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Real Estate Purchase Agreement

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Contract for Sale and Purchase of Real Estate

(For Use with Conventional Financing Only)

When executed by all parties, this document shall become a legally binding contract.

Offer Date:    Contract Effective Date:

1. PARTIES: This Contract is made and entered into by and between [Print Full Names]:

("Seller") and

("Purchaser").

2. EARNEST MONEY DEPOSIT: Received of Purchaser the sum of Dollars ($ ) as Earnest Money in the form of .

3. REAL PROPERTY: Located in the County of , City of , State of Tennessee, known as:

or as Lot No. of the , Section .

4. PERSONAL PROPERTY:

(a) Other items owned by Seller and to be included at no additional cost to Purchaser are:

(b) Items not to be included in this sale are:

5. PURCHASE PRICE: The total purchase price for Property shall be Dollars ($ ).

6. CONVENTIONAL FINANCING: Contract contingent upon Purchaser obtaining within calendar days a loan for approximately Dollars ($ ) from , bearing interest rate of %.

Amortized for a period of years.

7. CONVEYANCE AND TITLE: Property is (is) (is not) subject to assessments.

Amount: Dollars ($ ) payable to .

8. PROPERTY CONDITIONS, INSPECTIONS AND ACCEPTANCE OF PROPERTY

(a) Seller knowledge of defects:

Inspection deadline: days from effective date.

Specific repairs to be made by Seller:

(b) As Is: Property shall be conveyed "AS IS" with no warranty whatsoever as to Property condition.

Public Sewer Septic Tank Public Water Well

Lender required inspections paid for by .

Home protection plan waived.

Purchaser to purchase or Seller to pay toward a one (1) year home protection plan through .

9. WOOD DESTROYING INSECT REPORT:

10. REPAIR LIMITATION: Aggregate total cost cap: Dollars ($ ).

11. UTILITY LOAN: All utility loans relating to Property are to be paid in full by Seller at closing.

12. LEASED ITEMS:

13. BROKER'S FEE: Seller agrees to pay Listing and/or Selling Broker at closing the commission specified by separate agreement.

14. CLOSING, ATTORNEYS AND TITLE COMPANY: Closing shall be on or before .

Closing agent/attorney for Purchaser's lender: ; for Seller: ; title company: .

15. OCCUPANCY: Occupancy will be given on

at or hours after closing, whichever shall later occur.

16. CHOICE OF LOAN, ETC.: Purchaser acknowledges responsibility for choice of loan, attorney, title company, insurance, and inspection services.

17. SCHOOLS: Purchaser assumes responsibility for determining school district boundaries and school information.

18. SALES EXPENSES TO BE PAID IN CASH AT OR PRIOR TO CLOSING:

(a) Appraisal: Purchaser agrees to pay for an appraisal of Property.

(b) Seller's Expenses: Seller shall pay prepayment penalties, release costs, closing fee, deed preparation, notary, and title search/abstract costs.

(c) Purchaser's Expenses: Purchaser shall pay transfer taxes, recording fees, loan costs, title insurance, insurance premiums, reserves, prepaid interest, and reinspection fees.

19. PRORATIONS: Rents, taxes, and fees shall be prorated as of closing.

20. CASUALTY LOSS: If damage exceeds 10% of purchase price, Purchaser may cancel.

21. DEFECTIVE TITLE: If title cannot be made good, Earnest Money shall be returned to Purchaser.

22. BREACH OF CONTRCT BY PURCHASER: If Purchaser breaches, Seller may declare contract null and void.

23. BREACH OF CONTRACT BY SELLER: If Seller breaches, Purchaser may seek specific performance or damages.

24. COSTS TO ENFORCE CONTRACT: Prevailing party may recover costs and reasonable attorney fees.

25. ESCROW: Earnest Money is deposited in escrow with Listing Broker or Selling Broker.

26. SPECIAL PROVISIONS:

27. ENTIRE AGREEMENT:

28. NOTICES: All notices shall be in writing and effective upon delivery.

29. CONSULT YOUR ATTORNEY: Read carefully before signing.

30. EXECUTED by Seller and Purchaser:

PURCHASER:

Purchaser Social Security Number:

Purchaser Address:

Phone:

Date/Time of Purchaser's Execution:

SELLER:

Seller Social Security Number:

Seller Address:

Phone:

Date/Time of Seller's Execution:

EARNEST MONEY RECEIPT:

Earnest Money ($ ) received subject to clearance of any check.

