Purchase Agreement Form
Know the Essentials of a Purchase Agreement Form
A purchase agreement form is crucial whenever you buy or sell anything of significant value. The definition of a significant value may vary by person, but if losing that amount of money would upset you, then taking a few minutes to complete a contract form is a wise move. A sample agreement can be easily downloaded and filled out in a matter of minutes, and US Legal Forms offers a wide variety that can be used to meet any need.
When you buy a home, most people are used to having paperwork involved. However, when you sell property of any type that has a significant price tag or carries a risk connected with its use, you need a written agreement. For example, with a vehicle for sale by owner, there are often no warranties made. When selling as is, it's especially important to state that in writing. By using a written sample contract, you can eliminate mistaken assumptions, misunderstandings, and reliance on memory. With the ease and affordability of a purchase and sale agreement form, it's foolish not to protect yourself from future disputes and litigation with a written contract.
Let's look at some of the basic terms covered in a contract template:
Parties - The identifying information of the buyer and seller, such as name and address, should be included in the agreement template.
Description - When you purchase property, the description will vary by the type of property involved. Contracts with a legal description of real estate will be more detailed than the street address, and the description may be referenced as an exhibit. It's recommended to provide ample detail about the item involved, such as the VIN number of a vehicle, to make sure that it can't be misidentified.
Price - Any type of purchase order or sales contract should state the agreed on price. The payment terms should be clearly explained. For example, details about any down payment, installment payments, interest, and late fees should be covered. The due date of payment(s), form of payment accepted, and place for delivering payment need to be included.
Statutory disclosures - A sale of property under an installment payment plan may have to comply with special requirements under state disclosure laws, which vary by state. Home sales may also be covered by state disclosure requirements. We offer a state-specific home purchase package that contains all the forms you need to comply with the law in your state.
Warranty - If any warranty is made, it should be put in writing. When you buy property as is and no assurances are made, that also needs to be affirmed in writing to avoid a future swearing contest of the buyer's word against the seller's.
We have the top quality, state-specific purchase contracts you need for any property sale. Free previews are also available.