Equipment Purchase Agreement
About this form
The Equipment Purchase Agreement is a legal document that formalizes the sale of machinery and equipment from a Seller to a Buyer. It outlines the transfer of ownership rights, payment terms, and conditions regarding the equipment being sold. This agreement is essential for ensuring both parties understand their rights and responsibilities, distinguishing it from simpler sales agreements by its detailed terms and specific clauses regarding maintenance, insurance, and indemnification.
What’s included in this form
- Agreement details: Identifies the Seller and Buyer and outlines the equipment being sold.
- Purchase payments: Specifies the payment amount, schedule, and conditions for late payments.
- Title to equipment: Ensures the Seller has clear ownership of the equipment without liens.
- Insurance and risk of loss: Requires the Buyer to maintain insurance on the equipment until paid in full.
- Default by Buyer: Outlines what constitutes a default and the Seller's rights in such cases.
- Governing law: States which jurisdiction's laws will apply to the agreement.
Common use cases
This Equipment Purchase Agreement should be used when a Buyer intends to purchase specific machinery or equipment from a Seller, especially in situations involving installment payments. It is also suitable when the Seller is concerned about maintaining their rights to the equipment until payment is completed, or when legal concerns regarding insurance and liability need to be addressed.
Intended users of this form
- Individuals or businesses looking to buy machinery and equipment.
- Equipment Sellers who want to document the sale and protect their interests.
- Parties involved in negotiated sales with specific installment payment arrangements.
- Users looking for a reliable legal form drafted by licensed attorneys.
Steps to complete this form
- Identify the parties: Fill in the Seller's and Buyer's names and details.
- Specify the property: List the equipment being purchased in the attached Schedule 1.
- Enter payment details: Specify the total purchase amount and the payment schedule.
- Include insurance provisions: Ensure that insurance coverage details are specified.
- Review and sign: Have both parties sign the agreement and ensure notarization if required.
Does this form need to be notarized?
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
Common mistakes to avoid
- Failing to clearly specify the equipment included in the sale.
- Not including payment terms or leaving payment amounts blank.
- Ignoring the need for insurance until after the sale.
- Not understanding the implications of the "as is" condition of the equipment.
Why complete this form online
- Convenience: Easily download and fill out the form at your own pace.
- Editability: Make necessary adjustments to the agreement based on your specific terms.
- Reliability: The form is drafted by licensed attorneys, ensuring legality and correctness.
Form popularity
FAQ
A real estate deal can take a turn for the worst if the contract is not carefully written to include all the legal stipulations for both the buyer and seller.You can write your own real estate purchase agreement without paying any money as long as you include certain specifics about your home.
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.
Who Prepares The Real Estate Purchase Agreement? Typically, the buyer's agent writes up the purchase agreement. However, unless they are legally licensed to practice law, real estate agents generally can't create their own legal contracts.
Does a Real Estate Purchase Agreement have to be notarized in order to be valid? No, this document does not have to be signed by a notary public since it does not get filed with the County Recorder's Office.
Step 1: Apply For A Mortgage. Step 2: Research The Neighborhood. Step 3: Find A Property. Step 4: Ask For A Seller's Disclosure. Step 5: Make An Offer. Step 6: Hire A Lawyer And Home Inspector. Step 7: Negotiate. Step 8: Finalize Home Financing And Closing.
Buyer's Inspection Contingency. Essentially, this contingency conditions the closing on the buyer receiving and being happy with the result of one or more home inspections. Financing Contingency. Insurance-Related Contingencies. Appraisal Contingency. Other Contingencies.
Buyer and seller information. Property details. Pricing and financing. Fixtures and appliances included/excluded in the sale. Closing and possession dates. Earnest money deposit amount. Closing costs and who is responsible for paying.
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.
Once the basic terms of the asset sale are agreed, the buyer's solicitor will normally draft the contact of sale. These legal agreements are usually complex and will need to be reviewed by the seller and their solicitor and any amendments agreed between both parties.
