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This Purchase Agreement is for: This Purchase Agreement is for: Goods and Services Only Goods Only ServicesLast Update September 13th, 2024
Purchase and Sale Agreement
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Table of Contents:If you are planning to sell or buy an expensive item, it is important to use a Purchase Agreement.
This legal document lays out the terms and conditions of a sale, including the amount that the purchaser will pay. With those details, the document contains all the most important information about the sale.
After signing the document, the person buying the property must provide a down payment known as an earnest money deposit.
This document is considered a binding legal contract as well.
This document is also known by 2 other names:
There are different types of Purchase Contracts such as Vehicle Purchase Agreements and Asset Purchase Agreements.
You can use these separate agreement contracts when you need a specific type of transaction.
The Asset Purchase Agreement finalizes the terms and conditions of a sale regarding a person’s assets. These assets could be an entire business or company, or part of one.
Apart from a home, other types of real estate can be purchased.
To buy or sell buildings, complexes, etc., a Real Estate Purchase Agreement is used to complete the transaction.
A Sale of Goods or a Goods Purchase Agreement is a transfer of goods in exchange for money.
This is used when a purchaser wants to buy a specific object. For example, if you would like to buy a refrigerator, you can use this type of contract.
To outline an agreement to purchase land, you would use a Land Purchase Agreement.
Companies often buy plots of land to construct offices or factories.
If you want to buy land, you can use this contract.
A Business Purchase Agreement outlines the terms and conditions of a sale when one party buys an existing business from another.
It typically includes details about the purchase price, assets, liabilities, and other essential terms of the transaction.
A Bill of Sale and a Purchase Agreement are similar documents that aid in the completion of a sale.
So, what is the difference between a Purchase Agreement and a Bill of Sale?
The major difference is a Bill of Sale is its purpose comes after completing the transaction and a Purchase Agreement before.
With a Purchase Agreement, you understand what the property is and for how much. The Bill of Sale acts as the receipt and is usually part of the contract.
When you make your Purchase Agreement, remember to also include a Bill of Sale at the end. That way, both parties have a receipt of the sale.
Creating a legal document normally requires professional help.
Our Purchase Agreement Template facilitates the writing process and helps you better create your document.
Once you create your document, you can review it with a legal professional to make sure it includes the necessary details specific to your case.
Take advantage of your template to understand how to fill out a Purchase Agreement and include the following information.
Include the date you make the document. Also, write both names clearly on the document.
After a statement that expresses you agree to a fee for the property, write a description of the property being sold. Closing Date
Define the closing of the sale. This states when the deal will be finalized and how. It can be done in person, by mail, or by electronic transmission.
List the payment methods that can be used. Include a section where you can write a payment schedule as well.
Provide contact information, including names and addresses. This way notices, waivers, claims, demands, and any other communication can be mailed.
Write a statement expressing the purchase was made based on the laws of the state the purchase is being made.
Make a section on claims or disputes and how they can be resolved through the following methods:
Sign the agreement: Both parties must sign the contract at the bottom of the document.
To ensure that your Purchase Agreement remains valid, addendums and disclosures usually form part of the document.
In some cases, disclosures are required by law to be included in this type of agreement.
Two examples of disclosures are:
Addendums are added to explain a certain condition that must be met, or the deal may not be valid.
They are included when a change needs to be made to the original terms and conditions. A change could be considered an expansion or an amendment.
It needs to be signed by both parties.
If this is the first time you are making a Purchase Agreement, a good idea is to look at an example.
You may have asked yourself, what does a Purchase Agreement look like?
We include a free sample for to examine below.
There are similar documents to a Purchase Agreement that can help you complete a sale.
Reviewing these documents will also make the process of creating a Purchase Agreement less complicated.
Some related documents include:
LawDistrict has Information regarding each document as well as downloadable templates.
To further clarify what a Purchase Agreement is, we have responded to some of the most frequently asked questions about the document.
Check the responses below to better understand Purchase Agreements.
