How Much Does a Texas Purchase And Sale Agreement Cost?
Based on recent projects completed on ContractsCounsel, the average flat fee to draft a purchase and sale agreement in Texas is $410.00 [1] on a flat fee basis. Based on recent projects completed on ContractsCounsel, the average flat fee to review a purchase and sale agreement in Texas is $330.00 [2] on a flat fee basis. These cost points come from recent Texas purchase and sale agreement projects on the ContractsCounsel platform.
ContractsCounsel is one of the largest online legal marketplaces, with over 1,000 verified attorneys. Many of these lawyers help clients in Texas with legal tasks related to purchase and sale agreement projects — ensuring legal terms are properly structured and risks are clearly understood.
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What is a Texas P&S Agreement?
A Texas purchase and sale agreement is a legal agreement between a party selling property and a party who offers to purchase the property. This contract lays out the terms and conditions relating to the sale and helps facilitate a smooth transfer of property.
When the buyer and seller execute a purchase and sale agreement, the sale is not finalized. This agreement includes contingencies that must be met and disclosures that must be provided before the sale can be finalized. The purpose of a purchase and sale agreement is to ensure that both parties are protected during this process.
Many parties choose to hire an experienced real estate attorney to draft a purchase and sale agreement. If you are wondering how much it will cost to have an attorney draft this contract, you are not alone.
See Purchase And Sale Agreement Pricing by State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
What’s Included in a Texas Purchase and Sale Agreement
A Texas purchase and sales agreement will include terms and provisions that both parties must abide by between the time of executing the contract and the closing date. This period of time is known as the escrow period and usually lasts around thirty days.
Some important provisions that are included in most purchase and sale agreements include:
- Party information. The names and addresses of the buyer and the seller entering into the contract.
- Property details. The physical address, legal description, and any other relevant information about the property being sold.
- Purchase price. The agreed upon purchase price that will be due at closing and how the payment should be made.
- Earnest money deposit. The amount of the deposit the buyer put down to show their intention to purchase the property. The earnest money deposit is typically held by a broker until the sale is finalized.
- Contingencies. Conditions that must be met to move forward with the sale. Common contingencies include financing, home inspection, and title contingencies..
- Disclosures. In Texas, when the property being sold is a single-family residence, the seller is required to provide the buyer with a disclosure of any material defects that affect the property.
- Closing date. The agreed-upon date for closing the transaction. At this time, money will be transferred to the seller and the property title will be transferred to the buyer.
- Signatures. This contract requires the signatures of the buyer and seller, as well as any witnesses or real estate agents involved in the transaction.
Types of Texas Purchase and Sale Agreements
In Texas, there are several types of purchase and sale agreements and each one is used for a different type of property. Here are the most common contracts:
- Standard residential purchase agreement. Used for residential real estate of up to four units. It outlines the details of the transaction.
- Condominium purchase agreement. Used for the resale of residential condos. It clarifies the terms of transfer or property from the seller to the buyer.
- Farm and ranch contract. Used when selling rural properties with metes and bounds property description from a survey and contains provisions that deal with farms and ranches not covered by standard real estate contracts. This covers farms, farmlands, homes, and existing structures on the land as well.
- New home contract. Used when purchasing a lot and contracting for a new home to be build on the lot. It outlines the terms of the house’s construction and what is included.
Texas Purchase and Sale Agreement Projects
Texas Purchase and Sale Agreement Drafting
A purchase and sale agreement must be drafted correctly. This contract will include important terms like how to pay deposits and how either party may terminate the sale. Any mistakes or omissions could lead to legal and financial consequences.
It is common for parties who are selling or purchasing real estate to hire an attorney to draft a valid purchase and sale agreement. An experienced attorney will be familiar with Texas real estate laws and can create a document customized to your transaction.
Texas Purchase and Sale Agreement Review
The seller’s attorney typically drafts the purchase and sale agreement for the transaction. In this case, the buyer should have their own attorney review the contract before agreeing and signing anything.
A real estate lawyer can review the terms of the purchase and sale agreement and make sure that it is fair and protects the buyer’s interest. The lawyer can explain any ambiguous terms and ensure that their client is fully aware of all obligations in the deal.
Texas Purchase and Sale Agreement Drafting Cost
If you hire a real estate lawyer to draft a purchase and sale agreement, you will incur legal fees. A lawyer will charge for the time it takes to draft the contract in may include additional fees for consultations and attending closing.
ContractsCounsel’s marketplace data shows purchase and sale agreement drafting costs in Texas are $410.00.
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Texas Purchase and Sale Agreement Review Cost
If you hire a lawyer to review a purchase and sale agreement, you will also incur costs. A lawyer will bill for their time reviewing the agreement and making edits or negotiating better terms.
ContractsCounsel’s marketplace data shows the average purchase and sale agreement review costs in Texas are $330.00.
How Do Lawyers in Texas Charge for Purchase and Sale Agreements?
Hourly Rates for Purchase and Sale Agreements in Texas
Texas real estate lawyers typically bill clients using an hourly rate fee agreement. Under this rate structure, the attorney will keep track of their time working on a case and after closing, bill their client for the total number of hours.
Real estate transactions can be unpredictable, and delays are common. By charging an hourly rate, the lawyer can ensure that they are compensated for all of their work.
ContractsCounsel’s marketplace data shows the average hourly rate for a real estate lawyer in Texas ranges from $200 - $350 per hour.
Flat Fee Rates for Purchase and Sale Agreements in Texas
When a lawyer is hired for a specific task, like reviewing a purchase and sale agreement, they may choose to bill their client using a flat fee rate. The lawyer will estimate the length the project will take to complete then quote one price for all legal services. If the client agrees, they will pay the fee upfront and the lawyer will complete the project.
It is important that a client asks the attorney what is covered in the flat rate. Additional charges could arise from client meetings, communications, or revisions that are not included in the flat rate.
ContractsCounsel’s marketplace data shows the average flat fee rate for a purchase and sale agreement in Texas is $400.00.
Get Help with a Texas Purchase and Sale Agreement
Do you need help with a Texas purchase and sale agreement project? If so, post a project in ContractsCounsel's marketplace to receive flat fee bids from real estate lawyers who are licensed to practice law in Texas and can handle your project. All lawyers on the ContractsCounsel's platform are vetted by our team to make sure you are provided with top-tier service.
