Is Exhibit 1023 legally binding?

Yes, when included in and executed with the purchase and sale agreement it is binding as part of the contract. Electronic signatures meet federal ESIGN standards (15 U.S.C. ch. 96) and state UETA rules where adopted; confirm exceptions such as certain court or probate filings.

Can Exhibit 1023 be signed electronically?

Yes. Electronic signatures satisfy intent, consent, attribution, and retention tests required under ESIGN and UETA. Use platforms that produce a verifiable audit trail and support notary steps if a notarized acknowledgement is required.

When is a notarization required?

Notarization is required for the deed and often for acknowledgements attached to closing documents; check county recording requirements and state notary rules, especially for witness counts in Florida and similar jurisdictions.

What if a required exhibit is missing?

Missing exhibits (surveys, HOA docs) can delay closing and title insurance. Escrow may hold funds until documents are provided or require indemnity agreements to address outstanding items.

How to correct a signed Exhibit 1023?

Post-signature changes normally require an amendment or mutual agreement executed with the same formalities as the original agreement. Never alter the executed exhibit without written agreement and re-execution by all parties.

Who should retain the executed exhibit?

Escrow, buyer, seller, and title insurer should each retain a copy. Maintain digital copies with audit trails and keep records according to IRS and state retention requirements for real estate transactions.

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Exhibit 1023 Purchase and Sale Agreement

Exhibit 1023 Purchase and Sale Agreement

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

What the Exhibit 1023 Purchase and Sale Agreement Is

The Exhibit 1023 Purchase and Sale Agreement is a standardized contract attachment used to record material terms between buyer and seller in a real property transaction. It typically sets the property description, purchase price, financing and earnest money terms, contingencies, closing mechanics, and allocation of closing costs, and becomes part of the binding sale documents once executed by all parties.

Why an Exhibit 1023 Attachment Matters in a Closing

Using Exhibit 1023 clarifies core deal terms, reduces post-offer disputes, and creates a concise exhibit for title review and escrow. It improves traceability of negotiated items and helps lenders, title companies, and closing agents locate essential terms at signing.

Who Typically Prepares and Reviews Exhibit 1023

Parties and professionals involved in a real estate closing each rely on Exhibit 1023 to capture transaction specifics before closing.

Buyers and buyer agents — confirm price, financing contingencies, and inspection deadlines.
Sellers and listing agents — verify property description, included fixtures, and closing allowances.
Title officers and escrow agents — use exhibit to prepare title commitments and closing statements.

Key Signatory Roles

Buyer Representative

A licensed agent or in-house counsel who signs acknowledgements on behalf of the buyer, coordinates delivery of earnest money, confirms financing contingencies, and ensures the buyer's legal name matches title documents and lender records.

Seller Representative

The listing agent or seller's attorney who certifies the seller's authority, confirms included items and representations, coordinates deed preparation, and ensures closing deliverables align with the exhibit and the main agreement.

Core Sections to Include in a Professional Exhibit 1023

A complete Exhibit 1023 groups actionable items for closing: legal property description, monetary terms, contingencies, timelines, title requirements, and closing logistics so third parties can process the transaction without rereading the main agreement.

Property Description

Provide the full legal description, parcel or tax ID, and street address in one place; mismatches here will delay title insurance issuance and recording.

Purchase Price

State the total contract price, allocation of deposits, and whether price adjustments apply for prorations, credits, or lender-required repairs.

Earnest Money

Specify deposit amount, payee (escrow holder), due date, and conditions for release or forfeiture to prevent later disputes.

Contingencies

List inspection, financing, appraisal, and other contingencies with clear cure or removal deadlines and responsible party for each.

Title and Survey

Note required title exceptions to be cleared, survey needs, responsibility for clearing liens, and title insurance commitments.

Closing Mechanics

Include closing date, location, disbursement instructions, recording party, and any special escrow instructions that affect settlement.

Security, Compliance, and Signature Standards

Encryption: TLS 1.2/1.3; AES-256 at rest

Audit Trail: Timestamps, IP, and action log

HIPAA BAA: Available when required

ESIGN / UETA: Meets legal signature tests

21 CFR Part 11: Supported for regulated records

Accessibility: WCAG 2.0 Level AA

Step-by-Step: Filling and Executing Exhibit 1023

Follow these sequential steps to prepare, review, and execute Exhibit 1023 so title, escrow, and lenders can complete closing without avoidable delays.

01

Prepare: Draft exhibit with full legal description and monetary terms.
02

Attach Exhibits: Include referenced addenda, disclosures, and the survey or title commitment.
03

Review: Have counsel and title officer check for consistency with the PSA.
04

Execute: Obtain required signatures, notarizations, and deliver to escrow.

How Electronic Completion and Delivery Typically Works

Many parties complete Exhibit 1023 electronically; the workflow captures signatures, notarizations if needed, and delivers copies to title and escrow automatically.

Upload: Sender uploads the Exhibit 1023 document and tags fields.
Assign: Assign signing order to buyer, seller, and witnesses or notary.
Authenticate: Signers confirm identity via email, SMS, or stronger methods.
Deliver: Completed copy and audit trail sent to all parties and escrow.

