What is required to make it legally binding?

A valid statement requires clear identification of parties, an unequivocal description of the asset, stated consideration, and signatures by authorized individuals; electronic signatures are acceptable where permitted by ESIGN and applicable state law.

Can the statement be signed electronically?

Yes. Electronic signatures are valid under the federal ESIGN framework and state e-signature laws where allowed; ensure the signer consents to an electronic record and that authentication and audit trails are captured.

Is notarization always required?

Not always. Notarization depends on the asset type and local recording rules—real property transfers commonly require notarized acknowledgments; check the county recorder or title company for specific requirements.

How do I correct an error after signing?

Do not alter the signed original. Prepare an amendment or corrected statement with clear cross-reference, obtain new signatures, and keep both documents with an explanation of the correction.

Who must sign on behalf of an entity?

An authorized officer or individual with delegated authority should sign and state capacity. Attach a corporate resolution or power of attorney if authority is not evident from standard public records.

How can I revoke or cancel the statement?

Revocation requires a written notice or amendment signed by the parties, and may involve recording a release or corrective instrument with the appropriate agency to remove or update public records.

Electronic Signature
Templates
Legal
Legal Purchasers Statement

Legal Purchasers Statement

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LEGAL PURCHASERS STATEMENT

This Legal Purchasers Statement (the "Statement") is made as of Date: by and between Purchaser Name: with principal address: and Seller Name: with principal address: .

RECITALS

WHEREAS, Seller intends to transfer or sell certain assets and rights described below to Purchaser in accordance with terms and conditions agreed between the parties; and

WHEREAS, Purchaser desires to make certain certifications, representations and warranties to induce Seller and its affiliates to proceed with the transaction and to document Purchaser's authority, source of funds and compliance with applicable law;

WHEREAS, the parties desire to set forth the statements and acknowledgements of Purchaser regarding the transaction and to define certain conditions applicable to closing.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Purchaser and Seller agree as follows:

1. DEFINITIONS

For purposes of this Statement, the following terms have the meanings set forth below:

"Assets" means the property, rights and interests described on the Description of Assets line below:

"Purchase Price" means the aggregate consideration to be paid for the Assets, as set forth below:

2. PURCHASER REPRESENTATIONS AND WARRANTIES

Purchaser hereby represents and warrants to Seller that, as of the date hereof and as of the Closing Date:

(a) Organization and Authority. If Purchaser is an entity, it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has full power and authority to enter into this Statement and to perform its obligations hereunder.

(b) No Conflicts; Authorization. The execution, delivery and performance of this Statement by Purchaser will not violate the organizational documents of Purchaser, any material agreement to which Purchaser is a party, or any applicable law, and no consent of any third party or governmental authority is required for Purchaser's performance except as disclosed in writing to Seller.

(c) Solvency and Good Funds. Purchaser is not insolvent and will have immediately available, lawful, non-stolen funds in an amount sufficient to satisfy the Purchase Price and all related costs and fees. Purchaser certifies that the funds used for the transaction are not derived from illegal activity.

(d) No Sanctions or Prohibitions. Purchaser and any beneficial owner of Purchaser are not subject to any trade or economic sanctions, are not listed on any governmental or international sanctions list, and are not a national of, resident of, or domiciled in any embargoed territory.

(e) Broker and Finder. Purchaser has not engaged any broker or finder in connection with the transaction for which Seller would be liable for fees, except as disclosed in writing to Seller.

3. PURCHASER CERTIFICATIONS

Purchaser certifies under penalty of perjury that the following statements are true and correct:

Entity Type

Individual Corporation Limited Liability Company (LLC) Partnership Trust Other:

Tax Identification Authorized Representative Contact Email and Phone Source of Funds (brief)

4. CONDITIONS TO CLOSING

The obligations of Seller to consummate the transaction are subject to the fulfillment, on or prior to the Closing Date, of the conditions that (a) Purchaser's representations and warranties contained herein are true and correct in all material respects, (b) Purchaser has delivered all required funds and documentation, and (c) no temporary or permanent injunction or other legal restraint enjoins or prohibits the transaction.

Purchaser shall deliver to Seller on or before Closing such evidence of identity, authority, corporate good standing, and source of funds as Seller reasonably requests to comply with anti-money laundering and know-your-customer obligations.

5. INDEMNIFICATION

Purchaser agrees to indemnify, defend and hold harmless Seller and its officers, directors, employees and agents from and against any and all losses, liabilities, claims, damages, costs and expenses (including reasonable attorneys' fees) arising out of or resulting from any breach of Purchaser's representations, warranties, covenants or certifications contained in this Statement, except to the extent resulting from Seller's gross negligence or willful misconduct.

