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Purchase Agreement

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PURCHASE AGREEMENT (IMPROVED PROPERTY)

Date:

1. BUYER: ("Buyer") agrees to buy the following property from the owner ("Seller") for the consideration and subject to the following terms, provisions, and conditions:

2. PROPERTY: The property ("Property") is known as in Township, , Indiana, (zip code) legally described as:

together with any existing permanent improvements and fixtures attached (unless leased or excluded), including, but not limited to, electrical and/or gas fixtures, home heating fuel, heating and central air-conditioning equipment and all attachments thereto, built-in kitchen equipment, sump pumps, water softener, water purifier, gas grills, fireplace inserts, gas logs and grates, central vacuum equipment, window shades/blinds, curtain rods, drapery poles and fixtures, ceiling fans and light fixtures, towel racks and bars, storm doors, windows, awnings, TV antennas, satellite dishes and controls, storage barns, all landscaping, mailbox, garage door opener with controls AND THE FOLLOWING:

EXCLUDES THE FOLLOWING:

3. PRICE: Buyer will pay the total purchase price of ($) Dollars for the Property.

4. EARNEST MONEY: Buyer submits $ as earnest money which shall be applied to the purchase price.

5. METHOD OF PAYMENT: (Check appropriate paragraph letter)

A. CASH: The entire purchase price shall be paid in cash and no financing is required.

B. NEW MORTGAGE: Completion of this transaction shall be contingent upon the Buyer's ability to obtain a Conventional Insured FHA VA Other: first mortgage loan for % of purchase price, payable in not less than years, with an original rate of interest not to exceed % per annum and not to exceed points.

C. ASSUMPTION: (Attach Financing Addendum)

D. CONDITIONAL SALES CONTRACT: (Attach Financing Addendum)

E. OTHER METHOD OF PAYMENT: (Attach Financing Addendum)

6. TIME FOR OBTAINING FINANCING: Buyer agrees to make written application within days after acceptance of this Agreement and to obtain favorable commitment(s) within days.

7. CLOSING: The closing of the sale (the "Closing Date") shall be on or before , or within days after , whichever is later.

Settlement or closing fee shall be paid by Buyer (included in allowance, if provided) Seller Shared equally.

This Agreement: is not contingent upon the closing of another transaction; is contingent upon the closing of the pending transaction on the property located at scheduled to close by

8. POSSESSION:

A. The possession of the Property shall be delivered to Buyer at closing within days beginning the day after closing by or on or before if closed.

For each day Seller is entitled to possession after closing, Seller shall pay to Buyer at closing $ per day.

B. Maintenance of Property: Seller shall maintain the Property in its present condition until its possession is delivered to Buyer. Seller shall remove all debris and personal property not included in the sale prior to the Closing Date.

C. Casualty Loss: Risk of loss by damage or destruction to the Property prior to the closing shall be borne by Seller.

D. Utilities/Municipal Services: Seller shall pay for all municipal services and public utility charges through the day of possession.

9. SURVEY: Buyer shall receive a SURVEYOR LOCATION REPORT BOUNDARY SURVEY WAIVED at Buyer's expense Seller's expense Shared equally.

10. FLOOD AREA/OTHER: Buyer may may not terminate this Agreement if the Property requires flood insurance.

11. HOMEOWNER'S INSURANCE: Completion of this transaction shall be contingent upon the Buyer's ability to obtain a favorable written commitment for homeowner's insurance within days after acceptance of this Agreement.

12. ENVIRONMENTAL CONTAMINANTS ADVISORY/RELEASE:

13. INSPECTIONS: (Check paragraph 1 or 2)

1. BUYER WAIVES THE RIGHT TO HAVE INDEPENDENT INSPECTIONS

2. BUYER RESERVES THE RIGHT TO HAVE INDEPENDENT INSPECTIONS (including Lead-Based Paint)

INSPECTION/RESPONSE PERIOD: Buyer shall have days beginning the day following the date of acceptance of the Purchase Agreement to respond to the inspection report(s).

If the initial inspection report reveals additional concerns, Buyer shall have additional days to order, receive and respond in writing to any additional reports.

14. LIMITED HOME WARRANTY PROGRAM: Buyer acknowledges the availability of a LIMITED HOME WARRANTY PROGRAM with a deductible paid by Buyer which will be provided at a cost not to exceed $ charged to Buyer Seller and ordered by Buyer Seller.

15. DISCLOSURES: (Check one)

A. Buyer has has not not applicable received and executed SELLER'S RESIDENTIAL REAL ESTATE SALES DISCLOSURE.

B. Buyer has has not not applicable received and executed a LEAD-BASED PAINT CERTIFICATION AND ACKNOWLEDGMENT.

16. TITLE APPROVAL: Prior to closing, Buyer shall be furnished with a title insurance commitment or abstract of title.

Owner's Title Insurance Premium and that portion of Title Service Fees shall be paid by Buyer Seller Shared equally.

