What is a real estate purchase agreement?
A purchase agreement (also called a purchase and sale agreement or offer to purchase) is the contract that commits a buyer and seller to a property sale. It needs to cover the money, the conditions the buyer is relying on, the timetable and the consequences of not completing.
This template sets out the property and what's included, the price and a deposit held by an escrow agent, lawyer or conveyancer, an optional finance condition, an inspection period, other conditions, title, the seller's statements, completion and possession, apportionment and closing costs, risk of damage before completion, default and agents' fees. Sales of land often have to follow local formalities — prescribed forms, witnessing, notarisation or a lawyer — so treat this as a draft and check what your area requires.
- Best for
- Private home or land sales, and as a term sheet before a lawyer's final contract
- Signed by
- Buyer and seller, initialled on every page
- Conditions
- Optional finance condition, inspection period and any custom condition
- Length
- 3 pages
When to Use a real estate purchase agreement
- A private sale between neighbours, friends or family
- A for-sale-by-owner deal once the price is agreed
- Buying a vacant plot of land
- Selling a let property with tenants in place
- Writing up agreed terms for both sides' lawyers
What You Fill In
23 blanks, then the name and email of each person who signs: buyer, seller.
1 The parties
- Date of this agreement*
- Buyer name(s)*
- Buyer's address*
- Seller name(s)*
- Seller's address*
2 The property
- Property address*
- Legal description or title number
- Included in the sale
- Excluded from the sale (optional)
3 Price
- Currency*
- Purchase price*
- Deposit (earnest money)*
- Days after signing to pay the deposit*
- Who holds the deposit*
4 Conditions
- Finance condition* is conditional on the Buyer obtaining a written mortgage offer on terms reasonably acceptable to the Buyer · is not conditional on finance: the Buyer will pay the price from the Buyer's own funds or arrange finance at the Buyer's own risk
- Days to satisfy the finance condition*
- Days for inspections and surveys*
- Other conditions (optional)
5 Completion
- Completion (closing) date*
- Possession* with vacant possession on completion, with all keys · subject to the existing tenancies listed in the attached schedule, with deposits and rent adjusted on completion
- Closing costs* Each party pays the closing and transfer costs that are customary for a buyer or a seller where the Property is, and its own legal fees. · Closing and transfer costs are split as set out in the attached schedule, and each party pays its own legal fees.
6 Other terms
- Governing law*
- Offer open until (optional)
7 Who signs
- Buyer signature and date, initials on every page · The person or people buying. If buying together, send a copy to each buyer to sign.
- Seller signature and date, initials on every page · The owner selling the property. If owned jointly, all owners should sign.
What the real estate purchase agreement Covers
- The Property
- Price and deposit
- Conditions
- Title
- Seller's statements
- Completion and possession
- Risk before completion
- Default
- Agents
- General
Using the real estate purchase agreement, step by step
1 Name the parties and property
Enter the buyer, seller, address, legal description and what's included or excluded.
2 Set price and deposit
Enter the price, the deposit, when it's paid and who holds it.
3 Choose the conditions
Choose whether the sale depends on finance, set the finance and inspection periods, and add any other condition.
4 Fix completion and send
Set the completion date, possession and closing costs, add the governing law and an optional offer deadline, and send it for signature.
Tips Before You Send It
- Have the deposit held by a neutral party — an escrow agent, title company, lawyer or conveyancer — not the seller personally.
- Check whether your area requires a particular contract, a cooling-off period, or a notary or witness for land sales.
- Time limits are strict under this agreement, so diarise the finance and inspection deadlines.
- Store the signed agreement, the seller's disclosure and the inspection report together in Files.
Sign It Online In Minutes
- Fill in the blanks. Names, dates and amounts go straight into the agreement — the preview shows exactly where.
- Name who signs. Tick “This is me” for your own part. VergeHR builds the PDF with every signature, date and initials box on the right line, and you can check or move anything before sending.
- Send it. Each signer gets a secure link and signs from any device — no account needed. The signed PDF, with an audit trail and a Certificate of Completion, is filed in Files and emailed to everyone.
Real estate purchase agreement: frequently asked questions
Can I buy a house with an e-signed contract?
In many places a purchase contract can be signed electronically, but some require paper, witnesses, a notary or a lawyer for land sales, and the deed or transfer usually has its own formalities. The agreement says it is subject to whatever further formalities the law requires.
What happens to the deposit if the sale falls through?
If the buyer cancels under a condition, or the seller can't give good title or fails to complete, the deposit is returned. If the buyer fails to complete without a lawful reason, the seller may keep it or pursue other remedies the law allows.
Who pays closing costs?
You choose: each side pays what's customary where the property is, or a split set out in an attached schedule. Each pays its own legal fees and its own agent.
Is an e-signed purchase agreement valid?
Electronic signatures are generally accepted for ordinary agreements like a purchase agreement in the US (ESIGN Act and UETA), the UK, the EU (eIDAS) and Canada, though local rules can add requirements. VergeHR keeps an audit trail and a Certificate of Completion with the signed PDF.