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Realty Purchase Agreement

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REALTY PURCHASE AGREEMENT

This Realty Purchase Agreement ("Agreement") is entered into on by and between Seller: and Buyer: .

1. PROPERTY

The Seller agrees to sell and the Buyer agrees to purchase the real property commonly known as:

2. PARTIES

Seller and Buyer contact information for notices and closing:

3. PURCHASE PRICE AND PAYMENT

Purchase Price: $ payable as follows:

4. FINANCING AND CONTINGENCIES

This Agreement is contingent upon Buyer obtaining financing on the following terms:

Appraisal contingency: Buyer may terminate if appraisal is less than the purchase price:

5. INSPECTION

Buyer shall have a period of days from the Effective Date to conduct inspections. Buyer may terminate for any unsatisfactory condition within the inspection period.

6. CLOSING & POSSESSION

Closing Date: . Possession to Buyer: , unless otherwise agreed in writing.

7. PRORATIONS, COSTS, AND TITLE

Real property taxes, assessments, rents, utilities and other customary items shall be prorated as of the Closing Date. Buyer shall pay for title insurance premium unless otherwise agreed.

8. DISCLOSURES

Seller discloses the following conditions to the best of Seller's knowledge:

Lead-based paint present? Yes No

History of mold or water intrusion? Yes No

Prior structural damage or material repairs? Yes No

9. DEFAULT AND REMEDIES

If Buyer fails to timely close in breach of this Agreement, Seller may retain the earnest money as liquidated damages and pursue available equitable remedies. If Seller fails to convey marketable title, Buyer may terminate and receive return of earnest money or seek specific performance where appropriate.

10. REPRESENTATIONS AND WARRANTIES

Seller represents that Seller is the lawful owner of the Property and has authority to convey the Property free of undisclosed liens except as disclosed in this Agreement. Buyer represents that Buyer has the authority to enter into this Agreement and perform Buyer’s obligations herein.

11. RISK OF LOSS; CASUALTY

Risk of loss or casualty to the Property prior to closing shall be borne by Seller. If material damage occurs before closing, Buyer may elect to terminate and receive return of earnest money or require Seller to repair the damage prior to closing.

12. NOTICES

All notices required or permitted under this Agreement shall be in writing and delivered to the addresses below by personal delivery, registered mail, or courier, and shall be effective upon receipt.

13. GOVERNING LAW; ENTIRE AGREEMENT

This Agreement shall be governed by the laws of the State of . This Agreement, together with any addenda and collateral documents executed by the parties, constitutes the entire agreement between the parties and supersedes all prior negotiations and agreements.

14. MISCELLANEOUS

No waiver of any provision shall be effective unless in writing signed by the waiving party. If any provision is found invalid, the remaining provisions shall remain enforceable. This Agreement may be amended only by a written instrument signed by both parties. Costs and reasonable attorneys' fees shall be borne by the prevailing party in any enforcement action.

The parties acknowledge that signatures transmitted by electronic means constitute original signatures for all purposes and are binding upon the parties.

Seller - Printed Name:

By:

Date:

Buyer - Printed Name:

By:

Date:

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What a Realty Purchase Agreement Covers

A Realty Purchase Agreement is a legally binding contract that sets the terms for transferring real property between buyer and seller. It records the parties, legal description of the property, purchase price, payment and financing terms, contingencies (inspection, appraisal, financing), closing date and possession. The agreement allocates risk, specifies title and closing obligations, and commonly includes disclosure statements, escrow instructions and remedies for default. Electronic execution is generally permitted under federal and state e‑signature laws when parties satisfy intent, consent, attribution and record retention requirements.

Why a Clear Purchase Agreement Matters

A well drafted Realty Purchase Agreement clarifies obligations, reduces disputes, sets firm deadlines, and documents contingencies that protect both parties under the negotiated terms.

Why a Clear Purchase Agreement Matters

Who Typically Prepares and Signs These Agreements

Common participants who prepare, review, or sign Realty Purchase Agreements include the buyer, seller, agents, lenders and title professionals.

  • Buyers and buyers' agents who assemble contingencies, earnest money and financing deadlines.
  • Sellers and listing agents who provide disclosures, clear title commitments and possession terms.
  • Lenders, title companies, and escrow agents who verify financing, title, and closing funds.

Each participant has distinct responsibilities during negotiation, due diligence, and closing; coordination reduces downstream risk.

Core Clauses to Include in a Professional Agreement

A complete Realty Purchase Agreement organizes transactional details so parties and third parties (lender, title) can perform and close without ambiguity.

Parties

Identify buyer(s) and seller(s) using full legal names and business entity details where applicable; ensure names match government ID and title records to avoid recording issues.

Property Description

Use the full legal description and street address; include parcel or tax ID where available and avoid relying solely on common-place descriptions to prevent title and boundary disputes.

Purchase Price

Specify the exact dollar amount, allocation between earnest money and balance, acceptable payment methods, and any seller financing or credits to be applied at closing.

Contingencies

List inspection, appraisal, financing and title review contingencies with clear deadlines and cure periods to permit orderly termination or cure without undue dispute.

