Purchase contracts are legitimate commitment between the owner of the property and the buyer party, which cover the total estimation cost to be paid, term & conditions and clause for the payment for validating this legal binding document.
Purchase contract types: House purchase contract, real property purchase contract, vehicle purchase contract and others. The entire property inspection report is being enclosed with the purchase contract.
A purchase contract must include the following mentioned factors:
(a)Legal purchase contract number and date of signing the contract.
(b)Date on which the purchase is commencing or getting transferred to the name of the buyer.
(c) Contact information of the seller and the buyer including their name, permanent address and contact number.
(d)Brief details of the property/ vehicle to be purchased by the buyer, inclusive of the registration number.
(e)Payments terms and the amount to be paid by the buyer are mentioned along with the duration.
(f) Clauses and duties for both the partiers should be explained.
(g)Signature of the seller and the buyer for acceptance.
(h)Signature and address of the Solicitor firm.
The New owner or the buyer can retain the original copy of the purchase contract, whereas the duplicate copy can be kept by the seller.