Establishing secure connection…Loading editor…Preparing document…

Purchase Agreement

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

Purchase Agreement

THIS IS A LEGALLY BINDING CONTRACT BETWEEN PURCHASER AND SELLER.

IF YOU DO NOT UNDERSTAND IT, SEEK LEGAL ADVICE.

1. PARTIES TO CONTRACT - PROPERTY. Purchaser and Seller acknowledge that Broker is is not the limited agent of both parties to this transaction as outlined in Section III of the Agency Agreement Addendum as authorized by Purchaser and Seller.

, hereinafter referred to as Purchaser, offers and agrees to purchase from , hereinafter referred to as Seller, upon the terms and conditions set forth, the property legally described as:

also known as

2. EARNEST MONEY DEPOSIT. Earnest Money in the amount of ($ ) DOLLARS Cash Check , unless otherwise noted herein, shall be deposited into the trust account of the listing selling broker on the next legal banking day after acceptance of this offer.

Other earnest money provisions:

3. PURCHASE PRICE. The total purchase price is to be ($ ) DOLLARS After earnest money herein is credited, the remaining balance is to be paid by Purchaser at closing.

4. FINANCING.

New Mortgage. This offer is contingent upon Purchaser obtaining a new VA, FHA, SDHDA, Conventional, or type of loan.

A letter of Purchaser’s loan status from is attached or will be delivered by

Within legal banking days after acceptance of this Agreement, Purchaser will make application for and diligently and in good faith endeavor to secure a new loan, pay all application fees, and to sign all financing documents without delay.

Assumption. See attached Addendum.

Contract for Deed/Private Mortgage. See attached Addendum.

Cash. This is a cash offer. The remaining balance of $ will be paid at closing by certified check.

A letter of verification from regarding the availability of funds is attached will be delivered by or this agreement, at the option of Seller without notice to Purchaser may be voided.

INITIALS: PURCHASER________/________SELLER________/_________

Page 1 of 5

5. APPRAISAL. This offer is subject to the property appraising for at least the purchase price.

Appraisal will / will not be ordered prior to removal of home inspection contingency.

6. SALE OF PURCHASER'S PROPERTY

A. This offer is not contingent upon the sale or close of property owned by Purchaser.

B. This offer is contingent upon the sale and close of Purchaser’s property located at

within days or within the time specified for closing the Seller’s property.

Seller shall have the right to continue to offer the property for sale and accept any offers subject to the rights of Purchaser. If Seller accepts another offer, Seller will give Purchaser written notice of that fact. Within days of receipt of the notice, Purchaser will provide a written waiver of the contingency on the sale and close of Purchaser’s property or this agreement will terminate without further notice and deposits will be returned according to paragraph 15 of this agreement.

Upon waiver of this contingency, Purchaser warrants and will provide proof that the funds needed for closing will be available and Purchaser’s ability to obtain financing is not contingent upon the sale and/or close of any property.

7. SELLER'S PROPERTY DISCLOSURE. Purchaser acknowledges receipt of Seller's property condition disclosure statement dated as required by SDCL 43-4-38 through 43-4-57 prior to signing this agreement. (initials) /

Purchaser acknowledges that no disclosure statement is required by reason of the following:

8. LEAD-BASED PAINT DISCLOSURE. Purchaser acknowledges receipt of the pamphlet "Protect Your Family From Lead In Your Home" and the Seller's lead-based paint and lead-based paint hazards form according to the Residential Lead-Base Hazard Reduction Act of 1992. This applies only to properties built prior to 1978. (initials) /

9. INSPECTION OF PHYSICAL CONDITION OF PROPERTY. Purchaser acknowledges that it has been recommended that Purchaser engage, at Purchaser’s expense, the services of a professional inspector acting within the scope of the inspector’s professional license to inspect the property (initials) /

This offer is / is not contingent upon Purchaser, at Purchaser’s expense, obtaining a property inspection(s) and report(s) which may include, but not be limited to the physical, structural, mechanical, pest, geological and environmental contamination conditions relating to the property.

