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What does a purchase and sale agreement cost? If you are preparing to purchase real estate, this is a question you may ask. Let’s explore this question and review some general information about purchase and sale agreements and what is essential.
The average cost (i.e., legal fees) for a lawyer to draft a purchase and sale agreement is $560 on a flat fee basis. The average cost for a lawyer to review a purchase and sale agreement is $330 on a flat fee basis. These cost points come from recent projects on the ContractsCounsel platform and are averages from across all US states.
Based on 15 recent projects completed by lawyers on ContractsCounsel.
Last updated: 24 May, 2024
Create Purchase And Sale Agreement Review Purchase And Sale AgreementA purchase and sale agreement, called a P&S agreement, is a legally binding contract establishing terms and conditions for purchasing and selling real estate.
A purchase and sale agreement is not an agreement to buy the property. Instead, the main purpose is to lay out each party’s obligations for sale to be finalized. This includes fulfilling important requirements like:
A purchase and sale agreement must be drafted correctly because this contract facilitates a smooth real estate transaction and property transfer from the seller to the buyer.
Many people hire a real estate attorney to draft the purchase and sale agreement to ensure the contract is complete and free from mistakes. An experienced real estate lawyer will know what terms and conditions to include in your purchase and sale agreement to ensure a smooth buying process.
Based on ContractsCounsel’s marketplace data, the average cost of a project involving a purchase and sale agreement is $420.
A purchase and sale agreement should cover all necessary tasks and requirements to complete the sale of the house or property.
While purchase and sale agreements will differ based on the parties and property, how the following five steps will be handled should always be addressed in this contract:
Additional information that can be found in a purchase and sale agreement includes:
Additional covenants, limitations, and conditions can be added as necessary.
Purchase and sale agreements are important legal contracts and a necessary part of the home-buying process.
The agreement provides each party with clear guidance throughout the real estate transaction. Each party will know its roles and responsibilities to facilitate a smooth ownership transition.
Without a well-drafted purchase and sale agreement, problems could arise during the transaction that can cost both the seller and the valuable buyer time, resources, and money. This contract ensures that both parties are protected throughout the buying process and that the transaction is fair and legal.
Purchase and sales agreements are important documents because they lay out the terms and conditions surrounding a sale of real estate. Without a well-drafted purchase and sale agreement, both parties risk issues and disputes throughout the home-buying process.
For these reasons, it is common for parties selling or purchasing real estate to hire an attorney to draft a valid purchase and sale agreement. An experienced attorney will know the real estate laws in your state and be able to create a document customized to your transaction that protects both the buyer and the seller of the property.
For a transaction, the seller should provide the purchase and sale agreement. If you are the buyer, you should fully understand what you agree on and what obligations you must fulfill. Before signing a contract, it is recommended that you have your attorney review it.
A real estate lawyer can review the terms of your purchase and sale agreement and ensure that it is fair and protects your rights as the buyer. In addition, your lawyer will be able to explain the contract to you, so you are fully aware of all your obligations in the deal.
Meet some lawyers on our platformYou will incur legal fees if you hire a real estate lawyer to draft a purchase and sale agreement. In addition, a lawyer will charge for the time it takes to prepare the contract in may include additional fees for consultations and communication.
ContractsCounsel’s marketplace data shows that the average purchase and sale agreement drafting costs $560 across all states.
You can hire a lawyer to review the contract if you choose to draft your own purchase and sale agreement. A lawyer will charge for their time reviewing the agreement, but the fees are typically less than drafting fees.
ContractsCounsel’s marketplace data shows the average purchase and sale agreement review costs to be $330 across all states and industries.
Real estate lawyers often bill clients using an hourly rate fee agreement. The attorney will keep track of their time working on the contract and any other tasks that they complete related to the real estate transaction. After closing, the lawyer will bill their client for the total hours spent working on their case.
Real estate transactions can be unpredictable. Delays and negotiations may require more legal work than the lawyer anticipated. An hourly rate billing structure is the only way a lawyer can ensure they are compensated for all their work.
ContractsCounsel’s marketplace data shows that the average hourly rate for a real estate lawyer ranges from $200 - $350 per hour.
When a lawyer is hired for a specific task like reviewing a purchase and sale agreement, they may choose to bill their client using a flat fee rate. The lawyer will estimate the project's length to complete and then quote a reasonable price. If the client agrees, they will pay the fee upfront, and the lawyer will complete the project.
A client must ask the attorney what is covered in the flat rate. For example, extra meetings, communications, or revisions are sometimes not included and could cost more.
ContractsCounsel’s marketplace data shows that the average flat fee rate for a purchase and sale agreement is $420.
Do you need help with a purchase and sale agreement project? If so, post a project in ContractsCounsel’s marketplace to receive flat fee bids from real estate lawyers to handle your project. All lawyers on the ContractsCounsel’s platform are vetted by our team to make sure you are provided with top tier service.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.