There are certain exchanges that require a certain document which ensures that the parties involved are legally bound to fulfill their agreed upon obligations to one another. This kind of document is what you would call a purchase contract. This article will provide you with the information you need so that you can properly create one.
8 Steps for Creating a Purchase Contract
Step 1: Identify the parties involved.
When making any kind of purchase contract, it is important the identities of those involved are mentioned. So what you will need to do is to write down their complete names and point out which one of them has the role of the buyer and the seller.
Step 2: Describe what is being purchased.
This is where you will need to provide a description of whatever item is going to be sold to the buyer. You must make sure that the contract contains the full legal description of whatever property is being purchased. Be sure to check if it’s entirely accurate to avoid disputes.
Step 3: State how the buyer will compensate the seller for the item.
While this usually comes in the form of money, the buyer can compensate the seller in any different way. Both the buyer and the seller must discuss how the compensation will go before placing it into the contract.
Step 4: List down the seller’s representations.
A “representation” is a statement of fact which the seller warrants is true at the time of the creation of the contract. Should the buyer find that one of the representations prove false, then he/she has the right to cancel the contract or even sue the seller. List down all the representations stated by the seller into the contract.
Step 5: Point out who bears responsibility for any harm or damages caused.
This can either be the buyer or the seller depending on what agreement was made between the parties involved. Make sure to specifically point what kind of damages or harm will be covered and who will be covering it.
Step 6: Include a clause regarding how disputes will be solved.
Should there ever be any form of dispute between the parties involved, then the contract must point out exactly how it should be settled. This could mean that things could end up in court or both the buyer and seller can settle it themselves. Be sure to point this out clearly in the contract.
Step 7: Point out the duration in which the buyer may accept the agreements.
Contracts usually have deadlines for the buyer to accept to avoid wasting the seller’s time. Point out the exact amount of days or the exact date until the offer to sell is closed from the buyer.
Step 8: Close the contract.
Lastly, include a provision in the end which states that both the buyer and the seller have agreed to accept the terms and conditions of the transaction upon affixing their signatures into the contract. Provide spaces at the bottom where the buyer can place his/her complete name and signature should he/she decide to push through with the purchase.
8+ Purchase Contract Templates
1. Real Estate Purchase Contract Template
Those of you who are in the business of selling real estate must know how important it is that you form a contract with a party that’s willing to purchase one of your real estate properties. Download this template now so that you’ll always be able to prepare the contract for whenever you feel that the time comes when it’s needed.
2. Purchase Contract Template
When a situation arises wherein you are required to create a purchase contract, then this is the template for you. With it, you can create a purchase contract for any exchange that takes place between you and a buyer. Be sure to use either Google Docs, Microsoft Word or Apple Pages when opening or editing the template.
3. Property Purchase Contract Template
If you are willing to sell one of your parties to any parties that are willing to purchase it, then make sure that you download this template. Doing so ensures that you are able to create a purchase contract specifically for selling properties. Be sure that it points out details such as what type of property it is, how much it’s being sold for, who it’s being sold to and so on.
4. Purchase Agreement Contract Template
When engaging in a sale with a buyer, it is important that the parties involved are aware of what agreements need to be made before the sale can be finalized. Download this template now so that you can start making a purchase agreement contract that not points out what these agreements are, as well as other details such as who is involved in fulfilling them and what items are being sold.
5. Business Purchase and Sale Contract Template
There are some who are willing to sell their businesses to those who are willing to put in a good offer. If you’re the seller in the situation, then you will want to download this purchase and sales contract template. Having it means that you can create a document which ensures that you and the buyer are legally obligated to fulfill the agreements made.
6. Business Purchase Contract Template
In the event that you are willing to sell your business to a willing buyer, then you are going to want to download this contract template. With it, you can point out exactly what business is being sold to the buyer and details regarding the sale such as who that buyer is, when the exchange is going to take place, how much the business is being sold for and more.
7. Sample Real Estate Purchase Contract Template
Should you ever need a purchase contract for when you’ve managed to secure a sale for one of your real estate properties, then this is the template that you will want to download. Get it so that you can prepare this type of contract in the quickest and easiest manner possible.
8. Home Purchase Contract Template
When purchasing a home, the buyer will be required to sign a contract which ensures that he/she is legally bound to fulfill his/her obligations for finalizing the exchange. If you are the seller of the home, then you should consider getting this template. With it, you can easily prepare a purchase contract for whenever you’ve found a willing buyer.
9. Furniture Purchase Contract Template
If you are in the business of selling furniture, then know that you’ll need to prepare the right contract whenever there’s a sale. Download this template now so that you can create one that points out everything from the type of furniture being sold to the buyer to the identity of the individual or business that you are selling it to.