Closing and Possession

Set the closing date, location, escrow instructions, proration of taxes/HOA dues, and the date on which buyer obtains possession of the property.

Title and Disclosures

Require seller to deliver marketable title, provide required state and federal disclosures, and specify responsibility for title insurance and closing costs.

Essential Data Elements to Capture

Signature(s): All parties
Effective Date: MM/DD/YYYY
Legal Description: Parcel/tax ID
Purchase Price: Exact dollars
Contingency Deadlines: Dates and periods
Closing Instructions: Escrow/title details

Step-by-Step: Completing the Agreement

Follow a consistent sequence to reduce errors and ensure enforceability from offer through closing.

  • 01
    Draft offer: Record parties, price, key dates and contingencies.
  • 02
    Negotiate terms: Exchange countersigned amendments and confirm concessions in writing.
  • 03
    Complete due diligence: Schedule inspections, order title search, submit loan application.
  • 04
    Execute and close: Sign final documents, fund escrow, record deed.

How to Configure an Online Signing Workflow

Configure fields and signer order so each participant receives the document at the right time and with appropriate authentication.

Form Field | Configuration Field name | Required/optional
Signature Order | Signer sequence Set buyer then seller order
Authentication Method | Signer ID Email link or SMS code
Conditional Fields | Visibility Show financing fields only if applicable
Document Versioning | Audit Enable full audit trail

Where to Send the Executed Agreement

Route signed copies to all stakeholders and the closing agent to maintain a complete record and enable timely closing.

  • Title Company: Deliver final contract and title commitment to coordinate escrow and closing.
  • Lender: Send executed agreement to lender to finalize loan underwriting and conditions.
  • Escrow Officer: Provide originals and escrow instructions for closing funds handling.
  • Recording Office: Submit deed and required documents for county recording after closing.

Digital Signing and File Format Requirements

Use platforms that produce audit trails, support PDF/DOCX formats, and integrate with title or loan systems.

  • File Formats: PDF, Word DOCX
  • Integrations: Salesforce, NetSuite, Google Workspace
  • Authentication: Email, SMS code, KBA

Common Deadlines and Contract Dates to Track

Document clear dates for each contingency and deadline to avoid forfeiture of earnest money or other penalties.

Offer Expiration Date:

Date when an unsigned offer lapses; often 24–72 hours after delivery.

Inspection Period Deadline:

Final day for buyer to complete inspections and request repairs or terminate.

Financing Contingency Date:

Date by which buyer must secure a loan commitment or notify seller of inability.

Appraisal Contingency Deadline:

Last date to resolve appraisal shortfalls or renegotiate price.

Closing / Funding Date:

Date when deed records and funds transfer, commonly 30–60 days from contract acceptance.

Key Milestones from Offer to Recordation

Track milestone stages so participants understand sequencing from initial offer through deed recording and possession transfer.

01

Offer Accepted

Seller signs to form a binding agreement subject to stated contingencies.

02

Due Diligence

Buyer completes inspections, title review and addresses identified defects.

03

Financing Approval

Lender issues loan commitment and clears loan conditions.

04

Closing and Recording

Funds disbursed, deed recorded, buyer takes possession.

Consequences of Errors or Missing Requirements

Breach Liability: Damages or specific performance
Earnest Money Loss: Forfeiture on default
Title Defects: Clouded title, costly cures
Closing Delays: Additional fees and interest
Financing Failure: Contract termination risk
Recording Errors: Requires corrective deeds

Common Preparation Mistakes to Avoid

  • Using an incomplete or informal property description that differs from the recorded legal description can invalidate recording and lead to title disputes.
  • Entering party names that do not match ID or title records creates delays; verify corporate suffixes and trust names with counsel.
  • Failing to calendar contingency deadlines or inspection windows risks automatic termination or loss of earnest money under typical contract terms.
  • Signing outdated forms or unsigned addenda leads to ambiguity; always attach and sign all amendments and exhibit pages.

Practical Tips for Accurate and Efficient Completion

Adopt disciplined review and version control practices to reduce rework and ensure all parties sign the correct final agreement.

Use Recorded Legal Description
Always copy the legal description from the prior deed or title commitment rather than transcribing informal street descriptions to prevent recording rejections.
Verify Party Names and Authority
Confirm signers have authority to sign for entities, trusts or estates and attach corporate or trust documents when necessary to establish authority.
Calendar All Deadlines
Enter inspection, financing and closing deadlines into a shared calendar with reminders to avoid inadvertent expiration or missed cure windows.
Preserve Complete Audit Trails
When using eSignature, capture timestamps, IP addresses, signer authentication method and executed PDF to support enforceability and lender requirements.

Representative eSignature Pricing and Feature Comparison

Below is a concise comparison of starting price and common features for major eSignature vendors; signNow is listed first per platform comparisons.

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 Yes Yes Yes, limited Yes
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Frequently Asked Questions About Realty Purchase Agreements

Answers to common questions about execution, eSign validity, notarization, and handling common transaction issues for purchase agreements.


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