Sale and purchase agreement

A Sale and Purchase Agreement (SPA) is a legally binding document between a buyer and a seller outlining the terms for transferring ownership of an asset, typically property. It specifies key details like the price, payment terms, property description, and conditions that need to be met before finalizing the sale. The SPA ensures both parties understand their rights and obligations, providing protection and clarity throughout the transaction process. Once signed, it serves as a formal contract that guides the transfer of ownership and handles potential issues that may arise during the sale.