Can the contract be signed electronically?

Yes. Electronic signatures are legally enforceable under the federal ESIGN Act (15 U.S.C. §7001) and UETA in most states, provided the parties demonstrate intent, consent, attribution, and retention capability.

Do I need a notary for the deed?

Yes. Deeds typically require a notarized signature for recording at the county recorder; state rules govern witness counts. Verify county requirements before closing.

What happens if a party uses the wrong name?

A name mismatch can cloud title. Corrective actions include reexecution, affidavit of identity, or corrective deed; these steps delay recording and may incur legal fees.

Are remote notarizations allowed?

Many states permit remote online notarization (RON) with identity proofing and recording requirements; check the state notary commission and NCSL for current rules.

Can the buyer cancel during inspection?

If the contract grants an inspection contingency and the buyer adheres to notice and cure procedures within deadlines, the buyer may terminate per contract terms without forfeiting earnest money.

How long must I keep the contract?

Retain the executed contract for at least three years post-closing for tax purposes (IRC §6501(a)); many practitioners retain real estate files seven years or longer for risk management.

Electronic Signature
Templates
Other
Real Estate Purchase Contract

Real Estate Purchase Contract

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

RELEASE OF PURCHASE CONTRACT
FOR REAL ESTATE

Effective Date:

County and State

SELLER

PURCHASER

BROKER

ESCROW AGENT

Real Property (Address or Location, state county in which the Property is located )

Identification of Purchase Contract between above Seller and Purchaser, dated and entitled:

1. Release Between Parties. Seller and Purchaser mutually release each other from any and all claims, actions, or demands which each may have up to the date of this Contract against the other by reason of the Purchase Contract identified above, and any modifications thereof.

2. Legal Effect. It is the purpose of this Contract that all rights and obligations arising from that Purchase Contract be null and void.

3. Release of Funds. It is further the intent, purpose, request and demand of Sellers and Purchasers that any and all moneys, funds and deposits held by Broker, Escrow Agent, or other persons under that Purchase Contract be distributed as follows:

$ held by for as dispersed to

4. Additional Provisions.

INSTRUCTIONS. Complete and execute four copies mailing one each to the Broker and Escrow Agent and any other Persons holding or to receive funds.

Signature of Seller

Signature of Purchaser

Signature of Seller

Signature of Purchaser

SUBSCRIBED AND SWORN BEFORE ME THIS DATE

STATE OF )ss Notary Public

County of ) (Seal)

SUBSCRIBED AND SWORN BEFORE ME THIS DATE

STATE OF )ss Notary Public

County of ) (Seal)

What a Real Estate Purchase Contract Is and When it Applies

A Real Estate Purchase Contract is a legally binding agreement that sets the terms for transferring property ownership from seller to buyer. It records price, deposit, financing contingencies, closing date, property description, title and escrow instructions, inspections, disclosure schedules, and default remedies. The contract creates enforceable obligations for each party and establishes conditions that must be satisfied before closing. Properly completed, signed, and delivered, the document enables title transfer, recording at the county recorder, and disbursement of funds at closing while preserving legal rights and remedies for breach or misrepresentation.

Why a Clear Purchase Contract Matters

A precise purchase contract reduces ambiguity, allocates risk, and documents key deadlines and conditions that affect financing, inspections, title, and closing logistics. It establishes remedies, escrow instructions, and any seller or buyer obligations.

Who Typically Prepares and Signs This Contract

The Real Estate Purchase Contract is used by parties and professionals who manage property transfers and ensure compliance with local rules.

Buyers and buyer agents who need to secure title, financing contingencies, inspection rights, and earnest money protections under agreed terms.
Sellers and listing agents who must disclose material facts, set closing expectations, and accept or counter offers with clear remedies.
Lenders, title companies, and escrow officers who rely on contract terms to underwrite loans, clear title, and coordinate closing funds.

All signers should confirm authority to bind the party and verify identity, funding sources, and any required notarization or witness steps before execution.

Core Components to Include in a Professional Contract

A comprehensive purchase contract organizes commercial terms, contingencies, property identity, closing mechanics, representations, and remedies so parties and closing agents can act without repeated clarification.

Purchase Price

Specify the exact dollar amount, allocation of earnest money, and acceptable payment methods to avoid disputes at closing.

Property Description

Include full legal description, street address, and parcel or tax ID to ensure the deed matches county recording requirements.

Contingencies

List inspection, appraisal, financing, and title review conditions with clear removal deadlines and cure procedures.

Closing Details

Set the closing date, escrow instructions, prorations, place of closing, and which documents will be delivered at or before closing.

Disclosures

Attach required statutory seller disclosures, environmental or lead-based paint notices, and any agency or private addenda.

Default Remedies

Describe liquidated damages, specific performance options, deposit forfeiture, and notice/cure periods for breaches.

