Review the list of common provisions in a purchase and sale agreement (PSA) below. Then, discuss five of the provisions and address why you feel those provisions are important.

1. Name of parties

2. Legal description of real property

3. Purchase Price

4. Distribution of closing costs

5. Earnest money

6. Seller representations regarding the condition of the real property

7. Seller representations regarding title to the real property

8. Contingencies

9. Closing date, transfer of real property possession, and closing attorney

10. Prorations

11. Risk of loss

12. Warranties transfer

13. Survival

14. Notice

15. Time is of the essence

16. Successors and Assigns

17. Governing law

18. Exhibits and Amendments

19. Special stipulations

20. Signature blocks, delivery and acceptance

21. Defined terms