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Accepted Purchase and Sale Agreement

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ACCEPTED PURCHASE AND SALE AGREEMENT

1. Parties and Effective Date

This Accepted Purchase and Sale Agreement ("Agreement") is entered into by and between the parties identified below. The date of mutual acceptance (Effective Date) is

2. Property

The property that is the subject of this Agreement (Property) is located at:

3. Purchase Price and Payment

The total Purchase Price for the Property is $ payable as follows:

Earnest money shall be delivered to the Escrow Holder:

4. Financing and Contingencies

This Agreement is:

5. Inspections and Due Diligence

Buyer shall have the right to inspect the Property for a period of days after the Effective Date (Inspection Period). All inspections shall be at Buyer's expense unless otherwise agreed.

6. Closing and Possession

The Closing shall occur on or before at the office of the Escrow Holder unless otherwise agreed in writing. Possession shall be delivered to Buyer on subject to the terms below.

7. Title, Conveyance and Survey

Seller shall convey good and marketable title by general warranty deed (or other appropriate deed) free of all encumbrances except those permitted by this Agreement. Title shall be insured in the amount of the Purchase Price.

8. Disclosures

Seller represents and discloses the following known conditions:

Lead-Based Paint (if property built before 1978):

Mold or Water Intrusion:

Prior Material Damage or Repairs (fire, flood, structural):

9. Default and Remedies

If Buyer defaults under this Agreement, Seller may, at Seller's election, terminate this Agreement and retain the earnest money as liquidated damages, provided such retention is not a penalty and is reasonable under the circumstances. If Seller defaults, Buyer may pursue specific performance or termination and refund of earnest money.

10. Prorations, Closing Costs and Taxes

Property taxes, homeowner association dues (if any), rents, and other usual items shall be prorated as of the Closing Date. Closing costs shall be allocated as set forth below or by local custom where silent.

11. Representations and Warranties

Seller represents that, to Seller's knowledge, the Property is not subject to undisclosed material defects, liens, or violations of law, except as disclosed. All representations survive Closing as provided by applicable law.

12. Miscellaneous

This Agreement constitutes the entire agreement between the parties relating to the transaction and supersedes all prior agreements and understandings. Any modification must be in writing and signed by both parties. This Agreement is governed by the laws of the state of

The parties acknowledge receipt of any required statutory disclosures, and Buyer acknowledges the right to review all title and inspection reports prior to Closing.

Buyer Printed Name:

Buyer Signature:

Date:

Seller Printed Name:

Seller Signature:

Date:

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What the Accepted Purchase and Sale Agreement Is

The Accepted Purchase and Sale Agreement is a legally binding contract that records the mutual offer, acceptance, and key terms for transferring ownership of real property or specified assets between a buyer and a seller. It sets the purchase price, deposit, financing contingencies, closing date, title and survey obligations, disclosures, and any conditions precedent that must be satisfied before closing. When signed by the parties, the accepted agreement typically serves as the roadmap for escrow and title steps and is frequently attached to the deed, title commitments, and closing statements prepared for recording and settlement.

Why an Accepted Purchase and Sale Agreement Matters

An accepted agreement creates enforceable obligations defining price, inspections, contingencies, and closing mechanics, reducing ambiguity and litigation risk while documenting each party’s commitments.

Why an Accepted Purchase and Sale Agreement Matters

Who Typically Prepares and Signs This Agreement

Real estate brokers, title companies, closing attorneys, listing agents, property buyers, and sellers commonly prepare or execute accepted purchase and sale agreements.

  • Buyers and buyers’ agents — Negotiate terms, arrange financing contingencies, and submit signed acceptance to escrow or title.
  • Sellers and listing agents — Deliver disclosures, accept offers, and coordinate closing deliverables and prorations.
  • Title and escrow officers — Hold deposits, clear title conditions, prepare closing statements, and arrange recording.

Each signer should review financing, inspection, and deliverable deadlines to confirm the agreement’s conditions are actionable and aligned with state recording practices.

Core Components of a Complete Accepted Purchase and Sale Agreement

A professional agreement includes concise, clearly labeled sections covering price, financing, contingencies, property description, closing mechanics, and indemnities so parties and closing agents can execute and record efficiently.

Purchase Price

Express the total price, deposit amount, and any payment schedule or escrow deposits to avoid later disputes over consideration.

Property Description

Include the full legal description or parcel ID, street address, and exhibit references to ensure the correct parcel is conveyed at closing.

Contingencies

List inspection, financing, appraisal, title, and survey contingencies with explicit cure or termination deadlines and notice procedures.

Closing and Possession

Specify the target closing date, where closing occurs, proration rules for taxes and utilities, and the possession date for the buyer.

Title and Survey

Define seller’s title deliverables, title insurance commitments, permitted exceptions, and who pays for curative work or survey corrections.