Recommended Digital Workflow Settings for Exhibit 1023

Configure the signing workflow to match the transaction sequence, add required notarization steps, and route final copies to title and escrow automatically.

Field	Configuration
Authentication Level	Email + SMS code for signers; KBA for additional verification
Notary Step	Include live or RON notary field where required
Routing	Auto-send final PDF to title and escrow
Integrations	Enable CRM or closing platform connectors (e.g., NetSuite)

Technical Requirements and File Formats

Ensure your signing platform accepts the Exhibit 1023 file type and supports required authentication and notary workflows before starting.

File Types: PDF, DOCX supported
Notary Support: Local notary and RON options
Integrations: Salesforce, NetSuite, Box

Common Deadlines and Dates to Track in Exhibit 1023

Exhibit 1023 commonly contains date-driven items that directly affect closing and contingency windows; monitor these to avoid missed rights or penalties.

Earnest Money Due:

Date when deposit must clear escrow and be credited to buyer.

Inspection Period End:

Final day to complete inspections and submit cure requests.

Financing Contingency:

Deadline to deliver lender commitment or remove financing contingency.

Closing Date:

Anticipated date for signing, funding, and recording the deed.

Recordation Deadline:

Date by which deed must be recorded to establish title transfer.

Key Transaction Milestones from Offer to Recording

Track milestone stages in sequence so each party meets conditions precedent and funding timelines before final recording.

01

Offer Accepted

Contract executed and Exhibit 1023 attached as the operative terms.

02

Due Diligence

Buyer completes inspections and title review; objections raised if needed.

03

Financing Approval

Lender issues commitment, satisfying financing contingency conditions.

04

Closing & Recording

Funds exchanged, deed executed, and county records the instrument.

Common Preparation Errors to Avoid

Using an imprecise legal description that differs from title records, which can delay insurance issuance and recording.
Mismatched party names between the exhibit, main agreement, and title commitments leading to corrective deeds or affidavits.
Omitting or mislabeling exhibits (surveys, easements, HOA docs) that title needs to clear exceptions, causing last-minute holdbacks.
Failing to set explicit contingency removal dates or delivery instructions, which triggers disputes over whether the contingency was timely removed.

Potential Consequences of Errors in Exhibit 1023

Recording Delay: Title issues

Financial Loss: Earnest money disputes

Tax Issues: Incorrect reporting

Contractual Void: Unenforceable clauses

Closing Failure: Buyer or seller walk-away

Regulatory Risk: Noncompliant notarization

How Exhibit 1023 Differs from a Standard Purchase Agreement

Compare the exhibit to the main Purchase and Sale Agreement to understand purpose and practical differences during closing.

Criteria	Exhibit 1023	Standard Purchase & Sale
Primary Use	deal specifics	complete contract
Attachment		standalone document
Detail Level	focused terms	broad obligations
Typical Signers	buyers, sellers, escrow	buyers, sellers, attorneys

eSignature Vendor Comparison for Executing Exhibit 1023

Select an eSignature provider that meets authentication, notary, and integration needs for real estate closings; signNow appears first for feature and pricing comparison.

	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	Trial available	Trial available	Trial available	Trial available
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

Practical Examples: How Parties Use Exhibit 1023

These examples show real-world use of concise exhibits to reduce errors and speed closings across different sized transactions.

Optica Ventures LLC

Optica streamlined closings by standardizing exhibit attachments to every PSA.

The exhibit centralized title and survey references.
The result was fewer title exceptions and quicker escrow funding because title officers could find key terms without parsing the full contract.

Martin Properties

A regional broker used electronic exhibits with notarization to close remote transactions.

Signatures and RON notary steps were embedded in the workflow.
This allowed the company to complete out-of-state closings with complete audit trails and no in-person signer appearance.

Frequently Asked Questions About Exhibit 1023

Answers to common legal and execution questions about Exhibit 1023, including enforceability, signatures, notarization, and post-signature corrections.

Need help? Contact support

Is Exhibit 1023 legally binding?
Yes, when included in and executed with the purchase and sale agreement it is binding as part of the contract. Electronic signatures meet federal ESIGN standards (15 U.S.C. ch. 96) and state UETA rules where adopted; confirm exceptions such as certain court or probate filings.
Can Exhibit 1023 be signed electronically?
Yes. Electronic signatures satisfy intent, consent, attribution, and retention tests required under ESIGN and UETA. Use platforms that produce a verifiable audit trail and support notary steps if a notarized acknowledgement is required.
When is a notarization required?
Notarization is required for the deed and often for acknowledgements attached to closing documents; check county recording requirements and state notary rules, especially for witness counts in Florida and similar jurisdictions.
What if a required exhibit is missing?
Missing exhibits (surveys, HOA docs) can delay closing and title insurance. Escrow may hold funds until documents are provided or require indemnity agreements to address outstanding items.
How to correct a signed Exhibit 1023?
Post-signature changes normally require an amendment or mutual agreement executed with the same formalities as the original agreement. Never alter the executed exhibit without written agreement and re-execution by all parties.
Who should retain the executed exhibit?
Escrow, buyer, seller, and title insurer should each retain a copy. Maintain digital copies with audit trails and keep records according to IRS and state retention requirements for real estate transactions.

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