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Purchase Agreement for House

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CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE (NO BROKER)

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,

, “Seller” whether one or more, and

, “Buyer” whether one or more,

do hereby covenant, contract and agree as follows:

1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Seller the property described as follows: (complete adequately to identify property)

County, Ohio.

Address:

Legal Description (or see attached exhibit):

As described in attached Exhibit.

Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and rods, valances, blinds, window shades, screens, shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television antennas and satellite dish system with controls and equipment, permanently installed heating and air-conditioning units, window air-conditioning units, built-in security and fire detection equipment, plumbing and lighting fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage door openers with controls, built-in cleaning equipment, all swimming pool equipment and maintenance accessories, shrubbery, landscaping, permanently installed outdoor cooking equipment, built-in fireplace screens, artificial fireplace logs and all other property owned by Seller and attached to the above described real property except the following property which is not included (list items not included):

All property sold by this contract is called the "Property."

2. SALES PRICE: The parties agree to the following sales price:

Item Amount Amount
Purchase Price $
Earnest Money $
New Loan $
Assumption of Loan $
Seller Financing $
Cash at Closing $
Total (both columns should be equal) $ $

Both columns should be an equal amount.

If the unpaid principal balance(s) of any assumed loan(s), if any, as of the Closing Date varies from the loan balance(s) stated above, the cash payable at closing will be adjusted by the amount of any variance.

3. FINANCING: The following provisions apply with respect to financing:

CASH SALE: This contract is not contingent on financing.

OWNER FINANCING: Seller agrees to finance dollars of the purchase price pursuant to a promissory note from Buyer to Seller of $ , bearing % interest per annum, payable over a term of years with even monthly payments, secured by a deed of trust or mortgage lien with the first payment to begin on the day of , 20 .

NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing. Within days after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of any assumption and make every reasonable effort to obtain financing or assumption approval. If financing or assumption approval is not obtained within days after the effective date hereof, this contract will terminate and the earnest money will be refunded to Buyer.

If Buyer intends to obtain a new loan, the loan will be of the following type:

Conventional VA FHA Other:

4. EARNEST MONEY: Buyer shall deposit $ as earnest money with upon execution of this contract by both parties.

5. PROPERTY CONDITION:

RESIDENTIAL PROPERTY DISCLOSURE FORM: In accordance with Ohio Revised Code Section 5302.30:

Seller has furnished, and Buyer has received and reviewed, a Residential Property Disclosure Form regarding the subject Property.

Seller is exempt from the requirement to furnish said Disclosure Form, because:

SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is required by Federal law for a residential dwelling constructed prior to 1978. An addendum providing such disclosure is attached is not applicable.

Buyer hereby represents that he has personally inspected and examined the above-mentioned premises and all improvements thereon. Buyer and Seller agree to the following concerning the condition of the property:

Buyer accepts the property in its "as-is" and present condition.

Buyer may have the property inspected by persons of Buyer's choosing and at Buyer's expense.

Buyer accepts the Property in its present condition; provided Seller, at Seller’s expense, shall complete the following repairs and treatment:

MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment is sold "as-is" without warranty, or shall be in good working order on the date of closing.

Any repairs needed to mechanical equipment or appliances, if any, shall be the responsibility of Seller Buyer.

UTILITIES:

Water is provided to the property by , Sewer is provided by .

Gas is provided by .

Electricity is provided by .

Other:

The present condition of all utilities is accepted by Buyer.

6. CLOSING: The closing of the sale will be on or before , 20 , unless extended pursuant to the terms hereof.

7. TITLE AND CONVEYANCE: Seller is to convey title to Buyer by Warranty Deed or (as appropriate) and provide Buyer with a Certificate of Title prepared by an attorney, title or abstract company.

8. APPRAISAL, SURVEY AND TERMITE INSPECTION:

Any appraisal of the property shall be the responsibility of Buyer Seller.

A survey is not required required, the cost of which shall be paid by Seller Buyer.

