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REAL ESTATE PURCHASE AGREEMENT This is a form recommended for uniformity purposes, but it is not intended to address all potential terms and conditions of all transactions nor is it required to be

How to fill out draft purchase agreement

How to fill out a draft purchase agreement:

1. Title the agreement: Begin by naming the document "Draft Purchase Agreement" at the top center of the page.
2. Parties involved: Clearly state the names and contact information of the buyer and the seller. Include their full names, addresses, and phone numbers.
3. Property details: Provide a detailed description of the property being purchased. Include the address, legal description, and any pertinent details, such as the square footage or any additional structures.
4. Purchase price: State the agreed-upon purchase price for the property. Be sure to include the currency and specify whether it is the total price or if there are any additional costs.
5. Payment terms: Outline the payment terms, including the deposit amount, the due dates for future payments, and any installment plans if applicable.
6. Contingencies: Include any contingencies that need to be met for the purchase to proceed. For example, financing, inspections, or the sale of the buyer's current property.
7. Closing date: Specify the anticipated closing date and any conditions that need to be fulfilled before that date.
8. Legal representation: Mention if both parties have their own legal representation and include their names and contact information if applicable.
9. Signatures: Provide spaces for both the buyer and the seller to sign and date the agreement. It's advisable to have the signatures notarized for added authenticity.
10. Witness: Optionally, you can include a line for a witness to sign the agreement for additional documentation.
11. Who needs a draft purchase agreement: A draft purchase agreement is necessary for anyone involved in a real estate transaction. This includes both buyers and sellers, as well as their respective legal representatives.
12. Buyers: Buyers require a draft purchase agreement to protect their interests, outline the terms of the purchase, and ensure a clear understanding of the obligations and rights involved.
13. Sellers: Sellers also need a draft purchase agreement to establish the agreed-upon terms and conditions, protect their property rights, and mitigate any potential legal issues.
14. Legal representatives: Attorneys or legal advisors representing either party play an essential role in reviewing, drafting, and executing the purchase agreement to protect their client's interests and ensure legal compliance.

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