The Agreement of Purchase and Sale is a binding contract that sets out the buyer’s and seller’s obligations. It can only be changed after signing if both parties agree. Because the Agreement governs the entire transaction, it’s prudent to have your lawyer review it before signing.
The Buyer’s and Seller’s lawyers ensure that the Agreement is followed by each party. They complete the transaction on closing which culminates with the transfer of title and funds. The logistics and paperwork involved before, during, and after closing are considerable.
In order for the closing process to go smoothly, advance preparation and good communication are crucial between all the key players: the parties, the lawyers, the real estate agents, and the lenders. Real estate usually involves a large financial investment. As a result, it makes sense not to take chances and play it safe.