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Borrowers Purchase Contract

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BORROWERS PURCHASE CONTRACT

This Borrowers Purchase Contract (the Agreement) is entered into between Buyer (referred to herein as "Buyer" or "Borrower") and Seller as of the Effective Date set forth below. Buyer and Seller agree to the purchase and sale of the Property subject to the terms and conditions in this Agreement.

Effective Date and Parties

Effective Date:

Property Identification

Purchase Price and Financing

Purchase Price: $

Financing: Cash purchase    Buyer to obtain loan financing

If financing, Buyer shall apply for and use good faith efforts to obtain loan approval within days. Buyer shall deliver written notice to Seller of loan approval or denial. Financing contingency shall be deemed removed upon Buyer delivering written notice of loan approval or failure to timely deliver notice.

Appraisal contingency: Applies    Waived

Inspections and Contingencies

Inspection Period: Buyer shall have calendar days from Effective Date to complete inspections and investigations. If Buyer is not satisfied, Buyer may terminate by written notice within the Inspection Period and earnest money shall be returned subject to the terms of this Agreement.

Closing, Possession and Prorations

Closing Date: Closing shall occur on or before unless extended by mutual written agreement.

Possession to Buyer: or upon closing and funding.

Prorations: Property taxes, HOA fees and other customary items shall be prorated as of the Closing Date. Parties agree that any unpaid assessments known by Seller shall be disclosed and paid at or before closing.

Title, Survey and Risk of Loss

Title Evidence: Seller shall deliver marketable title and an owner's title insurance policy insuring Buyer at Closing in the amount of the Purchase Price, subject only to permitted exceptions. Buyer shall have days after receipt of title commitment to object to title matters.

Risk of Loss: Between Effective Date and Closing, Seller shall maintain the Property and all insurable improvements. If material damage occurs prior to Closing, Buyer may elect to terminate or proceed with an equitable adjustment as provided herein.

Representations, Warranties and Disclosures

Seller represents and warrants that Seller is the lawful owner of the Property, has authority to sell, and that there are no undisclosed material defects or legal claims affecting the Property except as expressly disclosed in writing to Buyer prior to execution of this Agreement.

Lead-Based Paint Disclosure (if applicable): Seller has provided a lead-based paint disclosure    Not applicable / none known

Prior Damage / Repairs: Known prior structural damage or repairs disclosed    None known

Flood Zone: Property is in a designated flood zone    Property is not in a known flood zone

Default and Remedies

Buyer Default: If Buyer fails to perform, Seller may terminate this Agreement and retain earnest money as liquidated damages, or pursue specific performance or other remedies at law or in equity. Seller must provide written notice and a reasonable opportunity to cure where required by law.

Seller Default: If Seller fails to perform, Buyer may seek specific performance or terminate and recover earnest money and other available damages. The parties acknowledge that remedies are cumulative.

Miscellaneous

Time is of the essence with respect to all dates and time periods in this Agreement. Any waiver or amendment must be in writing and signed by the party granting the waiver or amendment. This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations and agreements.

Governing Law: This Agreement shall be governed by the laws of the State specified in the notices section below.

Acknowledgment and Certification

Each party certifies that the party has read and understands this Agreement, has the authority to enter into this Agreement, and that the representations and warranties contained herein are true and correct as of the Effective Date. Buyer further certifies that Buyer will, to the extent required, promptly apply for financing and will provide necessary documentation to the lender in good faith.

Acceptance Deadline

This offer expires if not accepted in writing by Seller on or before .

Buyer (Borrower) Printed Name:

By:

Date:

Seller Printed Name:

By:

Date:

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What the Borrowers Purchase Contract Is

The Borrowers Purchase Contract is a written agreement documenting the terms under which a borrower acquires specified property or assets from a seller, including purchase price, financing provisions, contingencies, and closing mechanics. It establishes the parties, property description, payment timing, and conditions required for performance, and often serves as the primary record used by lenders, title companies, and closing agents to complete escrow, recordation, and funding.

Why this contract matters for closing and compliance

A clear Borrowers Purchase Contract reduces ambiguity about price, contingencies, and closing obligations, protecting both buyer and seller while supporting lender underwriting and title work. Properly drafted terms also limit disputes and streamline recording and post-closing reconciliations.

Why this contract matters for closing and compliance

Typical parties and teams that complete this contract

Use this contract as the central document for closing tasks, and circulate it to all listed parties for review before signing.

  • Real estate agents and brokers coordinating buyer-seller terms and disclosures.
  • Mortgage lenders and underwriters verifying financing contingencies and borrower obligations.
  • Title companies and closing agents handling escrow, recording, and funding instructions.

Core sections every professional Borrowers Purchase Contract should include

A professional Borrowers Purchase Contract collects agreed material terms in predictable sections so reviewers, title officers, and lenders can act without re-negotiation during closing.

Parties

Full legal names and entity types for buyer(s), seller(s), and any guarantors; identify signatory authority for each party.

Property

Complete legal description, street address, and parcel or tax ID so title records and recording instruments match.

Purchase Price

Total price, deposit/earnest money terms, financing source, and allocation of prorations or credits.

Financing Terms

Contingencies, loan amount, interest rate allowances, commitment deadlines, and buyer financing obligations.

Closing & Possession

Closing date, location, escrow instructions, closing costs allocation, and possession timing.

Notices & Remedies

Service of process addresses, cure periods, default remedies, and governing law provisions.

