Purchase Agreement Template
All states | 7 types
A purchase agreement template is a legally binding contract between a buyer and a seller. It outlines the details of a purchase — what is being bought, the agreed price, and specific terms of the sale. It confirms that both parties agree to the terms before money or goods change hands.
When Is a Purchase Agreement Used?
A purchase agreement is a key step wherever clarity and legal protection are needed. It’s used any time something of value changes hands — especially when conditions or timelines apply.
Common scenarios where a purchase contract template is used:
- Buying or selling personal property like vehicles or electronics
- Real estate transactions involving homes, land, or commercial property
- Business purchases, including the sale of inventory, equipment, or the business itself
- Stock purchases when one party acquires ownership in a company
- Agreements between individuals for private sales
While small, informal purchases may not require a formal contract, a purchase agreement template becomes crucial when the stakes are higher. Even a simple purchase agreement PDF can give both sides peace of mind.
Types of Purchase Agreements
Not all purchases are the same — and neither are the agreements behind them. Different types of purchase agreement form focus on specific details suited to the nature of the transaction. Let's take a closer look:
An asset purchase agreement is used when specific assets of a business are being bought, rather than the entire business itself. A property purchase agreement may include equipment, inventory, or intellectual property.
A business purchase agreement is for the sale of an entire business entity, including assets, liabilities, and sometimes employees. A blank purchase agreement form usually covers complex terms and conditions.
A land purchase agreement focuses exclusively on the transaction of undeveloped land. A purchase agreement contract outlines zoning, property boundaries, and sometimes development plans.
A real estate purchase agreement deals with buying or selling residential or commercial property. A purchase contract must include property details, closing costs, and inspection contingencies.
A stock purchase agreement is used when purchasing shares or equity in a company. A simple purchase agreement PDF outlines rights, ownership percentages, and corporate obligations.
An addendum to purchase agreement is often required when the original terms of the agreement need to be modified or updated. A purchase agreement keeps the original agreement in force while reflecting changes.
How To Fill Out a Purchase Agreement?
Step 1: Enter the effective date and party details
This section of the generic purchase agreement sets the stage for the agreement by identifying when the contract begins and who the parties are.
- Write the Effective Date of the agreement.
- Enter the full name and address of the Seller.
- Enter the full name and address of the Buyer.
This Sale and Purchase Agreement (the "Agreement") is entered into on April 10, 2024 (the "Effective Date") by and between:
Harper Evans, an individual having their usual place of living at 1025 Grandview Blvd, Seattle, WA, (the "Seller"), and
Noah Ramirez, an individual having their usual place of living at 228 Park Avenue, Boise, ID, (the "Buyer").
Step 2: Describe the object(s) and payment terms
A sample purchase agreement outlines what is being sold and for how much.
- Describe the goods or services being purchased.
- State the total price and how payment will be made.
The Seller hereby agrees to sell and deliver to the Buyer, and the Buyer hereby agrees to purchase from the Seller, the following object(s):
- 3 Commercial Refrigerators – Model RS500
- 2 Freezer Units – Model ArcticX
The total purchase price for the Object(s) is $12,500 (the "Purchase Price"). Payment shall be made in full by wire transfer within 10 days of signing this agreement.
Step 3: Specify delivery terms
Set expectations for when and how the items will be delivered.
- Enter the delivery deadline.
- Specify the delivery method.
The Seller shall deliver the object(s) to the Buyer on or before May 1, 2024.
The Seller shall deliver the object(s) using the following delivery method: Freight carrier – FastShip Logistics. Any change to the delivery method must be agreed upon in writing by both Parties.
Step 4: Define termination terms
A simple purchase agreement contract explains how either party can end the agreement, with or without cause.
- Enter the number of days’ notice required for termination without cause.
Either Party may terminate this Agreement without cause upon providing 30 days’ written notice. This Agreement may also be terminated immediately for cause if either Party fails to perform under the contract.
Step 5: Add force majeure conditions
- Enter the number of days after which either party can cancel due to force majeure.
If the force majeure circumstances last more than 15 days, either Party may terminate this Agreement by giving written notice. In this case, neither Party shall be liable to the other for any damages arising from the termination.
- Both parties should sign and date the simple purchase agreement.
- Each party should receive a signed copy.