Escrow Agent/Firm:    By:

Address:

Co-op Agent/Firm:

The form of this Contract has been approved by the Memphis Area Association of REALTORS®.

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What a Real Estate Purchase Agreement Is

A Real Estate Purchase Agreement is a written contract that records the terms under which a buyer agrees to purchase real property from a seller. It sets the purchase price, earnest money deposit, financing contingencies, inspection and disclosure obligations, title and closing arrangements, allocation of closing costs, and the proposed closing date. The agreement creates legally binding obligations once executed by both parties and often conditions performance on contingency removal. Parties commonly use a title company or attorney to manage escrow, closing paperwork, and recording with the county recorder.

Why This Agreement Matters for Transactions

A Real Estate Purchase Agreement clarifies rights and obligations, reduces closing delays, and creates enforceable terms for price, contingencies, and closing mechanics. It supports title transfer, allocates risks, and provides a record for lenders and tax reporting while helping avoid post-closing disputes.

Why This Agreement Matters for Transactions

Who Typically Uses This Agreement

Buyers, sellers, brokers, lenders, title agents, and attorneys use this agreement to document transaction terms and advance a closing.

  • Individual buyers and sellers completing private property transactions, with or without broker representation.
  • Real estate brokers and agents preparing offers, counteroffers, and contingency language for clients.
  • Lenders, title companies, and closing attorneys reviewing contract terms prior to funding and recordation.

Use this agreement as the central document for negotiation, escrow handling, and for establishing obligations that survive closing when specified.

Primary Roles Involved in Execution

Buyer Representative

Typically an individual or agent representing the buyer who negotiates terms, secures financing contingencies, coordinates inspections, and executes the agreement on the buyer's behalf. Verify signing authority and capacity when an agent or corporate representative signs.

Title Officer

Title officers and escrow agents manage title searches, issue commitments, prepare closing statements, and record deeds. They ensure contractual conditions for title conveyance are met, coordinate cure requirements, and supervise the recording of documents with local county offices.

Step-by-Step: From Offer to Execution

Follow these sequential steps to complete and exchange a Real Estate Purchase Agreement, from offer preparation through execution and delivery to the escrow holder.

  • 01
    Prepare Offer: Draft terms, price, and contingencies clearly.
  • 02
    Deliver Offer: Provide signed offer to seller or listing agent promptly.
  • 03
    Negotiate Terms: Use counters or addenda to document agreed changes.
  • 04
    Execute & Deposit: Sign, date, and deliver earnest money to escrow holder.

How to Configure an Online Workflow

Configure online workflow fields to match contract sections, automate conditional clauses, and capture dates, signatures, and attachments for the escrow process.

Field Configuration
Signature Required for each party; timestamped audit trail attached
Initials Place on each page where initialing is required
Date Auto-fill option or signer-entered MM/DD/YYYY
Conditional Show financing and inspection clauses only when selected

Where Signed Agreements Typically Go Next

After execution, the agreement is routed to escrow, title, lender, and other parties for review, funding, and recording according to the contract terms.

  • Escrow Holder: Receives executed agreement and deposit instructions.
  • Title Company: Performs search and issues title commitment.
  • Lender: Reviews financing contingencies and issues commitment.
  • County Recorder: Records deed and related documents after closing.

Platform and Technical Requirements for eSigning

Ensure platform supports eSign, file formats, authentication options, and storage compliance for the parties involved.