The party that first signs the document is the one who sends the agreed-upon offer. Usually, the buyer is the first one to sign, but it depends on who agrees on an offer first.
Typically, the buyer is the one who writes the contract, however, once an agreement is reached either party could.
Using our template to make a Purchase and Sale Agreement is much simpler.
While it is a smart legal solution, you should also discuss your particular case with a legal professional.
The purpose of reviewing the contract is to make sure that all the language and terms are clear.
A service agent is a professional who can double-check that the agreement is well written and there are no tricks for either party.
A Purchase Agreement cannot be terminated unless both parties agree.
If a Purchase Agreement is canceled, it is normally because of a failure to pay a deposit or material defects.
You are only a few steps away from your own Purchase Agreement Template!
Download our professional examplesTHIS PURCHASE AGREEMENT (the "Agreement") dated this ________ day of
________________, ________ by and between
_________
of _________
(collectively and individually the "Buyer")
AND
_________
of _________
(collectively and individually the "Seller")
By entering into this Purchase Agreement, the parties hereby agree to the covenants and agreements contained herein in the manner that follows:
Sale of Goods1. The Seller hereby agrees to sell, transfer, and deliver the specified goods to the Buyer, and perform the below services, on or before the date of _____________, 20____ (the "Goods" or the "Vehicle"):
Details of the vehicle:
• Make: _________
• Model: _________
• Year: _________
• Color: _________
• VIN or HIN: _________
•
Purchase Price3. The Buyer shall accept the Goods from the Seller and pay the amount of $ (USD) (the "Purchase Price"). The aforementioned amount shall be paid by cash in accordance with this Agreement.
4. The Buyer and the Seller acknowledge and agree that the consideration stated in this Agreement is sufficient. In addition to the Purchase Price specified herein, the Buyer shall be responsible for any and all present or future use, excise, or similar taxes associated with the sale of the Goods. The Buyer may alternatively provide the Seller with a valid tax exemption certificate acceptable to the relevant taxing authorities in lieu of paying such taxes.
5. The Purchase Price specified in this Agreement is inclusive of any applicable sales tax. The Buyer is responsible for paying the sales tax of the Purchase Price unless the Buyer provides the Seller with a valid tax exemption certificate that is acceptable to the relevant taxing authorities. In such case, the amount of sales tax shall be deducted from the Purchase Price payable by the Buyer.
Payment
6. The Buyer shall pay for the Goods either at the time and place of delivery or upon receipt of any document of title or registrable bill of sale with the necessary endorsement.
Delivery of Goods7. The Goods will be deemed received by the Buyer when delivered to the Buyer at . The method of shipment will be at the discretion of the Buyer. However, the Seller will only be responsible for the lesser of truck freight or rail freight to the Buyer.
Risk of Loss8. The risk of loss from any casualty to the Goods, regardless of the cause, will be on the Seller until the Goods have been received by the Buyer. The Buyer shall procure, at its own expense, insurance on the Goods insuring the Seller's and the Buyer's interest as they appear until payment in full is received by the Seller.
Warranties9. THE GOODS ARE SOLD "AS IS" AND THE SELLER EXPRESSLY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. The Seller does not assume, or authorize any other person to assume on behalf of the Seller, any liability in connection with the sale of the Goods. The above disclaimer of warranties by the Seller shall not affect any applicable warranties from the manufacturer of the Goods.
10. The Buyer has been allowed to inspect the Goods or to have them inspected, and the Buyer accepts the Goods in their existing condition. Furthermore, the Seller disclaims any warranty as to the condition of the Goods.
Title11. The Seller will retain title to the Goods until the Buyer receives actual delivery of the Goods or until the Seller delivers a document of title or registrable bill of sale of the Goods, bearing any necessary endorsement, to the Buyer.
Security Interest12. The Seller retains a security interest in the Goods until the Buyer has paid the full purchase price.
Inspection 13. The Buyer shall inspect the Goods at the time and place of delivery.14. Any refund shall not include the costs of delivery or installation/de-installation, which shall be borne by the Buyer.
