A purchase agreement includes the sale price, the due date, closing date and title company information, as stated by Redfin Corporation. It outlines the agreed upon price and terms for an asset purchase.
Additionally, it may also include necessities for financing, inspection, appraisal and addendum that explain any additional terms not included in the actual document. The buyer’s agents prepare the purchase agreement in cases where the agents are handling the closing process and by the legal advisors in charge. The purchase agreement may also outline the conditions under which either the buyer or the seller can legally terminate the contract.