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A purchase agreement, also referred to as a purchase contract, real estate sales contract, or real estate purchase contract, is an agreement between a buyer and seller that spells out the terms of a real estate transaction. As its name suggests, it's a contract to purchase a property.
Select the buyer on the contract fulfillment for whom you want to create agreements. Select one of the following: Do Not Approve, to create a draft agreement, Bypass Approval, to go straight to the buyer for signature, or Submit for Approval, to submit the agreement for approval first.
At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.
A purchase and sale agreement is used to document the parties' intentions and the terms they have agreed will govern the transaction. You can include specific terms like the product or property, the price of the product or property, conditions for the delivery of the product, and the date of product delivery.
You create contract purchase agreements with your suppliers to agree on specific terms and conditions without indicating the goods and services that you will be purchasing.