These inspection options will be completed and written notice of the results given to Seller or Seller’s agent within business days of acceptance of this agreement.

INITIALS: PURCHASER________/________SELLER________/_________

Page 2 of 5

9. INSPECTION OF PHYSICAL CONDITION OF PROPERTY (continued from page 2)

If any inspection(s) reveals conditions unsatisfactory to Purchaser or unknown to Seller, the parties to this Agreement will have the following options: Purchaser will accept the existing condition; Seller will correct the existing condition and provide certification from an inspector that the condition has been remedied; or Purchaser and Seller will negotiate a settlement.

If no written agreement can be reached on the results of the Inspection Report(s) within business days of the date and time Seller is notified of the results of the inspection(s), this Agreement may be deemed null and void in its entirety at the option of Buyer within hours after the negotiation deadline.

Purchaser hereby waives the option to have an independent home inspector assess the condition of the property.

10. HOME PROTECTION PLAN: Seller has / has not provided a home protection plan.

By initialing, Purchaser elects to purchase to not purchase a home protection plan.

Purchaser and Seller acknowledge that Broker selling the home protection plan will receive compensation from the home protection plan provider.

11. SURVEY. Purchaser acknowledges that it has been recommended to obtain a survey by initialing one of the following:

Cost of survey, if any, will be paid as follows: Seller Purchaser

Purchaser waives survey (Initial, if applicable)

12. TAXES/PRORATIONS. Purchaser is aware that property taxes may or may not be based upon “Owner Occupied Status”. Any and all Special Assessments are to be paid by Seller unless otherwise specified in this agreement.

Taxes, rents, road maintenance, water, sewer, and homeowner’s association fees, if any are: To be prorated to

Not to be prorated

Tax proration will be based upon the: previous year’s taxes / / most current county information / new construction estimate

13. TITLE. Merchantable title shall be conveyed by Warranty Deed or other sufficient conveyance instrument, acceptable to Purchaser, subject to conditions, zoning, restrictions, and easements of record, if any, which do not interfere with or restrict the existing use of the property. An owner's policy of Title Insurance in the amount of the purchase price will be furnished with cost to be distributed: Purchaser Seller .

INITIALS: PURCHASER________/________SELLER________/_________

Page 3 of 5

14. CLOSING/POSSESSION. Closing date will be on or before with possession to be given Purchaser at time of closing.

Seller agrees to maintain the property in a condition comparable to its present condition and agrees that Purchaser will have the opportunity for a personal inspection prior to closing. Seller agrees to maintain all existing insurance coverage on property until time of closing.

Closing service fees, if any, cost to be distributed as follows: Purchaser Seller .

All personal property, including refuse, not included in the purchase price, shall be removed by Seller prior to closing.

15. EARNEST MONEY/DEPOSITS. The broker, as specified in Section 2, shall deposit and hold all earnest money and other deposits until sale is closed.

16. AGREEMENT TO MEDIATE. Any dispute or claim arising out of or relating to this contract will be submitted to mediation, if available, in accordance with the rules and procedures of the Sellers/Purchasers Dispute Resolution System. Otherwise, mediation will be submitted to a private mediation service. Any costs of mediation will be shared equally between Purchaser and Seller.

Yes No Purchaser

17. PERSONAL PROPERTY. Any personal property, free of liens and without warranty of condition, shall be transferred to Purchaser by a separate bill of sale. Purchaser will / will not compensate seller for fuel oil/propane remaining on date of closing.

18. OTHER PROVISIONS:

18. ADDENDA TO THIS AGREEMENT. The following documents are addenda to this contract and are attached and become part of this contract by reference. If none, so state.

19. This agreement is void if not accepted by Seller by the day of , by a.m./p.m.

20. The laws of South Dakota govern this transaction.

INITIALS: PURCHASER________/________SELLER________/_________

Page 4 of 5

21. TIME IS OF THE ESSENCE OF THIS CONTRACT.

Dated this day of , at a.m./p.m.