Claims15. The Buyer must notify the Seller of any claim within 10 days from the date of delivery. Failure to do so will constitute an unqualified acceptance of the Goods and a waiver by the Buyer of all claims concerning the Goods.
Excuse for Delay or Failure to Perform16. The Seller shall not be liable for any delay, non-delivery, or default in shipment due to labor disputes, transportation shortages, delays in receipt of material, priorities, fires, accidents, or other causes beyond the control of the Seller or its suppliers. If the Seller, in its sole judgment, is prevented directly or indirectly, on account of any cause beyond its control, from delivering the Goods at the time specified or within one month after the date of this Agreement, then the Seller shall have the right to terminate this Agreement by notice in writing to the Buyer, which notice shall be accompanied by a full refund of all sums paid by the Buyer under this Agreement. In all other cases, if the Seller fails to deliver the Goods to the Buyer within the time and manner specified in this Agreement, the Buyer may provide written notice of the default to the Seller. If within seven (7) days of the notice being received, or within such other period as agreed to by the parties, the default is not corrected, the Buyer may immediately terminate this Agreement.
Remedies17. The Buyer's exclusive remedy and the Seller's limit of liability for any losses or damages resulting from defective goods or any other cause shall be for the Purchase Price of the particular delivery concerning which losses or damages are claimed, plus any transportation charges paid by the Buyer.
Cancellation18. The Seller reserves the right to cancel this Agreement:
(a) if the Buyer fails to pay for any shipment when due;
(b) in the event of the Buyer's insolvency or bankruptcy; or
(c) if the Seller deems that its prospect of payment is impaired.
19. Any notice or document to be given or delivered to either the Seller or Buyer under this Agreement shall be sufficient if delivered personally or sent by prepaid registered mail to the address specified below. Any written notice or delivery of documents shall be deemed given, made, and received on the day of delivery if delivered personally, or on the third (3rd) consecutive business day next following the date of mailing if sent by prepaid registered mail:
BUYER:
• _________ of _______
SELLER:
• _________ of _____
General Provisions20. Headings are provided for convenience only and do not affect the interpretation of this Agreement. Words in the singular include the plural and vice versa. Words referring to a particular gender include all genders.
21. All representations and warranties made by the Seller in this Agreement shall survive the closing of this Agreement.
22. Either party to this Agreement may assign its rights under this Agreement, but such assignment shall not alter the obligation of either party, increase the burden or risk involved, or impair the likelihood of obtaining performance under this Agreement. However, no obligation for performance imposed on either party by this Agreement may be delegated to any other person without the prior written consent of the other party. Each party has a substantial interest in having the other party perform or control the acts required by this Agreement.
23. This Agreement may not be modified except in writing signed by all parties to this Agreement.24. This Agreement shall be governed by and construed under the laws of the , including the Uniform Commercial Code of _______. The Seller and the Buyer hereby submit to the jurisdiction of the courts of the .
25. Unless otherwise defined in this Agreement, all terms used in this Agreement shall have the same meaning as set forth in the Uniform Commercial Code in effect in the on the date of execution of this Agreement.
26. If any clause of this Agreement is held to be unconscionable by any court of competent jurisdiction, arbitration panel, or any other official finder of fact, such clause shall be deleted from this Agreement and the remainder of this Agreement shall remain in full force and effect.
27. This Agreement shall be binding upon and inure to the benefit of the Seller and the Buyer and their respective successors and assigns.
28. This Agreement may be executed in counterparts, and facsimile signatures shall be binding and considered to be original signatures.
29. Time is of the essence in this Agreement.30. This Agreement constitutes the entire agreement between the parties, and there are no further items or provisions, either oral or otherwise. The Buyer acknowledges that it has not relied upon any representations of the Seller as to the prospective performance of the Goods, but has relied upon its inspection and investigation of the subject matter.
IN WITNESS WHEREOF the parties have executed this Purchase Agreement on this ________ day of ______________, .
