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Purchase Agreement template
Purchase Agreement sample


What is Purchase Agreement?

Purchase Agreement Specifies terms for buying or selling goods or services, including price, delivery, and warranties.



Sample template:



PURCHASE AGREEMENT


This Purchase Agreement (the "Agreement") is entered into as of [Date], by and between [Seller's Name], a [State] [Type of Entity] with its principal place of business at [Seller's Address] ("Seller"), and [Buyer's Name], a [State] [Type of Entity] with its principal place of business at [Buyer's Address] ("Buyer"). Collectively, the Buyer and Seller shall be referred to as the "Parties."

1. Sale and Purchase of Properties


1.1. Description of Properties


Seller agrees to sell, transfer, and convey to Buyer, and Buyer agrees to purchase from Seller, all of Seller's right, title, and interest in and to those certain properties known as Acean Properties (the "Properties"), more particularly described in Exhibit "A" attached hereto and incorporated herein by reference.



2. Purchase Price


2.1. Total Purchase Price


The total purchase price for the Properties (the "Purchase Price") shall be [Purchase Price], payable in the manner set forth in Section 3 below.



3. Payment Terms


3.1. Payment Timeline


(a) Buyer shall pay a non-refundable earnest money deposit of [Earnest Money Deposit] to Seller upon the execution of this Agreement (the "Deposit");


(b) On the closing date (the "Closing Date"), as defined in Section 4.1, Buyer shall pay the balance of the Purchase Price, less the Deposit previously paid, to Seller by wire transfer of immediately available funds or in such other manner as the Parties may agree in writing.



4. Delivery


4.1. Closing Date


The delivery of the Properties and the payment of the Purchase Price shall be completed on a date specified by the Parties, which shall be no later than [Days] days following the execution of this Agreement (the "Closing Date").



4.2. Deliverables


On the Closing Date, Seller shall deliver to Buyer the following:


(a) a duly executed and acknowledged general warranty deed conveying the Properties to Buyer;


(b) an affidavit of title that the Seller is the lawful owner of the Properties, free and clear of all liens, claims, and encumbrances, except as otherwise provided for in this Agreement;


(c) evidence of compliance with all requirements, conditions, and covenants of this Agreement;


(d) a closing statement reflecting the manner in which the Purchase Price was paid;


(e) any other documents reasonably necessary to effectuate the transfer of the Properties.



5. Warranties


5.1. Seller's Warranties


Seller represents and warrants to Buyer that:


(a) Seller is the legal and beneficial owner of the Properties;


(b) Seller has the legal capacity, power, and authority to execute and deliver this Agreement, to perform its obligations hereunder, and to transfer the Properties to Buyer;


(c) except as otherwise disclosed to Buyer in writing prior to the execution of this Agreement, the Properties are free and clear of all liens, claims, and encumbrances;


(d) no litigation or investigation is pending or threatened, which, if adversely determined, would have a material adverse effect on the ability of Seller to perform its obligations under this Agreement;


(e) the execution, delivery, and performance of this Agreement by Seller will not result in a breach of any agreement to which Seller is a party or by which Seller is bound;


(f) there are no actions, suits, or claims pending or threatened affecting the title to the Properties;


(g) all information provided by Seller to Buyer concerning the Properties prior to the execution of this Agreement is accurate and complete in all material respects.



5.2. Buyer's Warranties


Buyer represents and warrants to Seller that:


(a) Buyer has the legal capacity, power, and authority to execute and deliver this Agreement and to perform its obligations hereunder;


(b) the execution, delivery, and performance of this Agreement by Buyer will not result in a breach of any agreement to which Buyer is a party or by which Buyer is bound.



6. Governing Law


This Agreement shall be governed by, and construed in accordance with, the laws of the United States and the laws of the State of [Governing State] without regard to its conflicts of law principles.



7. Miscellaneous


7.1. Entire Agreement


This Agreement constitutes the entire agreement between the Parties and supersedes all prior understandings, negotiations, and discussions, whether oral or written, relating to the purchase and sale of the Properties.



7.2. Amendments


No modification, amendment, waiver, or addition to this Agreement shall be effective unless in writing and signed by both Parties.



7.3. Binding Effect


This Agreement shall be binding upon, and inure to the benefit of the Parties and their respective heirs, executors, administrators, legal representatives, successors, and permitted assigns.



IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

_____________________________ _____________________________
[Seller's Name] [Buyer's Name]
By: ________________________ By: ________________________
Title: _______________________ Title: ______________________
Date: ________________________ Date: ______________________

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Common Sections of a Purchase Agreement


In this Purchase Agreement, you will see the following sections:

  1. Sale and Purchase of Properties
  2. Purchase Price
  3. Payment Terms
  4. Delivery
  5. Warranties
  6. Governing Law
  7. Miscellaneous


Analysis/Summary of each section

  1. Sale and Purchase of Properties : This section outlines the agreement between the buyer and seller for the sale and purchase of the properties. It includes a description of the properties being sold and states that the seller agrees to transfer all rights, titles, and interests in the properties to the buyer.

  2. Purchase Price : This section specifies the total purchase price for the properties. It states the agreed-upon amount that the buyer will pay to the seller for the properties.

  3. Payment Terms : This section details the timeline and method of payment for the purchase price. It includes an initial non-refundable deposit and the remaining balance to be paid on the closing date.

  4. Delivery : This section outlines the closing date and the documents that the seller must provide to the buyer on that date. These documents include a warranty deed, an affidavit of title, evidence of compliance with the agreement, a closing statement, and any other necessary documents for the transfer of the properties.

  5. Warranties : This section contains the warranties made by both the seller and the buyer. The seller's warranties include their legal ownership of the properties, their authority to sell the properties, and the properties being free of liens and encumbrances. The buyer's warranties include their authority to purchase the properties and their compliance with the agreement.

  6. Governing Law : This section states that the agreement will be governed by the laws of the United States and the specific state where the properties are located. It also states that any disputes will be resolved according to these laws.

  7. Miscellaneous : This section covers various additional terms, such as the entire agreement clause, which states that this document represents the entire agreement between the parties. It also includes provisions for amendments, which must be in writing and signed by both parties, and a binding effect clause, which states that the agreement is binding on both parties and their successors.

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