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Purchase and Sale Agreement

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PERSONAL GUARANTY

WHEREAS, ("Purchaser") has requested that ("Seller") enter into a Contract for the Lease and Purchase of Real Estate for certain property located in County, , more commonly known as and ;

WHEREAS, as an inducement to Seller to enter into the Contract for the Lease and Purchase of Real Estate ("Guarantor") has agreed to personally guarantee the payment and performance of all of Purchaser's obligations, conditions and covenants as set forth in said Contract for the Lease and Purchase of Real Estate.

NOW, THEREFORE, FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, Guarantor does hereby unconditionally guarantee that Purchaser's obligations, conditions and covenants will be performed strictly in accordance with the terms of said Contract for the Lease and Purchase of Real Estate, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting the rights of Seller with respect thereto, to the same extent as if Guarantor had been the original signatory. The liability of the Guarantor under this Guaranty shall be absolute and unconditional irrespective of:

  • (i) any lack of validity or enforceability of the Contract for the Lease and Purchase of Real Estate;
  • (ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the obligations, or any other amendment or waiver of or any consent to departure from the Contract for the Lease and Purchase of Real Estate;
  • (iii) any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the obligations; or
  • (iv) any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Purchaser or any guarantor.

This Guaranty is a continuing guaranty and shall (i) remain in full force and effect until the fulfillment of all of Purchaser's obligations, conditions and covenants under said Contract for the Lease and Purchase of Real Estate, (ii) be binding upon the Guarantor, its successors and assigns, and (iii) inure to the benefit of and be enforceable by the Seller, and its respective successors, transferees and assigns. Any liability of the Guarantor shall not be affected by, nor shall it be necessary to procure the consent of the Guarantor or give any notice in reference to, any settlement, or variation of terms of any obligation of the Purchaser, or of a guarantor or any other interested person, by operation of law or otherwise; nor by failure to file, record or register any security document. Guarantor recognizes that Seller may utilize various means of attempting to verify Purchaser's compliance with the obligations, and hereby expressly agrees that such steps are for the sole benefit of Seller and the adequacy of performance of such checks and examinations shall not be considered as a defense to or mitigation of liability hereunder.

The Guarantor does hereby expressly waive and dispense with notice of acceptance of this Guaranty, notices of non-payment or non-performance, notice of amount of indebtedness outstanding at any time, protests, demands and prosecution of collection, foreclosure and possessory remedies. The undersigned hereby waives any right to require Seller to (i) proceed against other persons or Purchaser, (ii) advise Guarantor of the results of any checks or examinations, (iii) require Purchaser to comply with its agreement with Seller, or (iv) proceed against Purchaser or proceed against or exhaust any security.

Except as noted hereon, Seller has made no promises to Purchaser or Guarantor to induce execution of this Guaranty and there are no other agreements or understandings, either oral or in writing, between the parties affecting this Guaranty. The obligation of all parties signing this Guaranty, where more than one, shall be joint and several. No amendment or waiver of any provision of this Guaranty nor consent to any departure by the Guarantor therefrom shall in any event be effective unless the same shall be in writing and signed by Seller.

This Guaranty may not be changed orally and shall bind and inure to the benefit of the heirs, administrators, successors and assigns of the Purchaser and Seller, respectively. If any part of this Guaranty is not valid or enforceable according to applicable law, all other parts will remain enforceable. This Guaranty and the performance hereunder shall be construed and determined according to the law of the State of .

IN WITNESS WHEREOF THE GUARANTOR HAS EXECUTED THIS GUARANTY this the day of , 20 .

STATE OF

COUNTY OF

PERSONALLY came and appeared before me, the undersigned in and for the jurisdiction aforesaid, the within named in the above and foregoing instrument of writing, who acknowledged to me that he signed and delivered the above foregoing instrument of writing on the day and in the year and for the purposes therein mentioned.

GIVEN under my hand and official seal of office on this the day of , 20 .

