The Purchase Agreement template outlines the terms of a property sale between a seller and a buyer, including the purchase price, deposit, closing date, property condition, contingencies, default, and other relevant clauses. The agreement is governed by the laws of the state where the property is located and supersedes all prior agreements and understandings. The parties must execute the agreement in writing, including their signatures.
This Purchase Agreement (the “Agreement”) is entered into on [date] by and between [seller’s name] (the “Seller”), and [buyer’s name] (the “Buyer”).
1. Purchase and Sale. The Seller agrees to sell and the Buyer agrees to purchase the property located at [address] (the “Property”) for the purchase price of [purchase price] (the “Purchase Price”).
2. Deposit. The Buyer shall provide a deposit in the amount of [deposit amount] upon signing this Agreement. The deposit shall be held by the Seller as security for the Buyer’s obligations under this Agreement and shall be credited against the Purchase Price at closing.
3. Closing. The closing of the sale shall take place on [closing date] at [closing location]. At closing, the Seller shall deliver to the Buyer a deed conveying the Property to the Buyer free and clear of all liens and encumbrances, except as otherwise provided in this Agreement.
4. Representations and Warranties. The Seller represents and warrants to the Buyer that: (a) the Seller is the legal owner of the Property; (b) the Seller has the right to sell the Property; and (c) the Property is free and clear of all liens and encumbrances, except as otherwise provided in this Agreement.
5. Title and Survey. The Buyer shall have the right to obtain a title insurance policy and a survey of the Property at Buyer’s expense. The Seller shall provide the Buyer with all information and documentation reasonably necessary to obtain the title insurance policy and the survey.
6. Property Condition. The Buyer acknowledges that the Property is being sold in its “as is” condition and that the Seller makes no representations or warranties regarding the condition of the Property, except as otherwise provided in this Agreement.
7. Closing Costs. The Buyer shall be responsible for all closing costs associated with the purchase and sale of the Property, including without limitation, title insurance, survey, recording fees, and any other expenses related to the closing.
8. Contingencies. This Agreement is contingent upon the Buyer obtaining financing for the Purchase Price on terms and conditions satisfactory to the Buyer, and the Buyer shall have [number of days] days from the date of this Agreement to obtain such financing.
9. Default. If the Buyer fails to close the sale on the closing date or otherwise defaults under this Agreement, the Seller may retain the deposit as liquidated damages, and this Agreement shall terminate without further liability to either party.
10. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of [state].
11. Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement.
12. Amendments. This Agreement may not be amended or modified except in writing signed by both parties.
13. Waivers. No waiver of any breach of this Agreement shall be deemed a waiver of any other or subsequent breach.
14. Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been properly given when delivered in person, sent by certified mail, return receipt requested, or by email to the addresses set forth below.
15. Signatures. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. The parties have executed this Agreement as of the date first above written.