In the real estate business, it is common practice for owners to sell their private property as real estate isn’t only limited to buying an entirely new property directly from a home developer. Purchasing a previously owned property can sometimes be more affordable and reasonable. Buying a house is a big endeavor for anyone, and should be dealt with properly. This means involving legal documents during the buying and selling process. One important document to consider is called a buy and sell contract or otherwise known as a purchase and sales agreement. But of course, this type of contract is not limited to real estate as it could be used to buy other forms of goods and products of either large quantities or of great monetary value. Read more about this in our article below and if you need any help with this particular contract then feel free to use our available buy and sell contract samples.

10+ Buy and Sell Contract Samples

1. Buy and Sell Contract Template

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2. Real Estate Buy and Sell Contract

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3. Buy and Sell Agreement Contract

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4. Contract of Purchase and Sale

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5. Buy and Sell Land Contract

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6. Contract for Purchase and Sale

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7. Residential Buy and Sell Contract

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8. Addendum to Buy and Sell Contract

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9. Buy and Sell Property Contract

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10. Commercial Buy and Sell Contract

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11. Sample Buy and Sell Contract

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What Is a Buy and Sell Contract?

Rather than keeping something that would depreciate or deteriorate over the years, a lot of people prefer selling what they own. Whether this is something as simple as a book, or as grand as a beachfront property. Over time some of our possession would either increase or decrease in value, for material objects this will depend on the rarity and for real estate, the location is usually a big factor that would affect its value. The main point here is that the practice of buying and selling has been around for a long time. And over time contracts or agreements are used to make sure both parties have come to an understanding of the arrangement presented before them. A buy and sell contract is a written document that is received after the mutual acceptance of an offer. This document will include the finalized sale price as well as the different terms of the sale. A basic contractual form is a contract of purchase and sale. Such contract is normally used for complex transactions, as mentioned for real estate or business assets.

How To Write a Buy and Sell Contract?

Like all contracts, a buy and sell contract is legally enforceable between two parties. And if one does not abide by the contents and terms set upon the contract then they can be held liable. The contract itself is only applicable as its name suggests, there must be a buyer and seller between both parties, and they must come to an agreement on the object or property that is to be sold. Lastly, an agreement is made on the price set upon by both parties. When you are about to write a buy and sell contract or simply want to understand more about its contents, then the following details below may help you.

I. Statement Of Agreement

All contracts, in fact, include details about both parties including their full names, addresses, phone numbers, date of the agreement, and the names of co-signers if applicable. This is a statement in the contract that the parties agree that the terms of the contract between them are to be found within the text of the contract document and nowhere else.

II. Type of Sale Used

If we are talking about real estate, the type of sale would be a standard sale, bank owned (or real estate owned), and short sale.

III. Downpayments, Deposits and Final Sale Price

It must be clearly indicated if any downpayment or deposits are made prior to the contract. Payments should be included, alongside the dates on which the payments were made. Lastly, the final sales price. This is the agreed-upon purchase price between the buyer and seller.

IV. Schedule

The contract should include the list of dates of when the contract is to be finalized along with the date of actual closing.

V. Property Description

Of course, if a property is involved in the buy and sell, it is quite important to include a detailed description and if there are any defects, in the contract.

VI. Financial Terms

If the buyer is purchasing the property with a help of a loan, then the financial terms should be also included.

VII. Other Additional Details

Other additional details included in the contract should be the termination or cancellation clause and details about who pays for inspections, surveys, title insurance, property tax, and other fees.

FAQs

What Is a Buyout Agreement?

This is the agreement between shareholders of a company. This lays out the parameters under which shares in a business can be bought or sold.

What Is Real Estate?

Real estate is a property that includes land, buildings, and surrounding natural resources.

Can You Be Sued for Breach of Contract?

Since a contract is legally enforceable then yes this can be grounds for a lawsuit. But before this can be pursued it is important to be able to prove that the other party breached an important term of the contract.

Make sure you got everything completed in your buy and sell contract. Should you need any further help, make use of our free sample templates found on this page as well.

 

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