Sample of a Purchase Agreement for Real Estate

When purchasing real estate, having a purchase agreement in writing is crucial. This legally binding document outlines the terms and conditions of the sale, protecting both the buyer and seller. A thorough purchase agreement should cover everything from the property`s description and purchase price to contingencies and closing date. Here`s a sample of what a purchase agreement for real estate could look like:

PURCHASE AGREEMENT

This Purchase Agreement (“Agreement”) is made and entered into on [Date], by and between [Buyer`s Name] (“Buyer”) and [Seller`s Name] (“Seller”) for the sale of the property located at [Property Address] (“Property”) as described below.

1. Property Description

The Property is described as follows:

[Detailed description of the Property including its legal description and any existing structures and improvements.]

2. Purchase Price

The Purchase Price for the Property is [Purchase Price], to be paid as follows:

[Payment schedule, including any deposits and closing costs.]

3. Contingencies

This Purchase Agreement is subject to the following contingencies:

[List of contingencies, such as financing, inspection, and title search.]

4. Closing Date

The Closing Date for the sale of the Property is [Closing Date].

5. Closing Costs

The Closing Costs for the sale of the Property are to be paid as follows:

[List of closing costs, including who is responsible for paying them.]

6. Representations and Warranties

Seller represents and warrants that:

[List of representations and warranties made by the Seller.]

7. Default

If either party fails to perform any obligation under this Agreement, the non-defaulting party may terminate this Agreement and seek damages and other remedies as provided by law.

8. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of [State].

9. Entire Agreement

This Agreement constitutes the entire agreement between the Buyer and Seller. It may not be amended except in writing signed by both parties.

10. Signatures

This Agreement will not be binding unless signed by both the Buyer and the Seller.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

[Buyer`s Name] [Seller`s Name]

_____________________ _____________________

Buyer`s Signature Seller`s Signature

Having a well-written purchase agreement for real estate ensures that both parties understand the terms and conditions of the sale. It`s important to work with a knowledgeable real estate agent or attorney to draft a comprehensive agreement that protects your interests. By using this sample as a guide, you can see the important elements that should be included in a purchase agreement for real estate.

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