A termite inspection is not required required, the cost of which shall be paid by Seller Buyer.

9. POSSESSION AND TITLE: Seller shall deliver possession of the Property to Buyer at closing.

10. CLOSING COSTS AND EXPENSES:

Closing Costs Buyer Seller Both*
Attorney Fees
Title Insurance
Title Abstract or Certificate
Property Insurance
Recording Fees
Appraisal
Survey
Termite Inspection
Origination fees
Discount Points
If contingent on rezoning, cost and expenses of rezoning
Other:
All other closing costs

11. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents, if any, will be prorated through the Closing Date.

12. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss after the effective date of the contract, Seller shall restore the Property to its previous condition as soon as reasonably possible.

13. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may either enforce specific performance or terminate this contract and receive the earnest money as liquidated damages.

14. ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction described in this contract is entitled to recover reasonable attorney’s fees.

15. REPRESENTATIONS: Seller represents that as of the Closing Date there will be no liens, assessments, or security interests against the Property which will not be satisfied out of the sales proceeds unless securing payment of any loans assumed by Buyer.

16. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", Buyer shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law.

17. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement.

18. NOTICES:

To Buyer at:

Telephone ( )

Facsimile ( )

To Seller at:

Telephone ( )

Facsimile ( )

19. ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller.

20. PRIOR AGREEMENTS: This contract incorporates all prior agreements between the parties and contains the entire and final agreement of the parties.

21. NO BROKER OR AGENTS: The parties represent that neither party has employed the services of a real estate broker or agent in connection with the property.

22. EMINENT DOMAIN: If the property is condemned by eminent domain after the effective date hereof, the Seller and Buyer shall agree to continue the closing or cancel this Contract.

23. OTHER PROVISIONS

24. TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.

25. GOVERNING LAW: This contract shall be governed by the laws of the State of Ohio.

26. DEADLINE LIST (Optional) (complete all that apply). Based on other provisions of Contract.

Deadline Date
Loan Application Deadline, if contingent on loan
Loan Commitment Deadline
Buyer(s) Credit Information to Seller
Disapproval of Buyers Credit Deadline
Survey Deadline
Title Objection Deadline
Survey Deadline
Appraisal Deadline
Property Inspection Deadline

Whether or not listed above, deadlines contained in this Contract may be extended informally by a writing signed by the person granting the extension except for the closing date which must be extended by a writing signed by both Seller and Buyer.

EXECUTED the day of , 20 (THE EFFECTIVE DATE).

Buyer

Buyer

Seller

Seller

EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTION

RECEIPT

Receipt of Earnest Money is acknowledged.

Signature:

By:

Address

City State Zip Code

Date:

Telephone ( )

Facsimile ( )

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What a Purchase Agreement for House Covers

Purchase Agreement for House is a legally binding contract used in residential real estate transactions that records the terms for the sale and transfer of ownership between a buyer and seller. It sets the purchase price, deposit (earnest money), financing contingencies, inspection and appraisal contingencies, closing date, prorations, included fixtures and personal property, and allocation of closing costs. The agreement also outlines default remedies, disclosure statements, and any title or survey conditions. Parties typically attach exhibits such as property description, seller disclosures, and financing addenda to create a complete contract.

Why a Clear Purchase Agreement Matters

A Purchase Agreement for House clarifies each party’s obligations, reduces transactional risk, and creates enforceable timelines for inspections, financing, and closing. Clear terms help prevent disputes, allow lenders to underwrite, and provide a documented basis for remedies if a party defaults.

Why a Clear Purchase Agreement Matters

Who Typically Prepares and Reviews This Agreement

Buyers, sellers, real estate agents, title companies, and mortgage lenders commonly prepare or review the Purchase Agreement for House.

  • Homebuyers — confirm financing, contingencies, closing date, and inspection rights before signing.
  • Sellers — disclose property condition, set inclusions, accept offers, and coordinate closing logistics.
  • Agents and title companies — prepare forms, handle escrow, and ensure title clearance.

