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Real Estate Purchase Agreement basics

If you are ready to buy or sell property, you can use this Purchase Agreement to determine the obligations of both parties for the sale to occur on the closing date. This Real Estate Purchase Agreement does not transfer a title to a building, lot, or home, but it does set out the parameters for doing so. It will help you determine the responsibilities of all parties involved before transferring the property in question.

What is a Real Estate Purchase and Sale Agreement?

A Real Estate Purchase and Sale Agreement is a written contract made between a buyer and seller to sell property at a future date (closing date) under specific terms.

How do I write a Real Estate Purchase Agreement?

Making a Real Estate Purchase Agreement online is simple. Just answer a few questions, and Rocket Lawyer will build your document for you. Consider these questions beforehand to make the process speedier:

  • What is the legal description and address of the property?
  • What is the total purchase price of the property?
  • What is the amount of earnest money the buyer will pay upon signing this agreement?
  • Has the property been inspected for lead-based paint?

If you don't have all of the details you need, you can skip questions, and save your document for later.

What should be in a purchase agreement?

A purchase agreement should include the following information:

  • Buyer and seller information
  • Legal description and address of the property
  • Details regarding closing costs, warranties, title requirements, etc.
  • Closing and possession dates

Is a Real Estate Purchase Agreement binding?

Yes, a Purchase Contract is a binding agreement made between a buyer and seller to transfer a home or other property.

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Sample Real Estate Purchase Agreement

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