Lender's Title Insurance Premium and that portion of Title Service Fees shall be paid by Buyer Seller Shared equally

The parties agree that Seller Buyer will select a title insurance company and Seller will order the commitment immediately or other: .

17. TAXES: (Check paragraph 1, 2 or 3)

1. Buyer will assume and pay all taxes beginning with the taxes due and payable on .

2. All taxes for any prior calendar year that remain unpaid shall be paid by Seller. Current year taxes shall be prorated as of the day immediately prior to the Closing Date.

3. FOR RECENT CONSTRUCTION OR OTHER TAX SITUATIONS. Seller will give a tax credit of $ to Buyer at closing.

18. PRORATIONS AND SPECIAL ASSESSMENTS: Insurance, interest, rents, and operating expenses shall be prorated as of the day immediately prior to the Closing Date.

19. TIME: Time is of the essence. Time periods specified in this Agreement are calendar days and shall expire at 11:59PM of the date stated unless otherwise agreed in writing.

20. HOMEOWNERS ASSOCIATION/CONDOMINIUM ASSOCIATION ("Association"):

21. ATTORNEY'S FEES: Any prevailing party in a legal or equitable proceeding may recover court costs and reasonable attorney's fees.

22. ADDITIONAL PROVISIONS:

23. FURTHER CONDITIONS (List and attach any addenda):

24. CONSULT YOUR ADVISORS: Buyer and Seller acknowledge they may seek advice of an attorney or other professional prior to signing.

25. ACKNOWLEDGEMENTS: Buyer and Seller acknowledge receipt of a copy of this Agreement and understanding of agency relationships.

26. EXPIRATION OF OFFER: Unless accepted by Seller and delivered to Buyer by the day of , this Purchase Agreement shall be null and void.

BUYER'S SIGNATURE DATE

BUYER'S SIGNATURE DATE

SELLER'S RESPONSE: (Check appropriate paragraph number)

This day of , at .

1. The above offer is Accepted.

2. The above offer is Rejected.

3. The above offer is Countered. See Counter Offer.

SELLER'S SIGNATURE DATE

SELLER'S SIGNATURE DATE

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What a Purchase Agreement Is and when it applies

A Purchase Agreement is a written contract that records the terms under which one party agrees to buy and another agrees to sell goods, services, or real property. It sets the purchase price, payment terms, identification of the item or property, contingencies (inspections, financing, approvals), and closing or delivery conditions. For real estate it often precedes escrow and title work; for goods or business assets it defines transfer of ownership and risk. Properly completed, signed, and retained, the Purchase Agreement forms the primary enforceable record of the transaction.

Why a clear Purchase Agreement matters

A clear Purchase Agreement reduces ambiguity about price, responsibilities, and timelines, which lowers the risk of disputes, encourages timely performance, and preserves legal remedies.

Why a clear Purchase Agreement matters

Who typically prepares and signs a Purchase Agreement

Common participants include buyers and sellers, brokers or agents, attorneys for complex deals, and lenders or escrow agents when financing or title work is involved.

  • Buyers — review terms, contingencies, inspection and financing deadlines, and confirm identity and funding source before signing.
  • Sellers — confirm legal description (or SKU), representations about condition, and accepted payment method; coordinate closing logistics.
  • Brokers / Agents — act as facilitators, ensure disclosures are attached, and often submit escrow instructions or addenda.

Use counsel for high-value or unusual transactions; routine asset or consumer sales can often follow standard templates with careful completion.

Critical sections every professional Purchase Agreement should include

A well-drafted Purchase Agreement groups the transaction into standard sections so each party knows obligations, timelines, and remedies.

Parties

Full legal names and entity types for buyer(s) and seller(s), including d/b/a where applicable.

Description

Clear description of the property, goods, or assets by address, legal description, or SKU, and any included/excluded items.

Price & Payment

Agreed purchase price, deposit/earnest money details, escrow instructions, and payment schedule or financing contingencies.

Contingencies

Inspection, appraisal, title review, and financing contingencies with explicit cure or removal deadlines.

Transfer Terms

Date and method of transfer, risk of loss allocation, closing mechanics, and required deliverables like deed or bill of sale.

Representations & Warranties

Seller and buyer statements about authority, condition, liens, and tax status; include indemnity and carve-outs.

Step-by-step: preparing and executing a Purchase Agreement

Follow a logical sequence so parties understand deadlines and deliverables before signing.

  • 01
    Gather information: Collect IDs, legal descriptions, title documents, and financing details.
  • 02
    Draft terms: Populate price, contingencies, and closing mechanics clearly and consistently.
  • 03
    Review and negotiate: Resolve contingencies, inspect reports, and document accepted changes in writing.
  • 04
    Sign and distribute: Execute by all parties and deliver copies to escrow, title, and lenders.