Attorneys, escrow officers, and inspectors also interact with the agreement during due diligence and closing.

Real-World Examples of Purchase Agreement Use

These brief examples show how electronic and standardized Purchase Agreement for House forms are used in practice to speed execution and reduce risk across real estate workflows.

Martin Properties

Martin Properties processed more purchase agreements by moving closings online, enabling remote execution and consistent compliance across devices.

  • Signing turnaround shortened to under 48 hours.
  • Tim Martin, Founder, said online execution maintained 100% compliance and security while enabling mobile and offline signing; the team returned signed agreements to counterparties faster and removed scheduling bottlenecks for in-person signings.

Optica Ventures LLC

Optica Ventures uses electronic agreements to streamline investor and vendor transactions while keeping document handling simple for all parties.

  • Enabled faster execution and simpler workflows.
  • Brian Fitzgibbons, COO, noted the interface was easy for internal teams and customers, reducing friction in signing and returning documents and supporting efficient transaction cycles across property deals nationwide operations.

Four-Step Workflow to Complete a Purchase Agreement for House

Complete a Purchase Agreement for House in four primary steps: negotiation, contract preparation, contingencies resolution, and closing coordination.

  • 01
    Negotiate: Agree on price, inclusions, and key dates.
  • 02
    Draft Contract: Prepare written agreement with contingencies and exhibits.
  • 03
    Due Diligence: Schedule inspections, order title and clear exceptions.
  • 04
    Close: Coordinate funds, sign documents, record deed.

Key Clauses Every Purchase Agreement for House Should Include

Essential elements of a professional Purchase Agreement for House ensure clarity on price, condition, timelines, contingencies, title, and closing procedures.

Purchase Terms

Defines the purchase price, deposit amount, financing method, allocation of closing costs, and any seller concessions; sets payment timing and escalation or adjustment mechanisms explicitly.

Property Condition

Specifies included fixtures, appliances, and seller disclosures; outlines condition at closing and remedies for undisclosed defects or material misrepresentation, including statutory disclosure forms required by state law.

Contingency Plan

Lists inspection, appraisal, financing, and title contingencies with explicit cure periods and consent processes for waiving or extending each contingency to reduce ambiguity during due diligence period.

Title and Survey

Requires title commitment review, exception resolution, and any survey or boundary clarification before closing; assign responsibility for cure costs and timing with escrow instructions specified.

Closing Mechanics

Defines date, location, escrow agent, prorations for taxes and HOA fees, payoff instructions, document delivery, and recording responsibilities at closing, including wire and certification requirements.

Defaults & Remedies

Sets remedies for breach, liquidated damages or specific performance options, timelines for cure, and procedures for earnest money disposition and dispute resolution such as mediation or arbitration.

Recommended eSigning Workflow Settings

Set these workflow options to streamline e-execution and reduce manual errors during Purchase Agreement for House processing.

Field Configuration
Authentication Method Email link, SMS code, or knowledge-based verification.
Field Validation Require date format MM/DD/YYYY and numeric price fields.
Conditional Fields Show seller disclosures only when applicable.
Bulk Send Available for mass offer distribution when licensed.
Template Library Store state-specific templates and clause versions.

How Electronic Execution Typically Works

Typical electronic workflow for a Purchase Agreement for House moves from upload through signing, review, and final delivery to all parties.

  • Upload: Sender uploads final draft to platform.
  • Place Fields: Add signature, initial, and date fields.
  • Authenticate: Signers verify identity by chosen method.
  • Complete: System records audit trail and distributes copies.

Platform Capabilities for eSubmission and eSigning

Account must support secure document upload, role-based access, audit trails, and PDF output for recording and lender review.

  • Integrations: Salesforce, Google Workspace, NetSuite supported
  • Formats: Accepts PDF, DOCX, and HTML uploads.
  • Authentication: Supports SSO and multi-factor options.

Common Contractual Deadlines to Watch

Common contractual deadlines in a Purchase Agreement for House track inspection, loan approval, title review, and closing timelines.

