Sale & Purchase Agreement (SPA)

Housing

The Sale and Purchase Agreement is the binding contract between a property buyer and seller setting out the price, payment schedule, completion timeline, and each side's obligations. For new developments, a standard form under housing development law is used and includes delivery timelines and liquidated damages if the developer is late. For sub-sale purchases, lawyers draft the SPA and handle the deposit, usually a percentage of the price paid on signing. Signing the SPA legally commits both parties, and backing out can mean losing the deposit. Standard terms and protections are subject to the latest rules.

Sale & Purchase Agreement (SPA)

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