MY COMMISSION EXPIRES:

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What a Purchase and Sale Agreement Is and When it Applies

A Purchase and Sale Agreement (often abbreviated PSA) is a written contract that records the terms under which a buyer agrees to purchase and a seller agrees to transfer specified property, goods, or business assets. The PSA defines price, payment schedule, contingencies (inspection, financing, title), representations and warranties, closing mechanics, and allocation of closing costs. It is typically executed after offer acceptance and before closing to create binding obligations subject to the agreement’s conditions and governing law, and it serves as the primary document for escrow and title work through closing.

Why a Clear Purchase and Sale Agreement Matters

A well-drafted PSA reduces ambiguity about price, timing, and obligations, protects both parties with defined remedies, and creates an auditable record for escrow, financing, and legal review. It anchors title and closing processes and helps avoid costly disputes.

Why a Clear Purchase and Sale Agreement Matters

Who Commonly Prepares and Signs a Purchase and Sale Agreement

Typical participants include buyers, sellers, brokers or agents, lenders, and legal counsel who review or negotiate terms.

  • Buyers and buyers’ agents: Review contingencies, secure financing, and deliver earnest money per contract terms.
  • Sellers and sellers’ counsel: Provide disclosures, clear title, and satisfy closing conditions for transfer.
  • Lenders and escrow officers: Verify financing conditions, hold funds in escrow, and coordinate recording and disbursement.

Primary roles who sign or review the PSA

Purchasing Agent

A purchasing agent or buyer representative negotiates price and terms on behalf of the purchaser, confirms financing contingencies, coordinates inspections, and verifies the buyer’s authority to sign; their review reduces the risk of post-closing disputes and missed deadlines.

Closing Counsel

Closing counsel or a real estate attorney reviews title exceptions, prepares or approves closing documents, advises on tax and escrow language, and often handles recording; their involvement is common in complex transactions or where state law requires attorney participation.

Essential security and compliance items to include or verify

Encryption: AES-256 at rest; TLS 1.2/1.3 in transit
Audit Trail: Timestamps, IP, signer actions recorded
Authentication: Email, SMS code, or stronger MFA options
HIPAA Support: BAA available for protected health information
Retention Controls: Access controls and secure exports
Certifications: SOC 2 Type II and ISO 27001

Key risks when a PSA is incorrect or incomplete

Title Defects: Delayed closing, potential loss
Financing Failure: Buyer default, deposit forfeiture
Missing Deadlines: Contract termination exposure
Ambiguous Terms: Litigation or arbitration risk
Incorrect Parties: Voidable agreement, recording errors
Improper Signatures: Unenforceable in court

Common mistakes people make when preparing a PSA

  • Using vague payment language such as 'reasonable funds' instead of a precise dollar amount or defined payment schedule, which invites disputes over timing and amount.
  • Failing to state or remove contingencies clearly (inspection, financing, title), causing uncertainty whether obligations survive to closing or permit contract termination.
  • Leaving the legal names of the parties incomplete or inconsistent with government IDs or title records, which can create recording or enforcement problems.
  • Neglecting to allocate specific closing costs or to specify who is responsible for prorations, taxes, recording fees, and escrow charges.

Filling out a Purchase and Sale Agreement: step-by-step

Follow these sequential steps to complete a standard PSA accurately and reduce review cycles before escrow and closing.

  • 01
    Identify Parties: Enter full legal names exactly as on ID or title documents.
  • 02
    Describe Property: Use legal description or street address used for title.
  • 03
    Set Price Terms: State total price, deposits, and payment schedule clearly.
  • 04
    List Contingencies: Specify inspection, financing, appraisal, and title conditions.

How the PSA progresses from offer to closing

This summarizes the typical flow so parties understand dependencies and who performs each action.

  • Offer Execution: Buyer signs and delivers offer with earnest money.
  • Contingency Period: Inspections and loan approval occur within set days.
  • Escrow Handling: Escrow agent holds funds and coordinates documents.
  • Closing & Recording: Signatures collected; deed recorded; funds disbursed.

Core components to include in a professional Purchase and Sale Agreement

A comprehensive PSA organizes rights, obligations, and steps so the transaction proceeds smoothly. Include clear definitions, timelines, and remedies to limit ambiguity and support enforcement.

Parties

Full legal names and contact details for buyer, seller, and any agents or escrow parties to ensure identity and service of notices.

Property Description

Precise legal description, address, and parcel number where applicable; attach exhibits for fixtures, included items, easements, or exclusions to avoid disputes.

