Create a sale record in a written document will help and give benefits for both the seller and the buyer. It is advisable to create document called purchase agreement that also known as purchase agreement form, purchase contract or purchase and sale agreement. Those are basically same that to officially record any selling buying transaction of valuable things in written document. The purpose of creating it is to protect both parties from infringement or fraud not to mention dispute because of misunderstanding. The document will be owned by both sides that become the evidence or support when some issues come.
Purpose of Signing Purchase Agreement
When you want to sell or purchase valuable goods such as heirloom jewelry, antiquities or other things will worth value, paper trail to record the transaction is very essential to create. Purchase contract is only able to impose for ownership transfer of things or goods but disable to use for real estate transaction. Purchase agreement is very useful for recording details process of transaction such as detail description of the goods, information of seller or buyer, price and other details that may be necessary to add by both sides. Seller needs this document to record that he or she does not have the goods anymore since it has been transferred the ownership to another party. Buyer needs the contract to prove that he or she has done transaction of purchase and now the good is owned by him or her.
Information Written in Purchase Agreement
To make everything formal and official on the purpose to create less hassle when something come up along the way, some condition of purchase selling transaction will need to create purchase agreement.
• You are the seller of personal property
• You are the buyer of someone’s property
• You want to exchange or transfer ownership of a property or goods
You will need documentation especially when it comes with valuable and expensive things with high selling value. Jewelry, heirloom, antiquities, paintings are examples of valuable items that require purchase contract when the transaction is done. The documents will be useful if something is not right and you need to file a lawsuit due to the fraud or infringement of the agreement. Valuable goods are potentially being forged and if the seller brings fake goods the buyer has full extent to sue or file a lawsuit. Any dispute regarding the ownership will also be minimized if both sides have the written contract then it can be imposed as evidence.
If you need a reference to know more about this agreement, you can download the Purchase Agreement template below. Remember that this is just a sample. You need to consult with your company lawyer to create a more official one and cover all of your company’s interests.
Purchase Agreement Template (33.5 KiB, 559 hits)