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A purchase agreement is a legal document that is signed by both the buyer and the seller. Once it is signed by both parties, it is a legally binding contract. The seller can only accept the offer by signing the document, not by just providing the goods.
A sales contract should include the type of agreement, its parties, their responsibilities, the cost of services or goods, deadlines, delivery details, termination conditions, and penalties. Different types of sales contracts will also include other information related to the type of deal.
What information should you include? Names and contact information for both the buyer and seller. Trailer information, including VIN, make, model, and year. Price of the trailer. Conditions of the sale, including ?as is? status or any warranties.
In a binding purchase agreement, a seller agrees to sell something and a buyer agrees to accept it. It must contain a clear and definitive agreement on what will be sold. This is sometimes referred to as mutual consent.
Payment Options If you are the seller of the vehicle, only accept a cashier's check or certified bank check. Sure, it may be tempting to accept a suitcase full of cash, but it's always best to have a paper trail of the transaction.