Example Text for Purchase Agreement

This is only a an example and must be run though a legal department – to become offical legal advice and material for Real Estate Purposes!

Purchase Agreement & Escrow Instructions

Effective Date: ____________________

This Agreement is made between the Seller and the Buyer (together, the “Parties”) for the purchase and sale of the property described below.

1. Basic Terms

1.1 Property Address:

_________________________________

_________________________________

APN: ___________________________

1.2 Legal Description:

To be provided by Escrow Officer via title commitment.

1.3 Included Property:

The land, improvements, fixtures, and any attached personal property on the Property as of the Effective Date.

1.4 Purchase Price:

$_________________________

1.5 Earnest Money (Deposit):

$_________________________ (held by Escrow)

1.6 Close of Escrow (COE):

______________________, 20____

1.7 Escrow Details:

Escrow Company: ___________________________________

Escrow Officer: _____________________________________

Email: _____________________________________________

1.8 Parties:

Seller: __________________________________________

Buyer: __________________________________________

1.9 Inspection Period:

_____ days from the Effective Date.

1.10 Closing Costs Allocation:

Escrow fees: ☐ 50/50 ☐ 100% Buyer

Title policy: ☐ Buyer ☐ Seller

HOA fees (if any): ☐ 50/50 ☐ 100% Buyer

1.11 Additional Terms (if any):

__________________________________________________

__________________________________________________

2. Key Terms

2.1 “As-Is” Sale:

Buyer agrees to purchase the Property in its current condition. Seller will maintain the Property in the same condition through COE.

2.2 Access:

Seller will allow Buyer and their representatives access to the Property for inspections during the Inspection Period.

2.3 Cancellation Rights:

Buyer may cancel in writing during the Inspection Period and receive a full refund of the Deposit.

2.4 Deposit Release Instructions:

If Buyer cancels during the Inspection Period, Escrow is instructed to return the Deposit without requiring further written approval from Seller.

2.5 Title Commitment:

Escrow will provide a title commitment. Seller agrees to clear all liens or encumbrances before closing.

2.6 Prorations & Adjustments:

Property taxes, rents, and other standard charges will be prorated as of COE.

2.7 Closing & Transfer:

Buyer and Seller will sign required documents and transfer title via general warranty deed on or before COE.

2.8 Assignability:

Buyer may assign this Agreement without notice or consent.

2.9 Marketing Rights:

Buyer may market its interest in the Property, including on the MLS. Seller appoints Buyer as their attorney-in-fact solely for the purpose of listing the Property.

2.10 Legal Matters:

If either party defaults, the non-defaulting party may seek legal remedies. If Buyer defaults, Seller keeps the Deposit. The winning party in any dispute may recover attorney’s fees and costs.

2.11 Entire Agreement & Changes:

This Agreement represents the full understanding between the parties. Changes must be in writing and signed.

2.12 Notices:

All notices may be delivered in person, via email, or by mail.

2.13 Governing Law:

This Agreement is governed by the laws of the state where the Property is located.

2.14 Electronic Signatures:

This Agreement may be signed electronically and in counterparts.

2.15 Memorandum of Contract:

Buyer may record a memorandum of this Agreement. Seller’s signature is not required for recording.

2.16 Lead-Based Paint (if applicable):

If the home was built before 1978, Seller will provide required disclosures. Buyer waives the 10-day inspection period for lead-based paint.

2.17 Seller Acknowledgment:

Seller understands Buyer is a real estate investor who may assign this Agreement for profit.

3. Signatures:

SELLER

Signed: __________________________________

Date: ___________________

Name: __________________________________

Contact: __________________________________

BUYER

Company: ________________________________

By: _____________________________________

Title: ____________________________________

Contact: __________________________________