The purchase and sale agreement is a document that facilitates a diverse range of transactions, from simple home purchases to highly complex commercial property sales. Effectively representing one’s client in real estate deals involves a familiarity with the areas of law that govern the agreements and an awareness of the breadth of due diligence activities required to ensure transactional transparency and representational accuracy. This paper explores key aspects of a purchase and sale agreement, focusing on due diligence, conditions, and representations and warranties.
This paper is for you if you’re looking to brush up on the basics of a purchase and sale agreement and its three fundamental actions, including (1) how to document the legal rights of buyers and sellers, (2) how to capture the intentions of the parties as to the business and properties acquired to be sold, and (3) how to outline the risk allocation between the parties.
This paper also provides a helpful overview of the key activities/areas needed to constitute an enforcement agreement/contract, including:
- offer and acceptance;
- consideration;
- capacity;
- consent;
- due diligence;
- representation;
- warranties; and
This paper was prepared in prepared in support of LESA’s Real Estate Conference (October 18-19, 2024) by Bianca Kratt KC, partner at Parlee McLaws LLP.
“Agreements of Purchase and Sale in Real Estate” is available for purchase on the LESA shop.
If you are subscribed to the LESA Library (either to the complete library or to the Real Estate collection) you now have access to this paper on the LESA Library as part of your annual subscription.
