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Elements of a sales agreement Buyer and seller names and contact information. Description of goods, services, or property being purchased. Payment amount, dates, and method. Liability of each party in the case of loss, damage, or delivery failure. Ownership information, such as when ownership formally transfers to the buyer.
Each Buyer and Seller should have a fully signed copy of the contract. The original signed contract should be filed (or ?recorded?) in the official county land records. These are in the office of the Clerk of the County Commission in the county where the real estate is located.
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.
To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.