflect the true or correct terms and conditions of the closing and loan, if applicable or to conform to the contract of sale or true intentions of the parties. Examples include but are not limited to errors in the legal description, misspelled names, invalid acknowledgment, etc.

3. This agreement is made regardless of the reason for any loss, misplacement, or inaccuracy in any closing or Loan documents, if any.

4. "Correct or Replace" includes but is not limited to the execution, acknowledgment, initialing, and delivering to the other any documentation deemed necessary to replace or correct the lost, misplaced, misstated, or inaccurate document(s). "Closing Documents" include, but are not limited to closing statements, deeds, deeds of trust or mortgages, promissory notes, affidavits, contracts or other documents executed by the parties in connection with the closing.

5. If the original promissory note is replaced, the Seller(s)/Lender hereby indemnifies the Buyer(s) against any loss associated with a demand in the original note.

6. Buyer(s) and Seller(s) shall deliver the Replacement Documents within thirty (30) days after receipt by the other of a written request for corrective action under this agreement.

7. In the event that the Closing Statement or funds transferred between Buyer(s) and Seller(s) did not accurately reflect the agreement of the parties, Buyer(s) and Seller(s) will supply additional amounts due or amount to be refunded.

8. This agreement is not intended to address errors or inaccuracies in any consumer disclosures given to Buyer(s) in connection with Buyer(s) Loan, if any. Such errors or inaccuracies will be addressed by Seller(s)/Lender in accordance with the applicable consumer law or regulation.

9. If Buyer(s) or Seller(s) fail or refuse to execute, acknowledge, initial, and deliver the Replacement Documents or provide the additional documents or fees for more than thirty (30) days after being requested to do so, Buyer(s) or Seller(s), whichever is the refuser, agrees to be liable for any and all loss or damage which the other reasonably sustains thereby, including but not limited to all reasonable attorney's fees and costs incurred to obtain the corrected or replacement documents.

10. This agreement shall survive the closing inure to the benefit of the Buyer(s) and Seller(s), their successors and assigns, and be binding upon the heirs, devisees, personal representatives, successors, and assigns of the parties.

Sworn to and Subscribed before me this the day of , 20 .

My Commission Expires:

NOTARY PUBLIC

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What a Purchase and Sale Agreement Is and When It Applies

A Purchase and Sale Agreement (PSA) is a written contract that records the terms under which a seller transfers ownership of real property or defined goods to a buyer. The PSA sets the purchase price, deposit, contingencies, closing date, permitted adjustments, and any required disclosures. It allocates risk between parties and creates enforceable obligations that survive signing until closing, amendment, or termination. Parties typically attach exhibits — surveys, title commitments, financing addenda, and inspection reports — to make the contract complete and operational for closing and recording.

Why a Clear Purchase and Sale Agreement Matters

A well-drafted PSA reduces misunderstanding by documenting price, contingencies, timelines, and remedies. It protects buyer and seller expectations, provides clear conditions for deposit release, and establishes the legal framework for closing and dispute resolution under the chosen governing law.

Why a Clear Purchase and Sale Agreement Matters

Who Typically Prepares and Signs a Purchase and Sale Agreement

Multiple parties use PSAs: buyers, sellers, brokers, lenders, and closing agents all rely on the document to finalize transactions.

Typical Signatories and Their Roles

Buyer — Individual or Entity

The buyer must sign using the legal name that will appear on title. If the buyer is an entity, include the authorized signer's printed name and title and confirm corporate authority or operating agreement authorization.

Seller — Owner or Agent

The seller signs to transfer rights. If an agent signs, attach executed agency authorization. For entities, include corporate resolution or power of attorney proving authority to convey the property.

Core Sections Every Professional Purchase and Sale Agreement Should Include

A professional PSA groups obligations and risk into clear sections: parties, property definition, price and adjustments, contingencies, closing mechanics, and remedies for default.

Parties

Identify full legal names and entity types for buyer and seller, including contact information and mailing addresses for notices.

Property Description

Provide a precise legal description for real property or a detailed inventory for goods; attach plats, exhibits, and parcel identifiers as needed.

Purchase Price

State total price, deposit amount, payment schedule, escrow instructions, and conditions for adjustments or prorations at closing.

Contingencies

List financing, inspection, title, appraisal, and other conditions precedent with deadlines and cure rights clearly defined.

Closing Details

Specify closing date, delivery method for documents and funds, escrow instructions, and the party responsible for recording and associated fees.

Remedies & Risk

Describe default remedies, indemnities, representations, warranties, and any liquidated damages or dispute resolution procedures.

Essential Data and Compliance Elements to Include

Legal Names: Full legal party names
Property ID: Parcel or serial number
Price & Deposit: Dollar amounts
Key Dates: Effective and closing dates
Title Conditions: Title exceptions
Signature Details: Signer name, date

Common Legal and Financial Risks of an Incorrect PSA

1099 and tax risk: $60–$330 per form; $660+ intentional
I-9 and employment: $281–$2,789 per violation
Recording errors: Title defects, lien exposure
Missing signatures: Agreement unenforceable
Incorrect party: Clouds title, may void deed
Unclear contingencies: Exposure to dispute and damages

Stepwise Process to Complete a Purchase and Sale Agreement

Follow these sequential steps to prepare, negotiate, execute, and move the PSA to closing while protecting all parties.

  • 01
    Drafting: Assemble terms, exhibits, and title preliminaries.
  • 02
    Negotiation: Exchange revisions and agree on contingencies and dates.
  • 03
    Execution: Obtain signatures, initials on all pages, and dates.
  • 04
    Closing: Satisfy contingencies and record transfer documents.

Where to Send or File the Executed Agreement and Related Documents

After execution, route documents to title, escrow, lender, and county recorder as required; follow each party’s delivery instructions for original and copies.

  • Title Company: Send original signed PSA plus exhibits for escrow opening.
  • Lender: Provide executed agreement if financing is involved.
  • County Recorder: Record deed and any mortgage after closing.
  • Closing Agent: Deliver final signed closing statement and funds instructions.

Digital Signing and File Formats to Consider

Choose a platform that supports common formats (PDF, DOCX) and the authentication level you need for signer verification and audit trails.

  • File Formats: PDF and DOCX supported
  • Integrations: Works with CRM and cloud storage
  • Authentication: Email, SMS, or advanced options

Verify platform compliance needs (ESIGN/UETA, HIPAA where applicable) and confirm the service provides tamper-evident signed PDFs and an auditable certificate of completion.

Typical Online Workflow Settings for Completing a PSA

Configure fields and routing to match signing order, authentication level, and delivery preferences for closing participants.

Field Configuration
Signature Required; date auto-filled
Initials Required on each page if specified
Conditional Fields Show financing clauses if buyer selects financing
Routing Order Set buyer, seller, then closing agent

eSignature Vendor Pricing Snapshot for Purchase and Sale Workflows

Representative starting prices and feature availability for common eSignature vendors. Confirm plan specifics with each provider before purchasing.

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 by vendor Varies by vendor Varies by vendor Varies by vendor
Bulk Send Yes Yes Yes Yes Varies by plan
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Frequently Asked Questions About Purchase and Sale Agreements

Answers to common execution, enforceability, and eSignature questions for PSAs executed in the United States.


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