Check out our collection of 10 Free Purchase Agreement Templates to help you prepare you own agreement. For more agreement choices, you must see our Agreement Templates category. You will find these purchase agreement templates in MS Word or PDF format for easier use.
Buying something from your friend and from a company is very different. As in official or business purchase, there are multiple moving pieces and it’s hard to keep track of all of them. If you buy something personally, you are the only responsible person for that. But when you buy something for your company or business, it’s easier to make a small mistake or error. Even if you keep up with all the orally agreed terms, there is no guaranty that the other party i.e. vendor or seller will do the same too. Just to make sure that when entering in a business deal, both parties stick to their responsibilities and duties and respect other party’s rights, a Purchase Agreement is designed.
Whether you just want to buy an old car from a dealer or you want to hire office cleaning service for your workplace maintenance. It’s important that you enter in a legal contract with the other party. This contract or Purchase Agreement will not only save you from future disputes but it will also allow you to resolve any misunderstandings later on. It will save you from any trouble by either party either intentionally or unintentionally.
Tips for Drafting a Purchase Agreement:
While using our Purchase Agreement Templates, keep in mind following important tips.
- Before you design a Purchase Agreement, it’s important to understand what information should be on this contract.
- Start with mentioning the names and address of all parties in the purchase transaction.
- Then, include the details of the companies or businesses of both parties.
- Reference numbers and dates are very important for this Purchase Agreement. Also, mention the date on which the buyer placed order.
- Another important part of this agreement is the detail of goods or items purchased here. This can be anything from a simple office equipment to industrial unit and even real estate property.
- Mention the date on which both parties enter in this agreement and the date on which the vendor will deliver the goods or items to the buyer.
- In the next part, add details of payment. Start with the unit price of each item that both parties agreed along with the payment method. If the buyer agreed to pay on delivery, mention it or if both parties agreed that the buyer will make the payment in separate installments, clearly state that in the agreement.
- Next thing is the detail of all important clauses and mutually agreed terms and conditions of the agreement. For example, what if the agreement is breached by either party, what if any party violates a clause, what if the vendor fails to deliver goods on time or what if the buyer fails to make payment on time. This part is very important because it will help both parties to resolve their future disputes without involving legal help.
- At the end of the agreement, mention full names of both parties and put their signature on the bottom.
Free Purchase Agreement Templates
This is a customized contract for a business deal purpose which is used to outline the terms and condition between buyer and seller. This agreed policy, recorded in written format benefits both the buyers and sellers. Purchase Agreement is very much important especially when dealing property is expensive and valuable. You need this documentation process when you are going to purchase any personal property or in the case of selling the same also if you want to change the ownership of goods. There are so many things which you must include in your Purchase Agreement. Some of the common factors are as below:
- Buyer/seller details (may have multiples in number)
- Pricing, financing and possession date
- Insurance details and also terminate condition
Using Purchase Agreement Templates
You can also record your all aspect to suit your specific contract. The documentation will also cover compensation cost if buyer or seller conflicts any term of the deal. A customer must have awareness about the financial policies in real estate purchase contract which is informative and differentiated by financial position of buyer and seller. Buyers can take a loan from a bank to purchase anything which is known as third party financing. When a buyer is unable to take the loan, the seller provides financing to him termed as seller financing. In another case if the buyer takes over seller’s mortgage named the term as an assumption. No finance is another term when buyers need not take a loan.
In Purchase Agreement, a termination policy is also present which helps the buyer to end an agreement prior to the selling date, by giving a written notice to the seller. The seller may charge a compensation fee to some extent for doing cancellation of the relevant deal. Although the existence of termination option and compensation cost should be decided in full concern of agreement dealers.
Another good looking but comprehensive Purchase Agreement Template worth reading.