A purchase agreement indicated on our samples refer to a real estate document that legally binds both the purchaser/s and the original landowner (or owners). The seller may provide an offer to the purchaser of an installment term either through a bank or financing agency, or he may offer the terms himself by offering financing terms to the buyer. This comes with a mutually agreed price that the buyer can later repay through a series of installments.
Our Sample Forms for purchase agreements are being offered to indicate the general nature of such agreements that users can use as reference or to draft their own agreements. These are all free for downloading and can be modified or edited according to the agreement’s specifications.
Real Estate Purchase Agreement Form
Land Purchase Agreement Form Example
Share Purchase Agreement Form
Standard Residential Purchase Agreement Form
In a real estate purchase agreement, the seller has the right to ownership of the property until such time that the buyer makes full payment of the property based on the agreed price. A purchase agreement doesn’t need to be complicated as long as the draft clearly indicates the terms and conditions for both the buyer and the seller’s benefits. When all the obligations in the agreement terms are fully satisfied and the payment becomes complete, the seller can then hand over ownership of the real estate to the buyer by issuing a deed to transfer the title of ownership.
The real estate purchase agreement should include, but not limited to the following:
- names and all necessary details of both seller and buyer (There are instances where there is more than one seller or buyer. Our sample forms have spaces for multiple sellers and buyers.);
- full details on the description of the property (or properties);
- agreed purchase price and financing details when applicable;
- amount of money deposited and insurance guarantee; and
- terms for an option to terminate agreement applicable to both parties.
It’s common for installment payments on the property to be the same as mortgage payments. These are usually determined through a monthly amortization schedule. Under this agreement, the buyer’s payment on the property is both a partial payment as well as an interest payment of the mortgage. The longer the buyer pays on the payments, the larger his equity share of the property becomes. In cases where the buyer defaults on the payments however, the equity may be reverted back to the seller through the citing of a breach of contract. It’s important for both the buyer and the seller to agree on those provisions before signing the land purchase agreement.
You can check out our website’s Generic Lease Agreements that can be downloaded and used for generic lease agreements with standard basic rules that users can modify or edit according to their own specifications.
Purchase and Sale Agreement Form in PDF
Standard Land Purchase Agreement Form in Word
Purchase and Sale Agreement Form Sample
Lease to Purchase Agreement Form
Our sample forms provide the basics with which the buyer and seller will be guided accordingly. The standardized agreement samples should be thoroughly understood by both parties before they should agree to sign the agreement. The agreement can only bind both parties once they accept and sign the terms of any offer or counteroffer.
For those who need to rent property or machinery, please check out our Rent Agreement Forms. These can help guide you on the terms and conditions when renting properties and machinery and will help you with the specifics before going ahead with the rent.
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