A purchase agreement is simply a legal document giving all the details of a sale or purchase transaction, including price and terms. In a purchase agreement, the seller describes that on the mentioned date, and place, and for the specific sum of money or other mode of payment, the seller has traded the mentioned item or parcel to the purchaser.
It is a written instrument which gives solid proof to the transfer of ownership to any sort of item from the seller, to the buyer. Purchase agreements are very important in all types of businesses but are most commonly connected with real estate deals, so as to seal the final interests of both the parties before closing the deal.
They are set up to help both the suppliers and the purchasers forecast demand and costs, and become increasingly important as the size of the deals increases. It is based on legal consideration. The purchase agreement shows the deliberate transfer of ownership of the specified item.
While creating a purchase agreement, make sure that you follow the specific format and layout that is acceptable everywhere, because it is an official and legal document. If the design is not a universally acknowledged one, your agreement will count to nothing. To help you in this regard, we have created this purchase agreement template, which you can preview from the screen shot shown below. Just click on the download link given below, and you can save the template file on your own hard disk. It is very easily customized, and simple to print.