Default and Remedies

State remedies for breach, escrow release mechanics, liquidated damages or specific performance provisions, and dispute resolution methods.

Essential Data Elements to Include

Buyer Name: Full legal name
Seller Name: Full legal name
Property ID: Parcel or legal description
Purchase Amount: Numeric and written
Effective Date: MM/DD/YYYY
Closing Location: Escrow/title company

Step-by-Step: Completing the Accepted Purchase and Sale Agreement

Follow these core steps to prepare, review, and finalize an accepted agreement so the transaction proceeds smoothly to escrow and recording.

  • 01
    Draft Terms: Record price, contingencies, and key dates in the agreement.
  • 02
    Review Disclosures: Attach required seller disclosures and addendums per state law.
  • 03
    Obtain Signatures: All parties sign; corporate signers include titles and authority.
  • 04
    Deliver to Escrow: Send signed agreement to title/escrow for deposit, title search, and closing.

How to Configure an Online Workflow for This Agreement

Set template fields, signer order, and authentication to match your closing process and reduce rework during escrow.

Field Configuration
Required Signatures Place name, signature, date fields for each party
Conditional Fields Show financing clause only if buyer financing selected
Signer Order Buyer signs before seller or vice versa as needed
Authentication Use email link or SMS code per party risk profile

Typical Routing and Submission Path for the Accepted Agreement

After signatures are obtained, the agreement moves to escrow and title for deposits, clearing requirements, and closing preparations.

  • Sender Prepares: Upload agreement and attach exhibits.
  • Signers Execute: Parties sign in prescribed order.
  • Escrow Receives: Escrow opens file, deposits funds, and orders title search.
  • Close and Record: Deed and required instruments recorded after funding.

Digital Signing and eSubmission Considerations

Verify authentication, document formats, and audit trail retention before sending agreements electronically.

  • File Formats: PDF or DOCX preferred for stable fields
  • Authentication Levels: Email link, SMS code, KBA or ID verification
  • Audit Trail: Capture IP, timestamp, and signer email

Ensure the eSignature provider supports ESIGN/UETA compliance and produces a certificate of completion retained with the executed agreement.

Key Deadlines and Timing Expectations

Track effective date-based deadlines for contingencies, financing, inspections, and closing to avoid automatic terminations or missed remedies.

Inspection Contingency:

Enter a specific deadline; commonly 7–14 days

Financing Contingency:

Deadline for loan approval; tied to lender timelines

Title Cure:

Escrow typically sets a short cure period pre-closing

Closing Date:

Firm or target date established in agreement

Recording After Closing:

Deed recorded typically within days of funding

Milestones from Offer to Recorded Deed

A typical transaction follows sequential milestones from acceptance through closing and recording; each milestone can trigger deliverables and fee payments.

01

Offer Acceptance

Seller signs and returns accepted agreement to buyer or agent.

02

Open Escrow

Buyer deposit delivered; escrow orders title search and inspections.

03

Contingency Resolution

Buyer removes or waives contingencies per stated deadlines.

04

Close and Record

Funding, deed execution, and county recording complete transaction.

Common Errors That Delay Closing

  • Using informal or incomplete legal descriptions instead of the recorded parcel description.
  • Mismatched party names between the agreement and title documents causing underwriting exceptions.
  • Missing or ambiguous contingency deadlines that permit unilateral termination.
  • Failing to attach required disclosures or exhibits requested by state law or local ordinance.

Risks and Consequences of an Incorrect Agreement

Title Delay: Incomplete legal description
Recording Rejection: Missing notary or improper signature formatting
Contract Rescission: Unclear contingencies or acceptance terms
Financial Loss: Deposit disputes or double closings
Insurance Exceptions: Undisclosed defects creating title exclusions
Regulatory Penalties: Failing to provide mandatory disclosures

Real-World Examples of Accepted Agreements in Practice

These short case examples show typical outcomes when agreements are complete or when common issues arise.

Residential Closing Example

A buyer and seller negotiated a 30-day inspection contingency

  • Financing approved on day 25
  • Escrow closed on day 32 after the buyer removed the contingency and seller cured minor title exceptions with title insurance endorsements.

Commercial Sale Example

Parties included an environmental contingency and tenant estoppel exhibit

  • Contamination review extended the timeline by 45 days
  • The seller completed remediation escrow funding and the transaction recorded after a negotiated price adjustment was applied.

Comparison: eSignature Vendor Pricing and Capabilities

Below is a concise vendor comparison for typical eSignature criteria. signNow is listed first per table conventions.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies Varies Varies Varies
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

FAQs and Troubleshooting for the Accepted Purchase and Sale Agreement

Answers to common questions about execution, signatures, notarization, and post-closing steps to help avoid routine pitfalls.


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