Essential Fields to Complete Accurately

Buyer Name: Full legal name

Seller Name: Full legal name

Property Address: Street, city, state, ZIP

Legal Description: Parcel/tax ID

Purchase Amount: Numeric dollars

Closing Date: MM/DD/YYYY

Step-by-Step: Completing the Purchase Contract

Follow these steps in order to reduce mistakes and ensure the agreement is executable, enforceable, and ready for title and escrow processing.

01

Draft Offer: Enter parties, price, deposit, and proposed closing date.
02

Attach Disclosures: Include required seller disclosures and any addenda.
03

Set Contingencies: Define inspection, financing, and title review timelines.
04

Sign and Deliver: Obtain signatures, verify ID, and send to escrow/title.

How to Configure an Online Workflow for This Contract

Set up fields, signer order, and authentication to streamline eSignature and closing coordination.

Field	Configuration
Signature Field	Assign to party, require date
Initials Field	Place on each page requiring acknowledgment
Attachment Field	Require appraisal or survey upload
Authentication	Email + SMS PIN or ID verification

Sharing and eSignature Options

Choose distribution channels and authentication appropriate for your transaction complexity and regulatory needs.

Email Delivery: Common for routine transactions
Secure Link: Useful for guest signers
API Integration: Automates routing and storage

Verify recipient identity, retain the audit trail, and ensure the chosen method supports required notarization or witness processes.

Where to Send the Contract and What Happens Next

Routing order and recipients determine how the document flows from offer to closing; coordinate with title and lender early.

To Seller: Seller reviews, counters, or accepts the offer
To Buyer: Buyer reviews counteroffers and acknowledges contingencies
To Lender: Lender obtains contract for loan approval and appraisal
To Title/Escrow: Title company opens escrow and orders title search

Typical Deadlines and Timeframes to Track

Track inspection, financing, title clearance, and closing dates carefully; missed deadlines can permit termination or forfeiture of deposit.

Inspection Period:

Usually 7–17 days to complete and request repairs

Financing Contingency:

Deadline to secure loan approval, often 21–30 days

Title Objection Deadline:

Date by which buyer must notify title issues

Closing Date:

Agreed settlement date when funds transfer occurs

Deposit Delivery:

Timeframe to deposit earnest money into escrow

Key Milestones from Offer to Recording

Sequential milestones help teams coordinate inspections, financing, title work, and final recording without surprises.

01

Offer Acceptance

Seller signs or counters, creating an executory contract.

02

Contingency Resolution

Buyer removes contingencies or terminates per contract terms.

03

Loan Funding

Lender issues funds conditional on title and appraisal.

04

Recording

Deed is recorded at county recorder, transferring title.

Common Mistakes to Avoid

Using informal property descriptions that do not match county records, causing recording or title issues during closing.
Failing to specify deadlines clearly for inspection or financing, which may allow the other party to terminate the contract.
Mismatching party names between contract, lender documents, and title, requiring corrective affidavits or reexecution.
Neglecting required disclosures or attachments mandated by state law, which can lead to rescission or civil penalties.

Consequences of an Incorrect or Incomplete Contract

Deposit Forfeiture: Buyer may lose earnest money

Specific Performance: Court-ordered sale may be sought

Title Defect Risk: Clouded title or recording delays

Breach Damages: Monetary liability for nonperformance

Financing Failure: Contract termination if loan not obtained

Regulatory Penalties: Fines for missing required disclosures

Comparison: eSignature Solutions for Managing Purchase Contracts

Vendor pricing and core capabilities affect cost, compliance, and workflow for executing Real Estate Purchase Contracts electronically.

	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	Varies	Varies	Varies
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 by plan	Varies by plan	Varies by plan

Frequently Asked Questions

Answers to common legal and execution questions about the Real Estate Purchase Contract and electronic signing practices.

Need help? Contact support

Can the contract be signed electronically?
Yes. Electronic signatures are legally enforceable under the federal ESIGN Act (15 U.S.C. §7001) and UETA in most states, provided the parties demonstrate intent, consent, attribution, and retention capability.
Do I need a notary for the deed?
Yes. Deeds typically require a notarized signature for recording at the county recorder; state rules govern witness counts. Verify county requirements before closing.
What happens if a party uses the wrong name?
A name mismatch can cloud title. Corrective actions include reexecution, affidavit of identity, or corrective deed; these steps delay recording and may incur legal fees.
Are remote notarizations allowed?
Many states permit remote online notarization (RON) with identity proofing and recording requirements; check the state notary commission and NCSL for current rules.
Can the buyer cancel during inspection?
If the contract grants an inspection contingency and the buyer adheres to notice and cure procedures within deadlines, the buyer may terminate per contract terms without forfeiting earnest money.
How long must I keep the contract?
Retain the executed contract for at least three years post-closing for tax purposes (IRC §6501(a)); many practitioners retain real estate files seven years or longer for risk management.

Explore Templates

Notice of Expunction Application to Vote by Sealed Ballot MSC-6 Form North Carolina Adult Name Change Warrant for Arrest - State of North Carolina Promissory Note

be ready to get more

Join over 28 million airSlate SignNow users

Sign Now