This week, Erik & Randal talk about a term that real estate agents use all the time: P&S.

TRANSCRIPT:

Randal:             Hey, welcome back to Stay Focused, folks' real estate weekly video blog. Today's topic is our word of the month.

Randal:             This month, we're actually doing initials of the month? Or ...

Erik:                 A phrase?

Randal:             [crosstalk 00:00:16] of the month?

Erik:                 Terminology of the month.

Randal:             Anyway, it's P&S, that's our word of the month.

Randal:             Something that we say a lot during a transaction.

Erik:                 P&S. P and S.

Randal:             P&S. P and S. P&S.

Erik:                 The P&S, which stands for Purchase and Sale Agreement.

Randal:             Purchase and Sale Agreement. Just a big part of a sales transaction whether you're a buyer or a seller.

Erik:                 So, it's another one of those abbreviations that we use in real estate and we just throw out there a lot. It also can sound differently than what it is.

Randal:             Yeah, so if you're going to text somebody and you're using your voice commands on your phone and you say “It's time to sign the P&S,” well, it comes out slightly different than that. You'll test that and have some fun with that, I'm sure. But your purchase and sale agreement, or the P&S, is the second document that you sign as part of your sales. You start with-

Erik:                 Contract of purchases... Is the first contract in Massachusetts here in our contract stages.

Randal:             Yep, and then you take that contract and give it to our attorneys and the attorneys kind of put it on some steroids and make a five-page contract a 20-page contract.

Randal:             So, that's a little bit about the process, and what a P&S is.

Erik:                 The attorneys hash out the P&S. They send it on off to the agents to get their respective parties to sign it, and get the deposit checks, and we move on to the closing.

Randal:             Yep. That is one of the questions I get a lot of times from clients, is, "Is this a formal meeting? Do we have to come and sit down in the office and get the stuff?"

Erik:                 Right. Digital signature. Technology is our friend.

Randal:             Yeah, it is indeed. So, anyway, P&S.

Erik:                 P&S. P and S.

Randal:             P&S. P and S. P&S.

Erik:                 The P&S.

Randal:             Yup, is our word of the month. So, anyway, thanks-

Erik:                 Have fun with that.

Randal:             Yeah, thanks for watching, guys. Don't forget to like us on Facebook.

Erik:                 And subscribe to our YouTube channel.

Randal:             Until next time, Stay Tuned and Stay Focused.

Erik:                 Stay Tuned and Stay Focused.