Typical digital signing flow for a Purchase Agreement

Digital workflows streamline execution while preserving an auditable record of every action taken during signing.

  • Upload document: Originator uploads the agreement (PDF or DOCX) to the signing platform.
  • Place fields: Add signature, initials, date, and conditional fields for contingencies or approvals.
  • Invite signers: Send emails or signing links with defined signing order and authentication.
  • Execute & archive: Signers complete fields; platform captures audit trail and stores the final signed copy.

Configuring an online workflow for Purchase Agreements

Set up fields, routing, and authentication ahead of time to reduce errors and omissions during execution.

Field Configuration
Signature Field Require signature, printed name, and date for each party.
Initials Field Place initials on every page where changes are likely.
Conditional Fields Show financing clauses only if financing is selected.
Authentication Use email link or SMS code; increase to KBA for high-value deals.

Technical and integration considerations for e-signing Purchase Agreements

Evaluate platform compatibility with your document formats, storage, and existing systems before selecting tools.

  • File formats: Support for PDF and DOCX is essential.
  • Integrations: Connectors for CRM, ERP, or cloud storage speed routing.
  • Audit trail: Detailed timestamps, IP, and action logs are required.

Choose platforms that meet your security and compliance needs and integrate with systems such as Salesforce, NetSuite, Microsoft 365, Google Workspace, and cloud storage providers.

How e-signature pricing and features compare for signing Purchase Agreements

Basic vendor attributes to consider when selecting an e-signature provider for Purchase Agreements; signNow is listed first per verified pricing and plan structure.

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 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 Varies Varies

Security and compliance features to check on for signed Purchase Agreements

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest
Audit Trail: Tamper-evident logs with timestamps and IP addresses
Legal Standards: Compliant with ESIGN and UETA
Certifications: SOC 2 Type II and ISO 27001 available
HIPAA Support: BAA available for covered transactions
21 CFR Part 11: Controls for FDA-regulated records

Common deadlines and timing expectations in Purchase Agreements

Purchase Agreements typically specify a sequence of deadlines tied to contingencies, inspections, and closing; manage dates carefully to avoid default.

Offer Expiry:

Date/time when the offer lapses if not accepted

Inspection Period:

Window for buyer inspections and repair requests

Financing Contingency:

Deadline to secure loan approval or waive the contingency

Closing Date:

Scheduled date for final payment, transfer, and signing

Recording/Delivery:

Timeframe for deed recording or goods delivery post-closing

Common mistakes that create disputes or delays

  • Using informal or inconsistent party names that do not match IDs or formation documents, causing title or enforceability problems.
  • Vague descriptions of the item or property, leading to disagreement over what is included in the sale and possible litigation.
  • Failing to specify contingency removal dates or cure periods, which can lead to missed deadlines and forfeited deposits.
  • Omitting payment mechanics, escrow instructions, or allocation of closing costs, causing delays at settlement and potential claims.

Consequences of an incomplete or incorrect Purchase Agreement

Unenforceable Terms: Court may refuse specific relief
Monetary Damages: Breach damages or loss of deposit
Title Problems: Recording rejection or clouded title
Tax Exposure: Transfer tax or reporting penalties
Regulatory Risk: HIPAA or securities non-compliance
Increased Costs: Attorney fees and dispute resolution expenses

Practical tips for accurate and efficient Purchase Agreements

A few targeted practices reduce errors, speed closing, and protect all parties' rights.

Use exact legal names
Verify the buyer and seller names against government ID or entity formation documents; mismatches can impede closing or title transfer.
Spell out amounts
Include both numeric and written purchase price, and specify currency to avoid ambiguity or disputes over payment.
Attach exhibits
Add schedules for included items, inspection reports, and any addenda so the agreement references complete documentation.
Version control
Initial or sign each page when required and maintain a clear audit trail of revisions and accepted edits.

Real-world examples of Purchase Agreements in practice

Compact examples show how parties use Purchase Agreements to close transactions faster while keeping a clear record of terms.

Optica Ventures (Brian Fitzgibbons)

Optica used a standard Purchase Agreement to document multiple equipment acquisitions and reduce follow-up disputes.

  • The clear descriptions cut reconciliation time.
  • The company noted simpler vendor onboarding and fewer post-delivery claims after attaching inspection certificates and explicit acceptance criteria to each contract.

Martin Properties (Tim Martin)

A small real estate firm standardized Purchase Agreements for quick residential offers.

  • Digital execution preserved timelines.
  • The firm reported consistent closings and fewer lost offers because buyers could sign remotely and escrow received a single, auditable final agreement for recording.

Frequently asked questions about Purchase Agreements and e-signing

Answers to common legal, technical, and practical questions encountered when preparing or e-signing a Purchase Agreement.


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