Whether or not you own or run a business, if you involve yourself into purchasing an item or a unit, especially when purchasing a real estate or a house and lot property, you would ultimately need to have a purchase and sales agreement. You can either have a lawyer to draft the purchase and sales agreement for you or you can also be able to draft the purchase and sales agreement by yourself. For your own comfort and convenience, you can check out Sample Forms for purchase and sales agreement on this particular page and use it as your reference for free.
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A purchase and sales agreement, as defined by WikiHow, is the most commonly used when it comes to selling a real estate or a house and lot property. It is usually drafted and made after the tenant or buyer makes an offer and the seller accepts the offer. The agreement would contain important details such as the rules and conditions, the down payment amount, the closing date, or if there is any scenario or special situation that would authorize canceling the agreement. As being mentioned earlier, just like Lease Agreement Forms, you can either have your lawyer draft the purchase and sales agreements for you or you can definitely draft the purchase and sales agreement for yourself, whichever would you prefer doing.
If for some reason you would ultimately need to draft your purchase and sales agreement for yourself and you have no idea how to do it or where to begin, then you do not have to worry, here are the steps on how to draft your own purchase and sales agreement:
- First, you have to format the agreement in a computerized manner. This is for the legibility and credibility. You also need to mind the font that you will be using.
- After that, just like most of the Rent Agreement Forms, the purchase and sales agreement title should be at the top of the page and have it centered. It should read as “Purchase and Sale Agreement” or “Agreement to Purchase Real Estate.”
- Identifying the persons or the parties involved is the next step. Have the buyer and the seller of the house property identified or acknowledged at the start of your agreement.
- After which you would need to include a legal description of the property. This is describing exactly what the house property looks like and containing some important details. You can also get a copy from the Recorder of Deeds office in your country, making it much more credible.
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- After the legal description of the property, you can certainly indicate the purchase price as well as identifying the earnest money in which the tenant or buyer has already been deposited or paid. Earnest money is also known as a form of security deposit, which would prove how you, as a tenant or buyer, are serious in terms of purchasing the house property.
- Other from simply describing and indicating that the tenant or buyer has the earnest money deposited and specifying the purchasing price of the house property, you would also need to describe the financing options and identify the buyer’s source of financing and proof that they qualify for the financing.
- List the inclusion and the noninclusive items on the sale.
- Thoroughly explain the taxes and who must pay for it.
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