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Commonly Asked Questions about Buyer-Seller Agreement Forms

Either the seller or the buyer can prepare a purchase agreement. Like any contract, it can be a standard document that one party uses in the normal course of business or it can be the end result of back-and-forth negotiations.
At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.
A sales and purchase agreement (SPA) is a binding legal contract between two parties that obligates a transaction to occur between a buyer and seller.
Who Prepares The Purchase Contract? Most often, the buyers real estate agent will write up and prepare the purchase agreement for a house. Note that agents (not being practicing attorneys themselves) cant create their own contracts.
Table of Contents Step 1: Give it an accurate name. Step 2: Mention all parties involved. Step 3: Describe your services or product with all rights, guarantees, and restrictions. Step 4: State the contract duration and make deadlines clear. Step 5: Include the price, services, payment conditions, and penalties.
In the contract, you need to include elements such as: Purchase Price and Closing Details. A simple For Sale By Owner contract has the purchase price, down payment, and closing date. Financing of the Deal. Home Inspection Contingency. Deed for Title Transfer. Default Provisions. Seller Disclosures. Dispute Resolutions.
Items outlined in an offer include: Information about the buyer, seller, and property for purchase. The intended purchase price and down payment. The amount of earnest money youll deposit to reserve the home. Financing information, including details about your mortgage and lender.