What is the purchase and sale agreement and why is it required?

Once the Town has verified that each selected buyer meets the terms of the deed restriction and is financially capable of purchasing a unit, each buyer will be required to sign a Purchase and Sale Agreement and place an earnest money deposit of $10,000 (earnest money deposits for businesses purchasing units will be 10% of the unit value). Earnest money deposits may be reduced on a one-off basis at the discretion of the Town and our development partner Triumph Development if a buyer is still able to demonstrate financial capacity to purchase the home.