Purchaser

Purchaser

On this day of , the foregoing offer is:

(Initial) ACCEPTED /

NOT ACCEPTED /

COUNTERED /

Seller

Seller

THE FOLLOWING IS FOR INFORMATION PURPOSES ONLY:

Selling Company

Selling Licensee

Listing Company

Listing Licensee

Page 5 of 5

Enter text✕
Prepare your document for signing right on this page
  • 01 Edit the text and complete the fields
  • 02 Click Sign Now and on the next screen add recipients and signature fields in SignNow
  • 03 Start your free trial to sign and send your doc
Sign Now

What a Purchase Agreement Is and When It Applies

A Purchase Agreement is a legally binding contract that records the terms under which one party agrees to buy and another agrees to sell goods, services, or real property. The document typically names the parties, describes the item or property, sets the purchase price and payment schedule, lists conditions or contingencies, allocates risk and closing responsibilities, and specifies remedies for breach. In the United States, properly executed electronic signatures meet the legal standard under the ESIGN Act (15 U.S.C. ch. 96, 2000) and most state UETA statutes, so purchase agreements can be completed and enforced electronically when statutory exceptions do not apply.

Why a Clear Purchase Agreement Matters

A well-drafted Purchase Agreement reduces ambiguity about price, delivery, inspections, and transfer of title, limiting disputes and accelerating closing. It documents contingencies such as financing, inspections, and clear title that protect both buyer and seller under governing state law.

Why a Clear Purchase Agreement Matters

Who Typically Prepares and Signs a Purchase Agreement

For complex transactions, legal or tax review is common before final signature to confirm allocation of risks and post-closing obligations.

  • Real estate brokers and closing attorneys who prepare property-specific addenda and coordinate title/escrow tasks.
  • Corporate procurement and purchasing managers who execute goods or services contracts and track vendor compliance.
  • Individual buyers and sellers or their authorized agents in consumer and private transactions.

Core Sections to Include in a Professional Purchase Agreement

A complete Purchase Agreement groups essential terms so parties understand obligations, timelines, and remedies if performance fails.

Parties

Identify buyer(s) and seller(s) with legal entity names and mailing addresses; specify any authorized signing representatives and their authority.

Purchase Price

State the exact dollar amount, currency, payment schedule, deposits or earnest money, escrow instructions, and acceptable payment methods.

Payment Terms

Detail timing for payments, financing contingencies, interest on late payments, and conditions for deposit return or forfeiture.

Contingencies

List inspection, financing, due diligence, regulatory approval, or other conditions that must be satisfied before closing proceeds.

Closing & Transfer

Describe closing date, location or remote process, required deliverables, and the point when title and risk of loss pass.

Representations & Warranties

Include seller warranties about ownership and condition, buyer warranties, indemnities, and limits on liability.

Compliance and Security Elements to Capture

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest
Audit Trail: Timestamps, IP, signer actions
HIPAA: BAA available for healthcare workflows
21 CFR Part 11: Support for FDA-regulated records
SOC 2: SOC 2 Type II report available
E-Sign Law: ESIGN and UETA compliance

Step-by-Step: Filling Out a Purchase Agreement

Follow these sequential actions to prepare, review, and execute a Purchase Agreement correctly and reduce rework.

  • 01
    Prepare draft: Complete parties, description, price, and key dates.
  • 02
    Add contingencies: Include inspection, financing, and approval deadlines.
  • 03
    Review and negotiate: Have legal or specialist review material clauses.
  • 04
    Execute electronically: Sign with verified eSignature and distribute copies.

How to Configure a Digital Signing Workflow

Set up consistent fields, signer order, and authentication to match your transaction risk profile.

Field Configuration
Authentication Email, SMS code, or stronger KBA
Notifications Automatic reminders and status updates
Conditional Fields Show fields only when predicates are met
Template Reuse Save standard clauses and roles for repeated transactions

Typical Electronic Execution Flow for a Purchase Agreement

Electronic workflows follow predictable steps from upload to completed agreement and audit record.

