A Purchase Agreement is a legally enforceable contract that records the particulars of the sale and purchase of any tangible and intangible property.
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Just like a Sales Contract, this document will protect both parties in case of a future disagreement or legal dispute. It is required to identify the seller and the buyer, provide a brief description of the item that is being transferred, include the price of the property, state the method of payment chosen by the parties, confirm the necessary tax payments were made, and indicate the date the sale and purchase are finalized. When you are selling and buying real estate, you should also obtain a notary seal for your agreement and file the document with the local county clerk or recorder to update the history of the title and safeguard the interests of third parties that may present their claims on the property.
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This legal contract is used for transfering a business to the buyer according to the terms and conditions specified in the document.
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