Free Purchase Agreement Template
Write your own Purchase Agreement to help you complete the sale of your property. Fill in your printable template to create your document now.
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What Is a Purchase Agreement?
If you are planning to sell or buy an expensive item, it is important to use a Purchase Agreement.
This legal document lays out the terms and conditions of a sale, including the amount that the purchaser will pay. With those details, the document contains all the most important information about the sale [1].
After signing the document, the person buying the property must provide a down payment known as an earnest money deposit.
This document is considered a binding legal contract as well.
This document is also known by 2 other names:
- Purchase Contract
- Purchase and Sale Agreement
Types of Purchase Agreements
Difference Between a Purchase Agreement and a Bill of Sale
A Bill of Sale and a Purchase Agreement are similar documents that aid in the completion of a sale.
So, what is the difference between a Purchase Agreement and a Bill of Sale?
The major difference is a Bill of Sale is its purpose comes after completing the transaction and a Purchase Agreement before.
With a Purchase Agreement, you understand what the property is and for how much. The Bill of Sale acts as the receipt and is usually part of the contract.
When you make your Purchase Agreement, remember to also include a Bill of Sale at the end. That way, both parties have a receipt of the sale.
How To Write a Purchase Agreement
Creating a legal document normally requires professional help.
Our Purchase Agreement Template facilitates the writing process and helps you better create your document.
Once you create your document, you can review it with a legal professional to make sure it includes the necessary details specific to your case [2].
Take advantage of your template to understand how to fill out a Purchase Agreement and include the following information.
Names and Dates of Purchaser and Seller
Include the date you make the document. Also, write both names clearly on the document.
Description of the Property Being Sold
After a statement that expresses you agree to a fee for the property, write a description of the property being sold. Closing Date
Define the closing of the sale. This states when the deal will be finalized and how. It can be done in person, by mail, or by electronic transmission.
Different Payment Methods
List the payment methods that can be used. Include a section where you can write a payment schedule as well.
Where To Send Notices
Provide contact information, including names and addresses. This way notices, waivers, claims, demands, and any other communication can be mailed.
Choice of Law
Write a statement expressing the purchase was made based on the laws of the state the purchase is being made.
Claims or Disputes
Make a section on claims or disputes and how they can be resolved through the following methods:
- Litigation
- Mediation
- Arbitration
Signatures of Both Parties
Sign the agreement: Both parties must sign the contract at the bottom of the document.
Addendums and Disclosures in a Purchase Agreement
To ensure that your Purchase Agreement remains valid, addendums and disclosures usually form part of the document [3].
In some cases, disclosures are required by law to be included in this type of agreement.
Two examples of disclosures are:
- Property Disclosure Statement
- Lead-Based Paint Disclosure
Addendums are added to explain a certain condition that must be met, or the deal may not be valid.
They are included when a change needs to be made to the original terms and conditions. A change could be considered an expansion or an amendment.
It needs to be signed by both parties.
Sample Purchase Agreement Form
If this is the first time you are making a Purchase Agreement, a good idea is to look at an example.
You may have asked yourself, what does a Purchase Agreement look like?
We include a free sample for to examine below.
Purchase Agreement FAQs
To further clarify what a Purchase Agreement is, we have responded to some of the most frequently asked questions about the document.
Check the responses below to better understand Purchase Agreements.
The party that first signs the document is the one who sends the agreed-upon offer. Usually, the buyer is the first one to sign, but it depends on who agrees on an offer first.
Typically, the buyer is the one who writes the contract, however, once an agreement is reached either party could.
Using our template to make a Purchase and Sale Agreement is much simpler.
While it is a smart legal solution, you should also discuss your particular case with a legal professional.
The purpose of reviewing the contract is to make sure that all the language and terms are clear.
A service agent is a professional who can double-check that the agreement is well written and there are no tricks for either party.
A Purchase Agreement cannot be terminated unless both parties agree.
If a Purchase Agreement is canceled, it is normally because of a failure to pay a deposit or material defects.
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