Purchase agreements are legal documents that are filled out when property is sold. A purchase agreement contains details of the sale, which includes the price and terms of the sale. While a purchase agreement can be used for the transfer of any type of property, it is commonly used for real estate transactions. If you are buying or selling a home, you will likely have to fill out a purchase agreement. Purchase agreements can vary slightly by state but generally require the same basic information.
Write the current date at the top right corner of the purchase agreement. This makes it easy to know when the agreement was executed if you end up in any type of legal proceedings.
Fill in details about the property being purchased. This includes the state of purchase, the type of property and land location, if it is real estate.
Input the name and address of the seller and the buyer. Include phone numbers and fax numbers, if available.
List the agreed upon selling price as well as any down payment or deposit amount. Detail how money will be refunded if the agreement falls through for any reason.
Add any contingencies or clauses that may apply to the agreement. For example, if the purchase agreement covers real estate, then a clause can be added stating that the agreement is valid only if the building passes inspection.
Define a delivery date or transfer of ownership date. Detail any type of warranty that may be offered with the purchase. If none, just enter in “As-Is” for warranty.
Sign and date the bottom of the purchase agreement if you agree to all of the terms.