Purchase and Sale Agreement (P&S)

A Purchase and Sale Agreement (P&S) is the binding contract that spells out the complete terms of a home sale: price, deposit, contingencies, closing date, and what stays with the property. In Massachusetts the P&S is a second, more detailed contract signed after the initial Offer to Purchase, and it is where the larger deposit is usually paid. Rhode Island uses a single purchase and sales agreement instead of a two-step process. Once signed by both sides, the P&S governs the deal, so every date and contingency in it matters. See why Massachusetts has two contracts and Rhode Island has one.