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A Real Estate Purchase Agreement is a legal document that buyers and sellers use to confirm their intent to transact with each other. This document does not transfer any property title. Instead, it... Read more
Recently reviewed by a licensed attorney
This document template was last reviewed by Pearl Rimon, Esq. on 12/02/2020.1
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Making a Real Estate Purchase Agreement
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What is a Real Estate Purchase Agreement?
A Real Estate Purchase Agreement is a legal document that buyers and sellers use to confirm their intent to transact with each other. This document does not transfer any property title. Instead, it sets out the parameters for doing so.
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. It will help you determine the responsibilities of all parties involved before transferring the property in question. As a Rocket Lawyer member, you will have the option to activate Document Defense®, which allows a lawyer to help you get paid or otherwise enforce your rights.
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How do I write a Real Estate Purchase Agreement?
It is very simple to outline the details of a real estate sale using a free Real Estate Purchase Agreement template from Rocket Lawyer. If you already have a legal description of the property and you know the purchase price and the earnest money to be paid upfront, move on to the steps below:
- Make your document - Provide a few simple details and we will do the rest
- Send or share - Discuss it with the other party or get legal help
- Sign it - Sign the agreement online with RocketSign®
This route is, in most cases, much more affordable than working with a conventional attorney.
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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.
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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
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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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