  • Upload document: Sender uploads PDF or DOCX to the signing platform.
  • Place fields: Add signature, date, and data fields for each party.
  • Assign signers: Enter emails and signer roles in the correct order.
  • Execute and archive: Signers complete eSign; final PDF and audit trail saved.

Technology and File Requirements for eSigning

Match platform settings to your risk and compliance requirements, and retain the final signed record and audit trail for legal enforceability.

  • File formats: PDF, DOCX, and HTML supported
  • Integrations: Works with Salesforce, NetSuite, Google Workspace
  • Authentication: Email, SMS, KBA, or SSO available

Common Dates and Deadlines in a Purchase Agreement

Capture and communicate all critical calendar events to avoid missed contingencies and late closings.

Effective Date:

Date contract becomes binding when signed by all parties.

Inspection Period Deadline:

Final date to complete inspections and notify sellers of issues.

Financing Contingency Date:

Deadline for buyer to secure loan approval or terminate contract.

Closing Date:

Date title transfers and payment is completed.

Post-Closing Deliverables:

Deadlines for documents like bills of sale or payoff statements.

Common Mistakes to Avoid When Preparing a Purchase Agreement

  • Using informal or ambiguous descriptions for the subject matter that create later dispute over what was sold.
  • Failing to confirm signer authority for business entities and omitting corporate resolution or agent designation.
  • Leaving contingency dates unspecified or open-ended, which can extend liability and delay closing.
  • Neglecting to attach or reference required exhibits such as schedules, inspection reports, or title commitments.

Key Legal Risks and Potential Consequences

Breach Remedies: Specific performance or monetary damages
Deposit Forfeiture: Buyer may lose earnest money if contract breached
Title Defects: Rescission risk and indemnity claims
Regulatory Fines: Failure to meet statutory disclosures can trigger penalties
Tax Reporting: Incorrect reporting may cause IRS adjustments
Delayed Closing: Carrying costs and increased liability exposure

eSignature Pricing and Capability Comparison (vendor overview)

This table compares core price points and feature availability across common eSignature vendors; signNow appears first per platform data and plan summaries.

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 (Business Premium) Varies Varies Varies Varies
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

Practical Tips for Accurate, Efficient Purchase Agreement Completion

Adopt consistent templates, clear signer roles, and verification steps to minimize risk and speed execution.

Use a standard template
Maintain a vetted master template with editable fields to reduce drafting errors and ensure required clauses are present in each agreement.
Verify signer authority
Confirm signers’ authority for organizations with corporate resolutions or officer certification to avoid post-closing challenges.
Record contingency deadlines
Set calendar reminders for inspection, financing, and cure periods and automate notices to responsible parties to prevent missed deadlines.
Preserve the audit trail
Keep the final signed PDF and native audit log with timestamps, IP addresses, and signer authentication details for enforceability.

Real-World Examples of Purchase Agreement Use

Below are representative customer experiences showing how electronic execution supports different transaction types.

Optica Ventures — Commercial Purchase

Optica streamlined execution across remote investors and tenants with standardized agreements and templates.

  • Implementation reduced turnaround time for investor signatures.
  • The COO reported that the interface is simple for internal teams and external signers, reducing coordination delays during closing.

Martin Properties — Remote Closings

A property owner switched to online execution for lease and purchase paperwork.

  • Signatures completed from mobile devices on-site.
  • The founder explained they can execute documents online with full compliance and security, allowing efficient closings without in-person meetings.

Frequently Asked Questions About Executing a Purchase Agreement

Answers to frequent legal and technical questions about eSigning, notarization, signatory authority, and post-signing changes.


Need help? Contact support

Explore Templates

Personal Guarantee Form Notice of Abandoned Property Lease Renewal Agreement Notice of Abandoned Property
be ready to get more
Join over 28 million airSlate SignNow users
Sign Now
Company
Forms
Pricing
Resources
Knowledge base
Other Products
© 2026 airSlate Inc. All rights reserved.