What should buyers include in their purchase agreement?

Including important terms of the sale in a purchase agreement is crucial as it outlines the specific details and conditions that govern the transaction. These terms typically cover aspects such as the purchase price, financing details, closing date, contingencies (like inspections or appraisals), and the responsibilities of both the buyer and seller. By comprehensively documenting these elements, the agreement helps to protect the interests of both parties, minimizes misunderstandings, and provides a clear framework for the transaction.

In contrast, focusing only on price and closing date, or limiting the agreement to aspects like the name of the real estate agent or just the inspection timeline, would leave out critical information that ensures all parties are aligned on the broader details of the transaction. This could lead to disputes or complications later on. Therefore, a purchase agreement should encompass all important terms to facilitate a smooth and legally binding sale.