6. CONFIDENTIALITY

Purchaser agrees to keep confidential and not disclose any non-public commercial, financial or technical information concerning Seller obtained in connection with the transaction, except to the extent required by law, regulation or valid legal process. Purchaser shall take reasonable steps to ensure that such information is not disclosed or used in breach of this provision.

7. NOTICES

All notices, requests, consents and other communications required or permitted by this Statement must be in writing and delivered to the addresses set forth below (or to such other address as either party designates by written notice to the other).

Purchaser Notice Address Seller Notice Address

8. AMENDMENTS; WAIVER

No amendment, modification or waiver of any provision of this Statement shall be effective unless in writing and executed by the party against whom enforcement is sought. No failure or delay by any party in exercising any right shall operate as a waiver of such right.

9. GOVERNING LAW

This Statement shall be governed by and construed in accordance with the laws of the state specified below, without regard to conflict of laws principles.

Governing Law State

10. ENTIRE AGREEMENT

This Statement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations and agreements, whether oral or written, relating to such subject matter.

11. SEVERABILITY

If any provision of this Statement is held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

12. COUNTERPARTS

This Statement may be executed in any number of counterparts, each of which when executed and delivered shall be an original, but all of which together shall constitute one and the same instrument. Signatures delivered by electronic transmission shall be binding.

ADDITIONAL DATA

Detailed Description of Assets Purchase Price (numerical) Escrow or Closing Agent Proposed Closing Date

CERTIFICATION

By signing below, Purchaser certifies that the foregoing statements, representations and warranties are true and complete, that Purchaser has read and understood this Statement, and that Purchaser is authorized to make the certifications contained herein. Purchaser acknowledges that Seller will rely upon these statements in proceeding with the transaction and that any material misrepresentation shall constitute a breach giving rise to all available remedies.

Purchaser:

Printed Name:

By:

Date:

Seller:

Printed Name:

By:

Date:

What a Legal Purchasers Statement Is and When it’s Used

A Legal Purchasers Statement is a formal document used to record who is legally purchasing an asset or acquiring rights in a transaction. It identifies the purchaser, the seller, the subject property or asset, the consideration, and any conditions or legal authority for the purchase. Commonly used in real estate closings, equipment transfers, asset purchases, and some corporate buy-sell transactions, the statement creates a clear record for title, tax, and compliance purposes and supports downstream filings or disclosures.

Why the Legal Purchasers Statement Matters

A clear Legal Purchasers Statement reduces ambiguity about ownership, supports regulatory and tax reporting, and serves as proof of the purchaser’s legal authority and consideration exchanged.

Who Typically Prepares and Signs This Statement

Organizations and individuals complete the statement when ownership needs to be documented or transferred formally.

Corporate buyers and authorized officers completing purchase documentation for company records and filings
Title companies and closing agents who need a clear purchaser record for title and escrow purposes
Lenders, accountants, and tax representatives who require a documented chain of ownership for compliance

A single, accurate statement helps prevent disputes, supports tax reporting, and shortens closing timelines.

Typical Signatories and Their Roles

Purchaser — Authorized Officer

The purchaser’s authorized signatory (CEO, CFO, managing member) signs to confirm legal authority to buy and bind the entity. Include title and capacity to show role and signing authority.

Seller — Representative

The seller or seller’s agent signs to confirm acceptance of the purchaser’s identity, the stated consideration, and any conditions. The narrative should state whether signatures are in representative capacity or personal.

Key Security and Compliance Considerations

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

Audit Trail: Timestamps, IP, and action history

Access Controls: Role-based access and SSO support

HIPAA BAA: BAA required for protected health data

Standards: SOC 2 Type II and ISO 27001 available

Retention: Secure long-term storage and export

Principal Risks of an Incorrect Statement

Tax Penalties: Incorrect reporting can trigger IRS penalties

I-9 / Employment Risk: Employment verification errors carry fines

Title Defects: Unclear purchaser identity may cloud title

Contract Disputes: Ambiguous authority can void agreements

Privacy Breach: Improper handling of health data risks HIPAA fines

Fraud Exposure: Unsigned or forged statements risk criminal liability

Frequent Preparation Errors to Avoid

Using a nickname or DBA instead of the purchaser’s full legal name, causing mismatched records and tax or title rejections.
Leaving effective dates blank or using ambiguous date ranges that create disputes about when rights transferred.
Failing to state the signer’s capacity (e.g., agent, trustee, officer), which can invalidate authority to bind the entity.
Attaching incomplete supporting exhibits or failing to reference agreement sections, creating uncertainty about included assets.

Step-by-Step: Completing the Legal Purchasers Statement

Follow these steps in order to produce a complete, enforceable statement that supports title, tax, and compliance needs.

01

Identify Parties: Enter full legal names and entity types for all parties
02

Describe Property: Include exact legal description or asset identifiers
03

State Consideration: Record dollar amount, terms, or non-cash consideration
04

Sign and Date: Authorized signers sign and date in capacity

How a Completed Statement Moves Through the Process

A properly completed statement typically follows a standard routing path from preparer to signers, then to recordation and filing as required.

Preparation: Draft by counsel or closing agent
Review: Internal or external review for accuracy
Execution: Signatures obtained and notarized if required
Filing: Deliver to title company, county recorder, or tax advisor

Essential Sections Every Professional Statement Includes

A complete statement contains discrete sections to document parties, assets, authority, consideration, signatures, and any attestations or certifications required by the transaction.

Parties

Full legal names and entity types for purchaser and seller, including business address and state of formation where applicable, to ensure clear identification.

Asset Description

Precise legal description for real property or serial numbers for equipment; attach exhibits or schedules when the asset description exceeds the form field.

Authority Statement

Language confirming the signer’s authority to bind the entity, citing corporate resolution, power of attorney, or officer title as appropriate.

Consideration

Exact amount and payment terms, or a clear description of non-cash consideration and valuation methodology if applicable to avoid ambiguity.

Signatures

Signature block showing printed name, title, capacity, and date; specify whether notarization or witnesses are required for recordation or internal policy.

Certifications

Optional attestation clauses for tax reporting, compliance with sanctions screening, or data privacy assurances where needed for industry or regulator requirements.

Key Deadlines and Timing Expectations

Timelines vary by filing needs and whether the statement triggers tax or recording requirements; observe the timeframes below as typical expectations.

Provide On Request:

Deliver a completed statement promptly when requested by title agents or payors

Tax Reporting:

If reporting obligations arise, gather supporting data before statutory filing deadlines

Notarization Window:

Obtain notarization at or before signing if local recorders require a dated acknowledgment

Recording:

Record deeds or transfers per county timelines to preserve priority and notice

Document Retention Start:

Retention periods typically begin on the effective date or filing date

Digital Signing and Delivery: Technical Considerations

Use platforms that support standard document formats and integrations to minimize processing friction and preserve audit records.

Supported Integrations: Salesforce, NetSuite, Microsoft 365, Google Workspace
File Formats: PDF, DOCX, and secure HTML exports
Authentication: Email, SMS, SSO, or advanced signer authentication

Ensure chosen tools produce a complete audit trail and exportable records that meet your internal retention and compliance requirements.

Comparing eSignature Options for Executing a Legal Purchasers Statement

Basic pricing and feature differences affect cost and compliance. The table below compares typical starting prices and key features; signNow is shown first by design.

	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 vendor	Varies by vendor	Yes, limited trial	Yes, limited trial
Bulk Send	Yes (premium)	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
Envelope Cap	No cap	100 envelopes/user/year cap	Varies	Varies	Varies

Frequently Asked Questions About the Legal Purchasers Statement

Answers to common questions about completion, signature validity, notarization, corrections, and revocation help avoid processing delays and legal risk.

Need help? Contact support

What is required to make it legally binding?
A valid statement requires clear identification of parties, an unequivocal description of the asset, stated consideration, and signatures by authorized individuals; electronic signatures are acceptable where permitted by ESIGN and applicable state law.
Can the statement be signed electronically?
Yes. Electronic signatures are valid under the federal ESIGN framework and state e-signature laws where allowed; ensure the signer consents to an electronic record and that authentication and audit trails are captured.
Is notarization always required?
Not always. Notarization depends on the asset type and local recording rules—real property transfers commonly require notarized acknowledgments; check the county recorder or title company for specific requirements.
How do I correct an error after signing?
Do not alter the signed original. Prepare an amendment or corrected statement with clear cross-reference, obtain new signatures, and keep both documents with an explanation of the correction.
Who must sign on behalf of an entity?
An authorized officer or individual with delegated authority should sign and state capacity. Attach a corporate resolution or power of attorney if authority is not evident from standard public records.
How can I revoke or cancel the statement?
Revocation requires a written notice or amendment signed by the parties, and may involve recording a release or corrective instrument with the appropriate agency to remove or update public records.

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