Purchase Agreement

The Purchase Agreement is a legal contract between a seller and a buyer that records the conditions of the purchase.
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Frequently Asked Questions

While both documents are legally binding, there is a difference in enforceability. A purchase order becomes a binding contract once it is accepted. However, if the seller is to alter the terms, the contract is invalidated unless the changes are approved by the buyer. In the meantime, the shipment of goods may be postponed. In contrast, a Purchase Agreement remains enforceable as long as it is backed up by the relevant purchase order. Additionally, purchase orders are typically used in low risk situations. At a higher risk level, buyers and sellers may want to insist on the use of a Purchase Agreement, which allows for comprehensive risk management. A final notable difference is that the Purchase Agreement has to be signed before order fulfillment, whereas a purchase order becomes valid at its acceptance. Once accepted, the purchase order becomes an enforceable contract.

There is a particular version used for this purpose known as the Real Estate Purchasing Agreement. It is the same as the regular Purchase Agreement with additional terms as relates to real estate. These include pricing and financing, property details, a list of appliances excluded or included in the sale, earnest money deposit amount, and closing and possession dates.