When purchasing or selling a property, most Buyers and Sellers concern themselves with the financial aspect of the transaction and not the legal aspects of the transaction. A purchase and sale agreement creates a contract or promise to purchase or sell land. This contract or promise which legally obligates both parties to perform certain tasks must be in writing to conform to the Statute of Frauds. For the Seller this contract obligates the Seller to sell the property for a specific price, to provide a marketable title to the property, to assume the risk of loss and all taxes and insurance costs until the closing.  An attorney reviewing the agreement for the Seller can advise the Seller to stipulate to certain spending limits on their exposure to title defects, repairs and in some cases closing costs.  The Attorney could also advise the Seller to negotiate a different level of a deed other than a Warranty Deed if the Seller knows there is an issue with the title to the property. The Seller’s attorney will advocate in the Seller’s best interest…