Contracts
What is a purchase and sale agreement (PSA) in Nevada?
AA preliminary letter of intent that is not binding
BThe legally binding written contract between buyer and seller specifying all terms of the real property purchase✓ Correct
CA brokerage agreement between listing and selling agents
DA government form required by NRED for all transactions
Explanation
A purchase and sale agreement (PSA) is the binding written contract between buyer and seller outlining all terms: price, earnest money, contingencies, closing date, included items, and conditions of sale. In Nevada, it must be in writing under the Statute of Frauds.
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