Inspection Period:

Typically 7–14 days from effective date unless negotiated.

Financing Contingency:

Deadline for loan approval or buyer may terminate.

Title Objection:

Seller must cure defects within specified cure period.

Drive-by/Final Walk:

Final walk-through usually 24–48 hours prior to closing.

Closing Date:

Date for deed transfer and funds settlement per escrow.

Sequential Milestones from Offer to Recording

Key transactional milestones for a Purchase Agreement for House follow a sequential path from offer through closing with defined cure and contingency periods.

01

Offer Accepted

Mutual assent is recorded and deposit typically due.

02

Contract Executed

Written agreement signed by all parties; effective date set.

03

Contingency Resolution

Inspections, loan approval, and title defects must be resolved.

04

Closing & Recording

Funds exchanged, deed recorded, and keys transferred.

Common Preparation and Execution Mistakes

  • Incomplete property description or incorrect legal description delays recording and can create title defects that require corrective deeds or curative affidavits.
  • Vague contingency language without cure periods lets disputes arise about timelines and whether a buyer may terminate or must proceed to closing.
  • Mismatched names between contract, mortgage, and title documents can trigger lender delays and require corrective documentation before recording.
  • Failing to disclose property defects or statutory disclosures may result in rescission rights, liability for damages, or post-closing litigation.

Risks and Remedies When the Agreement Is Incorrect

Earnest Money Forfeiture: Buyer may forfeit deposit on default.
Specific Performance: Seller or buyer may seek court-ordered transfer.
Rescission Risk: Contract can be rescinded for material misrepresentation.
Title Defects: Uncured title issues delay recording and closing.
Missed Deadlines: Failing contingencies can terminate contract.
Notarization Errors: Improper acknowledgements can invalidate recording.

Security and Compliance Elements to Preserve Enforceability

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest
Audit Trail: Full timestamp, IP, and action log preserved
HIPAA (BAA): Available with BAA for healthcare workflows
ESIGN / UETA: Meets ESIGN (15 U.S.C. §7001) and UETA
Access Controls: Role-based permissions and multi-factor authentication
File Formats: PDF, DOCX, and printable signed copies

Pricing and Feature Snapshot for eSignature Vendors

Vendor pricing and compliance features matter when e-signing a Purchase Agreement for House; compare starting price, bulk send, audit trail, HIPAA support, and envelope limits.

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 Varies Varies Varies
Bulk Send Yes Yes Yes Yes Varies
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Practical Steps to Reduce Errors and Speed Closing

Adopt these best practices to reduce contract risk and speed completion of Purchase Agreement for House transactions.

Clear Contingency Deadlines
Specify exact cure periods in days, tie deadlines to the effective date, and state the procedure for extensions or waivers to avoid costly disputes and unintended contract terminations which often delay closings.
State-Specific Templates
Maintain templates that include required state disclosures, transfer tax language, and recording instructions; keep versions labeled by jurisdiction to prevent missing mandatory clauses and reduce attorney review time and filing errors.
Verify Names & Title
Cross-check party names against government ID, mortgage documents, and title commitments before signing; discrepancies commonly cause recording delays and may require corrective affidavits or re-execution increasing closing costs and administratively burdensome.
Use Audit Trails
Keep tamper-evident audit logs that record timestamps, IP addresses, and signer actions; these records support enforceability under ESIGN and help resolve post-closing disputes about execution when combined with retained document copies.

Who Has Authority to Sign

Individual Buyer

An individual buyer has authority to sign if named in the contract and identifies themselves with government ID; if using a trust, trustee must sign in capacity and provide trust documentation to title companies.

Corporate Seller

A corporate entity must execute through an authorized officer or agent with a board resolution or power of attorney; documentation must be provided to escrow and title for acceptance and recording.

FAQs and Troubleshooting for the Purchase Agreement for House

Answers to frequent questions about executing, validating, and storing a Purchase Agreement for House, including electronic signature and notarization concerns.


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