Common Contracts

Attorney Writes

Purchase/Sales Agreement • March 2nd, 2015

• Contract Type
  Purchase/Sales Agreement
• Filed
  March 2nd, 2015

Most riparians are eventually involved in a purchase or sale of their waterfront property. With the exception of perhaps the deed (or land contract) and the title insurance policy, the purchase/sales agreement (“purchase agreement”) is probably the most important document in a waterfront sales transaction. A purchase agreement is a binding contract. It is not merely a guide, letter of intent, or other nonbinding document. Unless both the prospective buyer and seller agree to a formal signed written amendment or change to an already-signed purchase agreement, both parties are “stuck” with the originally-executed purchase agreement.