Real-Estate Purchase and Sale Agreement (PSA) review

Real-property PSA under state real-property law and the Statute of Frauds.

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9 document-specific checks
+ 113 general checks
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What it checks

Property description / legal description

PSA must include a legal description of the property (Statute of Frauds).

Critical · RE-009

Purchase price and earnest money

PSA must state purchase price and earnest-money deposit.

Critical · RE-010

Due diligence / inspection period

PSA must include a due diligence / inspection / feasibility period.

Critical · RE-011

Title commitment / title objections

PSA must address title commitment and the cure mechanism for title objections.

Critical · RE-012

Closing conditions

PSA must specify closing conditions for both buyer and seller.

Critical · RE-013

Risk of loss before closing

PSA must address risk of loss before closing.

Warning · RE-014

Seller representations and warranties

PSA should include core seller reps (authority, no defaults under leases, environmental, litigation).

Critical · RE-015

Like-kind exchange cooperation (IRC § 1031)

PSA should address whether parties will cooperate with a § 1031 like-kind exchange.

Warning · RE-016

Brokers / commission representation

PSA should include broker / commission representations and indemnification.

Warning · RE-017

Every run also applies 113 general checks that belong to any agreement: structure, parties and signatures, defined terms, cross-references, dates, amounts, and one-sided terms.

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