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What is a Purchase Agreement?
For example, it can require that the buyer acknowledge, in writing, that they have the right to sell the property and that it does not have a lien or other burdens that would interfere with the sale of the property.
A Purchase Agreement can be used to document the sale and purchase of nearly any type of good. These contracts are not used when the sellable item is a service. It is most often used in larger transactions because it offers some protection for the buyer and seller. Purchase Contracts can be used in real estate transactions, to purchase business assets or vehicles. They can also be used when selling/purchasing jewelry, artwork or guns (where allowed).
When to use a Purchase Agreement:
- You're ready to form an LLC and you want to define its business terms.
- You've already formed an LLC but don't yet have an operating agreement.