What is a Purchase Agreement?
A Purchase Agreement is a legally enforceable contract that records the particulars of the sale and purchase of any tangible and intangible property. Just like a Sales Contract, this document will protect both parties in case of a future disagreement or legal dispute. It is required to identify the seller and the buyer, provide a brief description of the item that is being transferred, include the price of the property, state the method of payment chosen by the parties, confirm the necessary tax payments were made, and indicate the date the sale and purchase are finalized. When you are selling and buying real estate, you should also obtain a notary seal for your agreement and file the document with the local county clerk or recorder to update the history of the title and safeguard the interests of third parties that may present their claims on the property.
See our library of templates and forms below to find a perfect Purchase Agreement template for your deal - you can download any document and customize it to your liking.
Types of Purchase Agreements
- Generic Purchase Agreement. You can use this simple Purchase Agreement to outline the terms and conditions of any transaction you participate in - it is recommended to formalize the sale and purchase of any expensive item that changes the owner. Unlike a Service Contract that may remain verbal, an agreement like this should be made in writing to confirm the property has changed the owner;
- A Stock Purchase Agreement is a formal contract signed between the seller and the buyer of company shares to establish a price for the shares in question, their exact amount, and the closing date of the transaction;
- Business Purchase Agreement. Complete this document to transfer the ownership of a business from one party to the other no matter what industry your company belongs to. You will buy all the aspects of the business - assets, liabilities, intellectual property, and shares;
- A Real Estate Purchase Agreement is a legally binding contract signed to record the particulars of the real property sale and purchase. It will describe the house, apartment, or office space transferred and name the new owner who will be responsible for the real estate once the transaction is formalized and notarized;
- Land Purchase Agreement. If you are looking to buy land for commercial use as an investor or developer or you are planning to build your own house on the land you also own, consider preparing this contract to buy land from the current landowner;
- Lease Purchase Agreement. One of the most popular forms of lease agreements, this document gives the tenant an opportunity to buy the rental property, whether it is used for residential or commercial purposes, once the tenancy comes to an end.
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