Are e-signatures legally binding?

Yes in most commercial contexts when intent, consent, attribution, and reproducible records exist. Federal ESIGN (15 U.S.C. ch. 96) and state UETA laws support electronic signatures, subject to statutory exceptions such as wills and certain court orders.

Do Purchase Agreements require notarization?

The contract itself usually does not require notarization, but documents that transfer title (deeds) commonly require notarization and recording at closing. Remote online notarization rules vary by state and may impose identity-proofing and recording requirements.

How do I correct a signed Purchase Agreement?

Post-signing changes should use a signed amendment or addendum executed by all parties. Minor clerical corrections may be resolved by mutual written confirmation signed by all parties to avoid ambiguity and litigation.

How can a Purchase Agreement be revoked or cancelled?

Revocation or cancellation follows the agreement's termination clauses, mutual rescission by signed written agreement, or exercise of valid contingencies. Consult the contract's notice, cure, and termination provisions to determine proper procedure.

Who is authorized to sign on behalf of an entity?

Authorized signers are individuals with delegated authority by corporate bylaws, partnership agreement, operating agreement, or a power of attorney. Verify corporate resolutions or equivalent documents to confirm signing authority before reliance.

How long should executed agreements be retained?

Retain executed agreements during the active term plus applicable statutory periods: IRS records three years (IRC §6501(a)), HIPAA-related records six years (45 CFR §164.530(j)), and longer retention may apply for real estate or state-specific rules.

Electronic Signature
Templates
Other
Purchase Agreement

Purchase Agreement

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

What a Purchase Agreement Is and when it applies

A Purchase Agreement is a legally binding contract that records the terms for buying and selling goods, services, or real property between identified parties. It typically specifies parties, a clear description of the item or property, purchase price, payment schedule, contingencies such as inspections or financing, closing and transfer procedures, representations and warranties, and remedies for breach. Purchase Agreements can be customized for industry needs and executed electronically where permitted; closing documents transferring title (for real estate) often require notarization and recording separate from the agreement itself.

Why a Purchase Agreement matters

Use a Purchase Agreement to document mutual obligations, reduce ambiguity, allocate risk, and set clear timelines for payment and delivery. A written agreement supports financing, title transfer, and dispute resolution, and can be executed electronically consistent with ESIGN and state UETA rules where applicable.

Typical users and stakeholders

Typical users include buyers, sellers, brokers, and legal counsel involved in negotiated transactions and closings.

Real estate buyers and sellers managing purchase and closing terms.
Commercial purchasers and vendors documenting delivery, warranties, and payment schedules.
Legal and finance teams reviewing enforceability, taxes, and filing requirements.

Core sections to include in a professional Purchase Agreement

Professional Purchase Agreements include defined parties, clear item descriptions, payment terms, contingencies, allocation of risk, and cure or termination provisions to reduce disputes and guide performance.

Parties

Identify buyer, seller, and any intermediary; include legal entity names, business type, authorized representative details, and contact information for notices to ensure signature authority and proper enforcement.

Description

Describe goods or property precisely, including model numbers, VINs, and the legal description for real property; attach exhibits or plats and reference them by exhibit letter or number to prevent ambiguity.

Price & Payment

State total purchase price, deposit or earnest money, payment schedule, acceptable payment methods, late fee terms, and conditions for escrow release at closing, including applicable taxes.

Contingencies

Include inspection, financing, title review, and appraisal contingencies with defined cure periods, notice procedures, deadlines, waiver procedures, and documentation required for each contingency.

Representations

Seller and buyer representations and warranties about ownership, condition, authority, and legal compliance; specify survival periods, indemnity, insurance obligations, and remedies for breaches.

Remedies

Define default events, cure rights, damages, specific performance options, liquidated damages if agreed, and procedures for dispute resolution including governing law, venue, and attorney fee allocation.

Step-by-step: prepare, approve, and execute

Follow these sequential steps to prepare, negotiate, and execute a Purchase Agreement accurately and reduce post-signing disputes.

01

Draft: Complete all fields and attach exhibits.
02

Review: Have counsel and stakeholders review terms.
03

Sign: Obtain authorized signatures using eSign or wet signature.
04

Close: Deliver funds, record deed if applicable.

Configure an online workflow for Purchase Agreements

Configure an online workflow to collect signatures, route approvals, apply conditional clauses, and store executed agreements with an audit trail for compliance.

Field	Configuration
Auto-fill Fields	Map data to reduce manual entry
Conditional Fields	Show clauses only when triggered by prior answers
Authentication	Choose email, SMS code, or KBA per risk level
Reminder Schedule	Set automated reminders and expiration notices

Typical delivery flow for electronic execution

Typical delivery flow shows how documents move from drafting to signer authentication, completion, and archival for recordkeeping and audit.

Upload Document: Upload PDF or DOCX to the signing platform.
Place Fields: Drag signature, initial, and date fields onto pages.
Send to Signers: Email or generate a secure signing link.
Complete & Archive: Signed copies and audit trail delivered to parties.

Technical capabilities to check for eSignature and eSubmission

Ensure your eSignature platform supports accepted formats, audit trails, authentication options, and integrations with core systems like CRMs and document stores.

File Types: PDF, DOCX, and HTML supported.
Integrations: Salesforce, NetSuite, Google Workspace listed.
Security: TLS and AES-256 encryption in transit/rest.

Key dates to set and monitor

Key dates govern contingency periods, deposit deadlines, financing milestones, closing, and recording tasks—track each deadline to avoid costly breaches.