Purchase Price

Total price, deposit amount, escrow instructions, and financing assumptions including seller credits or prorations and acceptable forms of payment.

Contingencies

Inspection, financing, appraisal, title review, HOA approvals, and any regulatory or permit-based conditions that allow cancellation or amendment.

Closing Mechanics

Location, date, required deliverables, escrow agent instructions, and procedures for deed execution and recording to complete transfer.

Warranties & Indemnities

Seller representations about condition and authority; buyer remedies, indemnity scope, and limitations on consequential damages or specific performance.

Typical online workflow settings for completing a PSA

Configure digital fields and signer routing so the PSA mirrors your negotiated process and provides a clear audit trail.

Field Configuration
Signature Order Sequential or parallel routing per negotiation
Required Fields Force completion for names, dates, and price
Authentication Email, SMS code, or advanced verification
Audit Options Enable IP, timestamp, and action log

How to share, sign, and store the PSA securely

Choose delivery and signing methods that meet legal and operational needs, including secure eSignature and integrations with title or escrow platforms.

  • Email & Links: Send secure signing links to participants
  • Platform Integrations: Salesforce, NetSuite, Google Workspace
  • Document Formats: PDF, Word DOCX supported

Common deadlines and timing to record in the PSA

Record key dates in the PSA to prevent missed milestones and to preserve termination rights and remedies.

Offer Acceptance Deadline:

Date/time when seller must accept to bind the offer

Inspection Period:

Days allotted for inspections and repair negotiations

Financing Contingency:

Deadline for loan approval or buyer termination

Closing Date:

Scheduled date for deed transfer and funds disbursement

Delivery of Documents:

Dates for title commitment and required seller disclosures

Key transaction milestones from contract to recording

A numbered milestone sequence clarifies responsibility and expected timing for the transaction lifecycle.

01

1. Offer and Acceptance

Buyer delivers signed offer and deposit; seller accepts or counters per contract.

02

2. Due Diligence

Inspections, survey, and title review completed within the contingency window.

03

3. Financing Approval

Lender issues commitment and clears underwriting conditions required for closing.

04

4. Closing and Recording

Signatures collected; deed recorded and proceeds disbursed per closing statement.

How a Purchase and Sale Agreement differs from a simplified sales contract

Compare common contract variants to choose the right document for the transaction’s complexity and required protections.

Criteria Purchase and Sale Simplified Sales Contract
Intent to transfer detailed basic
Price detailed often yes
Contingencies multiple permitted limited
Recording requirement related at closing rarely applicable

eSignature vendor comparison for signing a Purchase and Sale Agreement

Compare common eSignature plans and capabilities used to execute PSAs — signNow is listed first per vendor ordering 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 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

Real-world examples of PSAs executed with digital workflows

Practical examples show how organizations use digital signing to complete purchases and transfers across industries.

Martin Properties — Founder

Tim Martin used online execution for property sales to streamline closings

  • He processed and executed documents online with full compliance
  • By moving signatures online he reduced scheduling delays, achieved consistent audit trails, and handled mobile or offline signing without losing security or enforceability.

Optica Ventures — COO

Brian Fitzgibbons emphasized ease of use for team and customers

  • The interface simplified external execution
  • Using structured templates and secure signing reduced back-and-forth, shortened time to binding agreement, and improved tracking for portfolio transactions.

Practical tips to prepare an accurate and enforceable PSA

Follow these practical steps to reduce errors, speed approvals, and limit post-closing disputes.

Use full legal names
Always enter exact legal entity or personal names and check against title, financing, or corporate records to prevent recording or enforcement problems.
Be explicit on money terms
Spell out amounts, deadlines, escrow instructions, and acceptable payment types to prevent disagreements about deposits or final disbursements.
State conditions clearly
Write contingencies with precise deadlines and defined cure or termination rights so parties understand remedies and timelines.
Keep an audit trail
Record who signed, when, and how; preserve executed copies in secure storage to support title, tax, or audit inquiries.

FAQs and common issues when using a Purchase and Sale Agreement

Answers to frequent questions about eSigning, notarization, corrections, and rescission to help parties avoid common problems.


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