The components of a real estate purchase agreement.
Understand the different elements of a real estate purchase agreement to help you sell or purchase a house with confidence.
A real estate purchase agreement is a type of real estate contract that details an agreement between the buyer and seller of a property. For real estate agents, buyers, and sellers alike, understanding the elements of a real estate purchase agreement is crucial to executing a seamless home-buying experience.
The key components of a purchase agreement.
While each purchase agreement will differ in the details, nearly everyone will include the same key components that cover the different terms of the purchase. You want to make sure that your purchase agreement includes all these elements to avoid confusion or problems during the purchase process.
Here are the key components of a real estate purchase agreement:
- The address and description of the property being purchased
- The name, address, and contact information of the buyer and seller of the property
- The agreed purchase price
- The type of sale
- The terms of the sale
- The closing date and costs
- Any items that are included or excluded (for example, furniture pieces or equipment)
- Any relevant disclosures (lead paint, asbestos, etc.)
- Any contingencies (pending inspections, appraisals, or other actions that could delay or cancel the sale)
If you ensure that these items are included in your purchase agreement, you’ll be well on your way to a successful real estate purchase. And don’t worry about wasting time getting your documents signed in person. Use Acrobat Pro with e-sign to e-sign everything from real estate contracts to tax forms and embrace the extra time you have to focus on how you’re going to decorate.