Indicate the month and two-digit calendar day in the empty field after the phrase „. As Consideration By” and then the double-digit calendar year on space after „20”. This report should continue by recording the time of day of this payment by sending to the next two spaces and checking the „AM” or „PM” box to indicate the appropriate suffix at that time. In some states, the serious money required to enter into this agreement must be deposited in a trust or escrow. If so, check the first box after the words „Any serious money accepted…” If not, check the box in front of the bold words „Is not.” Then we take care of the actual purchase of that property. Find the fifth item („V. Purchase Price and Conditions”). The first instruction was marked with two spaces. Both require the total purchase price required for the property. Start by indicating how much the seller must receive from the buyer to release the property from the property digitally on the first empty field after the dollar sign. Then, write this amount in the empty space in parentheses that precedes the word „dollars.” This statement requires that you select one of the check box items below to complete it. If the buyer makes a cash payment for the purchase of the residential property from the seller, select the first check box instruction.

This statement also requires that you set the date and time of the last schedule on which this payment must be made in order to be considered in accordance with the purchase agreement. Enter this information in the spaces specified in the „All cash offers” selection. If the buyer needs to obtain financing for the purchase of the residential property in question, check the „Bank financing” box. With this selection, you must specify the type of financing that the buyer should receive by checking the box of the list item „Conventional loan”, „FHA loan (Attach required addendum)”, „VA loan (Attach required supplement)” or „Other”. If the „Other” option is selected, set the financing option that the buyer receives in the blank line provided for this purpose. If the buyer needs to receive financing, look for point „C” in this selection. Note the due date that the seller has indicated if they need to receive a letter confirming that the buyer`s balance and ability to obtain financing are strong in the space provided. You will also need to check the „Actual” box if this financing depends on the buyer`s ability to sell a separate property, or „Is not” if such an eventuality does not apply. The first article, „I. The Contracting Parties shall make the declaration initiating this Agreement. The wording is designed to determine the intent of both parties, so it needs certain situation-specific information that can be recorded. Start by specifying the month, two-digit calendar day, and two-digit calendar year when these documents take effect by using the first two empty lines of the first statement.

We will now turn our attention to the different parties who enter into this agreement: the seller and the buyer. The second statement contains four spaces that must be used to identify the buyer. Specify the display name of the entity that wants to acquire the seller`s property in the empty field associated with the Buyer Parentheses label. The following three empty fields have been inserted so that we can record the postal address of, the city of and the status of the reported buyer. The seller must also be defined in this part of the agreement. Be sure to enter the owner`s full name in the empty field labeled „Seller.” Again, we need to provide additional information. Use the following three fields to enter the mailing address, city, and state of the business that sells the residential property in question. In the next article „II. Legal description”, we will focus on the residential property that is sold to the buyer.

First of all, we need to define what type of property it is. For this purpose, a list of checkbox items has been inserted. Select the check box that best defines the property for sale. You can check the box „Detached house”, „Condominium”, „Development of planned units (PUD)”, „Duplex”, „Triplex”, „Fourplex” or „Other”. Note that if you select the Other field as the description for this property, you must specify the definition in the blank row associated with this selection. The next section of this article should provide a space titled „Street and House Number.” Specify the exact physical location of the residential property in question for this line. This should include the building number of the accommodation, street/street/road/etc. Name, if applicable unit number, neighborhood/city/county, state and zip code where the property in question can be physically viewed and accessed. We will continue this report by specifying its „Information on Tax Parcels” in the next available empty line. This information can be called „Parcel ID” or „Tax Card and Lot Number” depending on the county in which it is located. If this information is not available, contact the Registrar/Registrar of Records in the county where the property is located to obtain it. Any „other description” associated with the premises for sale must be indicated up to the last empty line of this section.

Article „III. Personal Property” allows both parties to create any personal property (i.e. air conditioning) that will be included in the purchase of the official description of the property in the previous section. Enter any type of personal property that will be sold with the residential property in the empty lines of this section. Thank you for reading the CFI guide on the main features of a sales contract. For more information, please explore these additional CFI resources: Some states require that a sales and use tax be added to the purchase price of personal property sold. Be sure to specify in your purchase and sale contract who is responsible for these taxes. In the simplest form of a sale, when a business for sale is wholly owned by a single person or parent company and is purchased by a single buyer, there are only two parties to the agreement. However, other parties may be involved if, for example, several shareholders have a stake in the company for sale.

In these cases, each of the shareholders must conclude the purchase agreement in order to sell their shares. The buyer will want to prevent the seller from building a new competitive business that affects the value of the business for sale. The purchase contract therefore contains restrictive agreements that prevent the seller (for a certain period of time and in certain geographical regions) from attracting existing customers, suppliers or employees and generally from competing with the company for sale. These restrictive covenants must be appropriate in terms of geography, scope and duration. Otherwise, they could infringe competition law. The simple purchase contract template serves to protect both the buyer and the seller. This is a form that documents an agreement so that each party ensures fair treatment during the transaction. The document template makes it easy to create a complex document. Some of the most basic details covered by the legal form include: Once concluded, the purchase agreement continues to be an important reference document as it covers the operation of an earn-out and contains restrictive agreements, confidentiality obligations, warranties and compensation, all of which can remain highly relevant. It is in the interest of both parties for a lawyer to review the agreement once drafted before signing it. .