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Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.
A sales and purchase agreement (SPA) is a binding legal contract between two parties that obligates a transaction between a buyer and a seller. SPAs are typically used for real estate transactions, but they are found in all areas of business.
How to write a real estate purchase agreement.Identify the address of the property being purchased, including all required legal descriptions.Identify the names and addresses of both the buyer and the seller.Detail the price of the property and the terms of the purchase.Set the closing date and closing costs.More items...
What Is a Sales and Purchase Agreement (SPA)? A sales and purchase agreement (SPA) is a binding legal contract between two parties that obligates a transaction between a buyer and a seller. SPAs are typically used for real estate transactions, but they are found in all areas of business.
Any purchase agreement should include at least the following information:The identity of the buyer and seller.A description of the property being purchased.The purchase price.The terms as to how and when payment is to be made.The terms as to how, when, and where the goods will be delivered to the purchaser.More items...?