Purchase Price
Specifies the total agreed consideration, deposit schedule, and whether price adjustments apply. This clause determines contract enforcement and calculation of earnest money release or forfeiture on breach.
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Bloomington Normal Association of Realtors Purchase Agreement
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What the Bloomington Normal Association of Realtors Purchase Agreement Is
Why using the Bloomington Normal Association of Realtors Purchase Agreement matters
Using this standardized purchase agreement clarifies responsibilities, reduces ambiguity in offers, and helps ensure timely performance of contingencies. It also simplifies coordination among brokers, lenders, title companies, and closing agents while preserving evidence of the parties’ intent and agreed terms.
Who completes and relies on this purchase agreement
The document is intended for use by licensed brokers, parties to the sale, lenders, and title/closing professionals who administer the transfer.
- Buyer agent representing purchaser and preparing the initial offer and contingencies for review and signature.
- Seller agent receiving offers, negotiating terms, and communicating accepted contract conditions to title and escrow.
- Buyers and sellers who must review disclosures, sign, and meet contract deadlines for inspections, financing, and closing.
Primary components you’ll find in the purchase agreement
Financing Terms
Describes loan type, contingency deadlines, lender requirements, and what happens if financing is not approved. It allocates risk and sets timeframes for credit events.
Inspection Contingency
Defines inspection period, scope, repair requests, and remedies. It controls how objections are raised and whether termination or credits are permitted following inspection.
Property Condition
Requires seller disclosures, identifies included fixtures, and states buyer acceptance conditions. It governs permitted defects and seller obligations for known issues.
Closing Instructions
Names title/escrow agent, closing date, proration rules, and required documents and funds. It coordinates recording, deed delivery, and transfer mechanics at settlement.
Contingencies & Addenda
Lists additional clauses such as appraisal, survey, lead-based paint, or HOA addenda. These modify rights and often contain independent deadlines and notice procedures.
Step-by-step: completing and circulating the purchase agreement
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01Prepare the form: Populate parties, legal description, and price.
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02Add contingencies: Insert inspection, financing, and appraisal clauses.
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03Sign and initial: Each party signs all required pages and initials.
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04Deliver to title: Send fully executed copy to title/escrow and lender.
How to set up an online workflow for the purchase agreement
| Template Name | Use a clear name including property address. |
|---|---|
| Signature Order | Set buyer then seller then broker then title. |
| Authentication | Choose email or SMS code verification. |
| Conditional Fields | Show fields only when contingencies apply. |
| Notifications | Enable alerts for viewed, signed, and overdue status. |
Digital signing and technical requirements
Choose a platform that captures timestamps, IP addresses, and a tamper-evident audit trail; integrations with CRM, title, and lender systems speed processing and reduce errors.
- File formats: PDF and DOCX supported
- Authentication: Email or SMS code options
- Integrations: CRM and title systems
Where to send the signed purchase agreement and next routing steps
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Listing Broker: Keeps the seller’s executed copy and informs seller counsel.
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Buyer’s Lender: Receives contract for loan underwriting and conditions.
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Title Company: Prepares commitment, handles escrow, and orders search.
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County Recorder: Receives deed and other recordable documents at closing.
Typical deadlines and timeframes in a purchase agreement
Acceptance Deadline:
Date by which seller must sign to accept offer.
Inspection Period:
Commonly 7–10 days to complete inspections and objections.
Financing Contingency:
Deadline for loan approval or termination notice.
Closing Date:
Agreed settlement date when funds and deed exchange.
Document Delivery:
Due dates for title commitment, HOA documents, and disclosures.
Notarization, witnessing, and recording steps at and after closing
01
Execute Closing Documents
Buyer and seller sign purchase and loan documents.
02
Notarize Deed
Notary acknowledges grantor’s signature for recording.
03
Witness Requirements
States vary; some deeds require witnesses as well.
04
Title Company Review
Title exam confirms marketable title before recording.
05
Record Deed
County recorder files deed and assigns document number.
06
Issue Closing Statement
Escrow provides final HUD/ALTA accounting to parties.
07
Disburse Funds
Lender and escrow disburse proceeds and payoffs.
08
Deliver Final Documents
Recorded deed and title policy sent to buyer.
Key risks and consequences of contract errors
Missed Deadlines:
Loss of contingencies
Incorrect Legal Description:
Recording refusal or clouded title
Improper Signatures:
Invalid execution risk
Undisclosed Defects:
Post-closing liability
Financing Failure:
Contract termination exposure
Title Exceptions:
Costs for clearing title
Common errors to avoid when preparing the purchase agreement
- Omitting the exact legal description or relying only on a street address can prevent acceptance by title and delay recording.
- Using inconsistent party names across documents often triggers additional affidavits and can delay closing or mortgage funding.
- Failing to attach required disclosures and addenda leaves open disputed obligations and may result in post-closing claims.
- Missing initialing requirements on every page or failing to date each signature page may create uncertainty about execution timing.
eSignature vendor pricing comparison relevant to purchase agreement workflows
| 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 trial | Varies by plan | Varies by plan | Varies by plan | Varies by plan |
| Bulk Send | Yes | Yes | Yes | Yes | No |
| Audit Trail | Yes | Yes | Yes | Yes | Yes |
| HIPAA Compliant | Yes | Yes | Yes | No | No |
Frequently asked questions about the purchase agreement and e-signing
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Are signed purchase agreements legally binding?
Yes when they show mutual assent, consideration, and the parties’ intent to be bound. Electronic signatures meet federal ESIGN standards (15 U.S.C. §7001) and state UETA rules in most jurisdictions.
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Can this purchase agreement be signed electronically?
Yes. Electronic signatures that demonstrate intent, consent, attribution, and retain a reproducible record are enforceable under ESIGN and UETA, except where specific statutory exceptions apply.
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Who must sign the agreement?
All named contracting parties must sign. Authorized signatories for entities must show corporate authority; lenders and title companies may require additional documentation for entity signatures.
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What happens if financing is denied?
If a valid financing contingency exists and the buyer timely notifies per contract terms, the buyer may terminate and recover earnest money subject to contract language and lender timing.
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How do I cancel or revoke an offer?
An offer can be revoked prior to acceptance by the seller. After acceptance, termination rights depend on contingencies and contract remedies; consult the agreement and legal counsel.
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How to correct an error after signing?
Minor clerical errors can be fixed by mutual written amendment signed by all parties. Material changes require an addendum or novation executed by the parties to preserve enforceability.
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