Purchase Agreement Templates
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What is a Purchase Agreement?
A purchase agreement is a contract between two parties that outlines the terms of an exchange. It is used to ensure both parties are agreeing on the same conditions, such as price and delivery. Like all contracts, it can be verbal or written but if it’s written, you should have a lawyer review it before signing anything!
It is important for both parties to understand their rights and responsibilities within this agreement. For example: “what happens if I don’t pay?” or “am I responsible for any damages?” These are questions that you may want answered before agreeing to buy something from someone else. If there are no clear answers in the purchase agreement then it’s best not to sign until those details become more clear!
When is a purchase agreement useful?
When buying off Kijiji or from private sellers a purchase agreement provides a record of the sale.
You are selling something "as-is" and want the terms of the sale to be clearly defined.
Protects all parties from willful or unintentional fraud - protecting both the buyer and seller
Purchase agreements can be used for the purchase of any item from antiques to houses.
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Legal Document FAQ
Who should get a purchase agreement?
Anytime you make larger purchases where conditions like authenticity, condition, warranties, purchase price and other terms are agreed and recorded.
What are valid payment methods in a purchase agreement?
Typical payments include certified cheque, cash, money order, e-transfer or credit card payment.
What is a purchase agreement?
A purchase agreement is a contract that records the sale and purchase of goods or services. It includes information about all the parties, the terms of the sale, warranties, prices, exclusions, etc.