Real Estate Purchase Agreement

What is a Real Estate Purchase Agreement?

A Real Estate Purchase Agreement is a legally binding document that outlines the terms and conditions of a property sale. It is an agreement between the buyer and seller of a property and includes details such as the purchase price, payment terms, and any contingencies or conditions that need to be met before the sale is finalized.

What are the types of Real Estate Purchase Agreement?

There are several types of Real Estate Purchase Agreements depending on the specific circumstances of the property sale. Some common types include: 1. Standard Purchase Agreement: This is the most basic type of agreement used for residential property sales. 2. Commercial Purchase Agreement: This type of agreement is used for the sale of commercial properties such as office buildings, retail spaces, or industrial properties. 3. Land Purchase Agreement: Used for the purchase of vacant land or undeveloped properties. 4. Lease Purchase Agreement: This agreement allows the buyer to lease the property with an option to purchase at a later date.

Standard Purchase Agreement
Commercial Purchase Agreement
Land Purchase Agreement
Lease Purchase Agreement

How to complete a Real Estate Purchase Agreement

Completing a Real Estate Purchase Agreement involves several important steps. Follow these guidelines to ensure a smooth process:

01
Open a Real Estate Purchase Agreement template on pdfFiller or create a new document.
02
Fill in the necessary details such as the buyer and seller's information, property address, and purchase price.
03
Include any additional terms and conditions that both parties agree upon.
04
Review the agreement carefully to ensure accuracy and clarity.
05
Sign the agreement electronically or print it out and sign manually.
06
Share the document with the other party for their signature.
07
Save or download the completed agreement for your records.

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Questions & answers

Most purchase agreements in real estate are contingent on two items - The home inspection and mortgage financing contingencies.
How do I write a Sales Agreement? Specify your location. Provide the buyer's and seller's information. Describe the goods and services. State the price and deposit details (if applicable) Outline payment details. Provide delivery terms. Include liability details. State if there's a warranty on the goods.
Content of a Purchase Agreement 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.
Whereas letters of intent are typically 1-3 pages long, Purchase Agreements are commonly 50-100 pages long.
A draft contract is an agreement that's not finalized. During the process of a property transaction, for instance, the first agreement is called the draft contract. The precise terms and wording also have not been agreed to by all sides.
9 Things to Include in a Purchase Agreement Buyer and Seller Information. Sale Inclusions. Sale Exclusions. Disclosures. Terms and Pricing Conditions. Possession Terms and Conditions. Default Clause. Closing Details.