the terms of the agreement are negotiated between buyer and seller often after a letter of intent (“loi”) has been signed, although sometimes the parties may forego an loi and jump straight to the psa. the psa should provide a buyer with the opportunity request that the seller remove or modify items identified in the title report, allow the seller time to respond to these requests, and finally give the buyer a right to terminate the psa without losing its deposit if it is not satisfied with the seller’s response.