  • File Formats: Supports PDF and DOCX uploads and downloads
  • Authentication: Email, SMS, KBA, or SSO options
  • Integrations: Works with Title and CRM systems

Key Required Fields at a Glance

Buyer Name: Full legal name as on ID
Seller Name: Full legal name as recorded
Property Description: Complete deed-level legal description
Purchase Price: Numeric amount and written words
Closing Date: Enter as MM/DD/YYYY with timezone when needed
Escrow Holder: Name and contact for closing agent

Common Risks and Consequences of Errors

Contract Voidability: Material defect may void agreement
Loss of Deposit: Seller may keep earnest money
Title Defects: Unclear title delays or stops closing
Financing Failure: Buyer obligation may terminate
Tax Implications: Incorrect declarations risk penalties
Recording Errors: County rejection or delays

Frequent Preparation Mistakes to Avoid

  • Omitting the precise legal description or using only a street address commonly leads to rejected recordings and title search discrepancies.
  • Failing to state contingency deadlines in clear calendar days creates ambiguity over expiration and may void inspection or financing protections.
  • Mismatched party names, missing signatures, or unsigned initial pages are frequently cited in disputes and can delay closings by days or weeks.
  • Using ambiguous contingency language or unstated seller disclosures increases litigation risk and complicates insurance and title clearance at closing.

How Practitioners Use Standardized Agreements

Real-world examples show how properly executed purchase agreements speed closings and reduce disputes for brokers and buyers.

Tim Martin

Martin Properties moved from paper closings to online workflows for purchase agreements, reducing turnaround and administrative overhead across offices.

  • Mobile signing cut in-person appointments.
  • Tim Martin reports consistent compliance with ESIGN and UETA frameworks, faster approvals from title companies, and fewer missed deadlines. The digital record simplified audits and allowed signatures on mobile devices when agents were offsite.

Brian Fitzgibbons

A real estate investment firm standardized its purchase agreement template across transactions to reduce drafting errors and accelerate underwriting for new acquisitions.

  • Standard templates cut legal review time.
  • Brian Fitzgibbons notes that consistent templates reduced negotiation cycles, improved lender readiness, and produced cleaner title commitments. Automation of signature routing ensured each party received copies and audit trails, aiding compliance and investor reporting.

Key Dates and Deadlines to Monitor

Common deadline items include acceptance, inspection, financing, appraisal, and closing dates; track each calendar date precisely to avoid forfeiture.

Offer Expiration Date:

State the time and time zone the offer lapses

Inspection Period Deadline:

Set a fixed date for inspection completion and notice of defects

Financing Contingency End:

Specify lender approval deadline and conditions for loan denial

Appraisal Deadline:

Provide timeline for appraisal completion and resolution of low value

Closing Date and Time:

Agree on date, time, location, and documents required for closing

Sequential Milestones From Offer to Recording

Key transaction milestones form a sequential process from offer through closing; tracking these stages prevents missed deadlines and contract default.

01

Offer Submission

Buyer delivers signed offer and earnest money instruction to seller or listing agent.

02

Contingency Removal

Buyer completes inspections and financing; deliver written notices removing contingencies.

03

Title Commitment

Title company issues commitment and lists requirements for cure before closing.

04

Final Closing

Execute deed, fund loan, record deed, and distribute proceeds per instructions.

Practical Tips for Accurate, Efficient Agreements

Use clear, unambiguous language, standardized templates, and automated checks to reduce errors, speed approvals, and simplify closing coordination.

Use standardized templates across transactions
Maintain a single vetted purchase agreement template that reflects state-specific disclosure and contingency language. Update centrally when law or process changes. This reduces drafting errors, shortens negotiation cycles, and ensures consistent risk allocation across all deals.
Confirm legal descriptions and recording instructions
Verify the deed-level legal description matches title commitments and seller-provided documents. Coordinate recording instructions with the title company and escrow to ensure proper county indexing; incorrect descriptions often lead to recording rejections and title defects that are costly to remedy.
Require identity verification for signers
Use government ID and multi-factor authentication where permitted to confirm signer identity. Accurate identity verification prevents fraudulent conveyance, supports enforceability under ESIGN and UETA, and helps satisfy lender and title company requirements during underwriting.
Maintain document version control and audit trails
Track edits, versions, and signer actions with an immutable audit log. Ensure each executed copy has a timestamp, signer attribution, and tamper-evident file so parties and lenders can reproduce the transaction history during title examination or audit.

Comparing eSignature Vendors for Real Estate Use

Below is a concise pricing and capability comparison for common eSignature vendors, with signNow listed first for reference.

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 credit card 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

Frequently Asked Questions and Practical Answers

Frequently asked questions address execution, e-sign validity, notarization, cancellation, and typical disputes encountered in purchase agreements.


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