Offer Acceptance Deadline:

Date seller must accept or counteroffer, often short timeframe.

Inspection Period End Date:

Deadline to complete inspections and notify seller of defects.

Financing Contingency Cutoff:

Date to secure loan commitment or cancel without penalty.

Closing Date:

Date for fund transfer, deed delivery, and settlement.

Recording Deadline:

Date for submitting deed or title documents to county recorder.

Common preparation mistakes to avoid

Vague property or goods description leads to disputes about what was sold, increasing litigation risk and complicating remedies; use legal descriptions and attached exhibits to minimize ambiguity.
Missing or inconsistent signatures and dates create enforceability problems; ensure all signatories use exact legal names, dated signature blocks, and verified authority for corporate signers.
Unclear payment or escrow instructions can delay closing and create disputes; specify payee, escrow agent, payment method, and conditions for release or forfeiture in the agreement.
Failing to attach required exhibits, title reports, or disclosure statements can void contingency protections and undermine closing; include exhibit lists and confirm attachments are properly referenced and signed.

Risks and penalties from incorrect or incomplete agreements

Contract Voidability: May be rescinded for defects.

Deposit Forfeiture: Buyer may lose earnest money.

Recording Delays: Title transfer postponed; liens persist.

Financing Failure: Purchase may terminate without funds.

Tax Exposure: Unreported allocations trigger IRS issues.

Litigation Costs: Legal fees and damages accrue.

Examples: how organizations use Purchase Agreements

Real-world examples show how Purchase Agreements accelerate closings, reduce administrative burden, and improve compliance across industries.

Martin Properties

Martin Properties needed to execute purchase agreements remotely during property closings to maintain transaction velocity without in-person meetings.

They adopted online signing at closings.
Tim Martin reported: 'I can process and execute all of these documents online with 100% compliance and built-in security. Whether on mobile or working offline, I can get forms back to their necessary parties efficiently.'

Fertility Centers of Illinois

A medical practice needed remote signature capture for consent and purchase documents to avoid in-person contact while maintaining regulatory privacy safeguards.

They moved consent and purchase workflows online.
They reported improved turnaround and compliance. John Butler said: 'The airSlate SignNow team has been exceptional, responsive, the API has been great, and we're extremely happy that we chose airSlate SignNow as a company.'

Typical eSignature vendor pricing and feature snapshot

Compare baseline pricing and core features across common eSignature vendors to estimate cost and compliance fit for 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 free trial	Varies by plan	Varies by plan	Varies by plan	Varies by plan
Bulk Send	Yes (premium tier)	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

Practical tips for accurate and efficient completion

Follow these best practices to reduce risk, speed execution, and ensure enforceability when preparing Purchase Agreements.

Use precise legal descriptions and exhibits

Attach plats, invoices, or specification exhibits and reference them explicitly in the agreement. Precise exhibits reduce interpretation disputes and support title or goods condition verification in post-closing audits and claims.

Confirm signer authority and capacity

For corporate or trustee signers, confirm signatory authority by corporate resolution or power of attorney. Documenting capacity at signing reduces post-closing challenges to enforceability and prevents costly litigation over authority.

Standardize contingencies and deadlines

Use consistent contingency language, cure periods, and deadline formats across transactions. Clear timing reduces inadvertent defaults and supports automated reminders and deadline enforcement in electronic workflows.

Preserve audit trails and executed copies

Retain the complete signed package with audit trail metadata (timestamps, IP, authentication evidence) and store per retention rules. Audit data helps prove intent, consent, and attribution if a signature is later challenged.

Frequently asked questions about Purchase Agreements

Answers to common legal and practical questions about preparing, signing, and storing Purchase Agreements, with references to U.S. legal frameworks where relevant.

Need help? Contact support

Are e-signatures legally binding?
Yes in most commercial contexts when intent, consent, attribution, and reproducible records exist. Federal ESIGN (15 U.S.C. ch. 96) and state UETA laws support electronic signatures, subject to statutory exceptions such as wills and certain court orders.
Do Purchase Agreements require notarization?
The contract itself usually does not require notarization, but documents that transfer title (deeds) commonly require notarization and recording at closing. Remote online notarization rules vary by state and may impose identity-proofing and recording requirements.
How do I correct a signed Purchase Agreement?
Post-signing changes should use a signed amendment or addendum executed by all parties. Minor clerical corrections may be resolved by mutual written confirmation signed by all parties to avoid ambiguity and litigation.
How can a Purchase Agreement be revoked or cancelled?
Revocation or cancellation follows the agreement's termination clauses, mutual rescission by signed written agreement, or exercise of valid contingencies. Consult the contract's notice, cure, and termination provisions to determine proper procedure.
Who is authorized to sign on behalf of an entity?
Authorized signers are individuals with delegated authority by corporate bylaws, partnership agreement, operating agreement, or a power of attorney. Verify corporate resolutions or equivalent documents to confirm signing authority before reliance.
How long should executed agreements be retained?
Retain executed agreements during the active term plus applicable statutory periods: IRS records three years (IRC §6501(a)), HIPAA-related records six years (45 CFR §164.530(j)), and longer retention may apply for real estate or state-specific rules.

Explore Templates

Grandparents Petition for Visitation Limited Liability Company Operating Agreement Clothing Contract Complaint Promissory Note Agreement to Sponsor Entertainment Event Complaint Against Contractor and Surety

be ready to get more

Join over 28 million airSlate SignNow users

Sign Now