Fields required for a valid Borrowers Purchase Contract

Borrower Name: Exact legal name
Seller Name: Exact legal name
Property Address: Street, city, state, ZIP
Purchase Price: Numeric value
Earnest Money: Amount and payee
Closing Date: MM/DD/YYYY

Step-by-step: completing and executing this contract

Follow these sequential actions to prepare, review, and finalize a Borrowers Purchase Contract for recording and funding.

  • 01
    Draft Terms: Populate parties, price, property, and contingencies.
  • 02
    Attach Exhibits: Include financing addenda, disclosures, and escrow instructions.
  • 03
    Review with Lender: Confirm financing deadlines and underwriting conditions.
  • 04
    Execute & Distribute: Sign, notarize if required, and send fully executed copies to title and lender.

How to map this document into an online signing workflow

Configure the digital workflow to match the contract's sequence: prepare, authenticate, sign, and archive.

Field Configuration
Signer Order Sequential or parallel based on lender requirements
Authentication Email link, SMS code, or KBA as required
Attachments Require title commitment and ID uploads
Retention Store signed PDF and audit trail

Where executed copies go and who processes them

A consistent routing plan prevents funding delays and ensures recording gets accurate instruments.

  • Title Company: Receives fully executed contract and performs title search
  • Lender / Underwriter: Verifies financing conditions and issues loan documents
  • Recorder's Office: Records deed and related instruments
  • Parties: Each party gets a copy and the audit trail

Technical considerations for eSigning and eSubmission

Select a platform that preserves an audit trail, supports notarization/RON where needed, and integrates with title or loan systems.

  • File Formats: PDF and DOCX supported
  • Integrations: Salesforce, NetSuite, Microsoft 365
  • Authentication: Email link, SMS, KBA options

Key dates commonly associated with this contract

Typical deadlines affect contingencies, financing, and recording; missing them can create default or funding issues.

Effective Date:

Date the contract becomes binding

Financing Deadline:

Date to satisfy loan contingency

Inspection Period:

Window for property inspection and repairs

Closing Date:

Date for transfer, funding, and recording

Recording Timeline:

Submit deed promptly after funding

Milestones from agreement to recorded closing

A milestone timeline helps coordinate title, lender, and escrow tasks for a smooth closing.

01

Agreement Signed

Parties execute contract and deposit earnest money.

02

Underwriting Complete

Lender issues final loan approval or conditions.

03

Closing Scheduled

Title orders recording documents and coordinates funds.

04

Recording Complete

Recorder files deed and updates public records.

How this form differs from related document types

Comparing closely related documents clarifies which template fits your transaction and who must complete it.

Document Type Borrowers Purchase Contract Standard Purchase Agreement
Buyer Focus buyer-centric mutual
Financing Contingency detailed may be brief
Earnest Money Handling explicit often included
Notarization often required varies

eSignature vendor pricing and capability snapshot for signing and routing

Compare starting prices and selected capabilities for common eSignature providers; signNow is listed first per platform differences in pricing and envelope caps.

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 No No Yes, limited Yes, limited
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Practical tips to speed review and avoid rework

Adopt consistent practices so title, lender, and escrow teams can act promptly without repeated clarifications.

Use consistent legal names
Always enter borrower and seller names exactly as on government ID or formation documents to avoid mismatches during underwriting or recording.
Attach required exhibits
Include survey, title commitment, and financing addenda with the contract to prevent last-minute document requests that delay closing.
Clarify deadlines
State whether timeframes are business or calendar days and include specific cutoffs for contingency removals and loan commitments.
Preserve the audit trail
Keep signed PDFs with timestamps and authentication logs to support enforceability and lender audit requirements.

Common mistakes that delay closings

  • Using informal or abbreviated party names that do not match IDs or title documents, causing underwriting hold-ups.
  • Missing or vague financing contingency deadlines, which lead to disputes about lender obligations and extensions.
  • Failing to attach required exhibits such as title commitments, surveys, or HOA documents, triggering last-minute title conditions.
  • Incorrect property legal descriptions or omitted parcel numbers, producing recorder rejections and re-submission delays.

Consequences of errors or omissions in this contract

Recording Rejection: Delay in transfer
Funding Delay: Lender may withhold funds
Contract Dispute: Costs and litigation risk
Tax Reporting: Incorrect returns risk penalties
Title Defect: Requires cure or indemnity
Notary Defect: Document may be invalid

Who may lawfully sign and bind the agreement

Authorized Borrower

An individual borrower or authorized corporate officer listed on organizational documents may sign; confirm corporate authority or power of attorney in advance and attach evidence if signing for an entity.

Closing Agent / Title Officer

Title company officers, escrow agents, or closing attorneys sign closing acknowledgements and execute recording instruments per escrow instructions; their signature does not substitute for party consent unless agency is documented.

How to save and export the executed contract

Choose file formats and storage methods that preserve the signed record and audit trail for future review and regulatory compliance.

Save as PDF

Export the fully executed document as a PDF/A or standard PDF to preserve layout and embed an audit trail with timestamps and signer metadata.

Export as DOCX

Keep an editable DOCX copy for internal recordkeeping, but use the signed PDF as the legal record for recording and funding.

Store Audit Trail

Retain authentication logs, IP addresses, and timestamps together with the signed document to support enforceability.

Backup & Archive

Store signed documents in secure cloud or on-premise systems with encryption and access controls for the retention period.

Frequently asked questions about the Borrowers Purchase Contract

Answers to common practical and legal questions about completing, signing, and recording this contract.


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