What is a purchase agreement?

A purchase agreement is a legally binding contract detailing the sale of property which includes the price and terms of the sale. In many instances, this refers to the sale of real estate.

A Purchase Agreement is a contract where a seller promises to sell something that a purchaser promises to buy. A Purchase Agreement can be used to sell goods, assets, equipment, services, etc. A Bill of Sale is often used with a Purchase Agreement to conclude the sale and transfer the title to the purchaser.

A purchase agreement is the document that describes all of the terms of the sale. A purchase agreement is the document that describes all of the terms of the sale. It should include all of the terms of the sale, including the price, the terms of payment, the type of deed to be given, the date of possession, provisions for the furnishing of title insurance, proration of real estate taxes, what happens if the property is damaged by fire or vandalism before closing, any other matters which is important to the seller or the buyer. This may include various contingencies, such as financing, inspections, the sale of an existing residence, etc. You may also want to provide for what happens with window treatments, appliances, and sometimes even some of the furniture. Purchase agreement sample