most real estate agents use standard pre-printed purchase contract forms, filling in the details specific to your purchase terms. however, since all the contract terms will be binding, it is important to understand what you are agreeing to before signing the contract. a purchase contract is created when there is a “meeting of the minds” on all terms—when you and the seller have come to agreement and signed the offer form along with any counteroffers and addenda.

they are also known as a: such an agreement protects the business from loss of revenue and can be used to cover the expense of finding and training replacements. by agreeing to the terms of the agreement, owners enter into a contract that transfers their business interests to potential buyers once a specific event occurs. a well-drafted buy-sell agreement creates a ready market for the disposal of business interests, establishes a mutually beneficial price, and provides the cash needed to complete the purchase of the business. this type of agreement provides key employees with the opportunity to buy off the business interests of a disabled or deceased key employee. these are formal agreements between a business and each of its key employees, where the business agrees to buy the stock of said employees in the event of their death.

ready to make an offer on the home of your dreams? whether it’s called a contract-to-purchase, an offer, binder, or earnest-money agreement, you can be held to your offer once it’s signed by the seller. that’s why your purchase offer must include every minute detail and aspect of the sale. ensure that your earnest money (a check you give to the seller or seller’s agent to show you’re serious about buying) will be deposited in a trust account or with a neutral third party, such as a title company, escrow service or attorney acting as an escrow agent. if you’re putting up a large earnest-money payment, stipulate that it be held in an interest-bearing account and that interest earned will be credited to your side of the ledger at settlement. set out any conditions for return of your money, including how quickly you’ll get it back if the offer expires or you withdraw it, or if for some reason the seller decides not to sell. your offer should state the type of deed and condition of title you’ll accept from the seller. make your offer contingent on getting a written loan commitment within a specified time and at terms agreeable to you. the sale should be made subject to a settlement date and when you will be entitled to take physical possession of your new home. settlement usually correlates with the length of time that’s required for a title search and mortgage approval — typically 45 days to 60 days.

the illinois residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract created by two parties involved in a residential property transaction. residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition.