When it comes to buying or selling property, having a solid sale agreement is crucial to ensure that both parties are protected. A well-written property sale agreement not only sets out the terms and conditions of the sale but also provides legal protection in case of any disputes in the future.

Here are 5 must-have clauses that must be present in every property sale agreement:

1. Property Description: This clause should provide a detailed description of the property being sold, including the address, size, and any unique features. This ensures that both the buyer and seller are on the same page about the property being sold.

2. Price and Payment Terms: The sale agreement must clearly state the price of the property and how it will be paid. Payment terms such as the amount of the deposit, the balance due at closing, and any other payment arrangements must be clearly defined in the agreement.

3. Closing Date and Possession: This clause should specify the date of the sale`s completion (i.e., the closing date). It must also determine when the buyer will take possession of the property, which is usually on the closing date. This clause sets out the timeline for the transaction and ensures that both parties are aware of the deadlines.

4. Contingencies: Any contingencies that must be met before the sale can be closed must be defined in the agreement. Common contingencies include financing, inspection, and title searches. This clause establishes the conditions that must be fulfilled before the sale can be completed.

5. Disclosure Requirements: The seller must disclose any known defects or issues with the property in this clause. This disclosure could involve anything from structural issues to title problems. Failure to disclose known defects could lead to legal repercussions, so this clause is crucial for both parties` protection.

In conclusion, a well-written property sale agreement must contain these five essential clauses to ensure that both parties are protected and understand the terms of the transaction. A legal professional experienced in property sales can help you draft an agreement that satisfies your requirements and protects your interests.