fbpixel
What is Included in a Written Purchase Agreement?

What is Included in a Written Purchase Agreement?

When you find the perfect home and decide to make an offer, the next step is putting it in writing—literally. A written purchase agreement is a legally binding contract between you and the seller that outlines all the details of your home purchase. It’s one of the most important documents in the homebuying process and serves as the roadmap for the entire transaction.

Understanding what’s included in a purchase agreement can help you feel more confident when making an offer and avoid surprises later on. At the Kenmore Team, we believe informed buyers make smarter decisions—so let’s break down exactly what you’ll find in this essential document.

Buyer and Seller Information

Every purchase agreement starts with the basics: who is buying the home and who is selling it. This section includes:

  • Full legal names of all buyers and sellers involved.
  • Contact information for each party.
  • A statement that all parties are entering into the agreement voluntarily.

It may seem simple, but these details help ensure that the right individuals are legally tied to the transaction. Accuracy here is essential for the rest of the contract to hold up.

Property Details

Next, the agreement specifies the home that’s being purchased. This goes beyond just the street address. The property section usually includes:

  • The full legal description of the property (often pulled from the county records or title report).
  • Parcel number or lot number, if applicable.
  • Physical address of the home.
  • A list of included items—such as kitchen appliances, lighting fixtures, window coverings, or even outdoor features like sheds or hot tubs.

This section is important because it clarifies exactly what the buyer is purchasing. If there’s a specific item the buyer wants included—like a washer and dryer or custom-built shelving—it should be listed here to avoid confusion later.

Buy a home with the Kenmore Team - CTA

Purchase Price and Financing Terms

One of the most critical parts of the purchase agreement is the financial breakdown. This section outlines:

  • The agreed-upon purchase price for the home.
  • How the buyer intends to pay—whether it’s an all-cash offer, conventional loan, FHA or VA loan, or another financing method.
  • Earnest money deposit amount and how it will be handled (including where it will be held and how it applies toward the final purchase).
  • Down payment details, if financing is involved.
  • Information about the buyer’s mortgage lender, if already known.

Clarity in this section helps ensure both parties understand the financial terms of the sale. If the buyer is financing the purchase, this portion of the agreement may also include a financing contingency, which gives the buyer an opportunity to back out if their loan isn’t approved.

Contingencies

Contingencies are conditions that must be met for the sale to move forward—and they serve to protect both the buyer and seller. This section of the purchase agreement outlines what those conditions are and when they must be satisfied.

Some of the most common contingencies include:

  • Financing Contingency: Protects the buyer if they are unable to obtain a mortgage.
  • Home Inspection Contingency: Allows the buyer to inspect the home and request repairs or cancel the agreement based on the results.
  • Appraisal Contingency: Ensures the home is valued at or above the purchase price by the lender’s appraiser.
  • Sale of Buyer’s Current Home: Gives the buyer time to sell their existing home before completing the new purchase.

Each contingency will have a timeline and specific criteria. Meeting these deadlines is critical—missing them could mean losing protections or even the earnest money deposit. Working with a knowledgeable real estate agent helps ensure nothing slips through the cracks.

Important Dates and Deadlines

Timing is everything in a real estate transaction, and the purchase agreement lays out all the key dates to keep the deal on track. This section includes:

  • Offer acceptance date: When the seller officially accepts the buyer’s offer.
  • Deadline for earnest money deposit: Typically due within a few days of acceptance.
  • Financing deadline: When the buyer must have loan approval.
  • Inspection period: A window of time for conducting the home inspection and negotiating any needed repairs.
  • Appraisal date: When the lender orders and receives the appraisal report.
  • Closing date: The day both parties finalize the sale and ownership is officially transferred.
  • Possession date: When the buyer gets the keys—this could be the same as the closing date or a separate, agreed-upon time.

Missing a deadline can delay the transaction or even put the sale at risk. That’s why having a real estate agent manage the timeline is crucial—they’ll help you stay on schedule and ensure all milestones are met.

closing costs

Closing Costs and Who Pays What

Closing costs can include a variety of fees related to the home purchase, and the purchase agreement specifies who will be responsible for paying each one. These costs may include:

  • Title insurance
  • Escrow or closing fees
  • Property taxes and HOA dues (prorated)
  • Transfer taxes
  • Lender fees and origination charges
  • Home warranty (if included)

This section will also clarify whether the buyer is asking the seller to contribute toward any of the costs—commonly known as seller concessions. These concessions can be negotiated to help cover things like loan fees or prepaid taxes.

Having this financial information in writing ensures there are no surprises at the closing table—and helps both parties prepare accordingly.

Disclosures and Legal Requirements

A written purchase agreement must comply with all local, state, and federal laws—including required disclosures. This section of the contract ensures that:

  • The seller discloses any known issues with the home, such as roof damage, mold, or prior flooding.
  • Buyers receive any state-required disclosures, such as lead-based paint disclosures for homes built before 1978.
  • The buyer has a defined review period to read and respond to these disclosures—often with the option to cancel the contract if major concerns are uncovered.

These disclosures are in place to protect the buyer and promote transparency. If any required disclosures are missing or misleading, the buyer may be able to walk away from the deal with their earnest money refunded.

Additional Terms and Conditions

Every real estate transaction is unique, and the purchase agreement provides space to include any special terms or conditions that don’t fall under standard categories. This might include:

  • Seller-paid repairs or improvements to be completed before closing.
  • Home warranty coverage provided by the seller.
  • Inclusion of personal property, such as patio furniture, security systems, or custom drapery.
  • Agreements related to rent-backs if the seller needs extra time in the home after closing.

These extra clauses help tailor the agreement to meet the needs of both parties and should be clearly written to avoid confusion later. This section is also where any negotiated items are recorded, so nothing is left to verbal agreement alone.

signing closing documents

Signatures and Final Agreement

The final section of a written purchase agreement is what makes it official and legally binding—the signatures. Both the buyer(s) and seller(s) must sign and date the document. Once signed, the agreement represents a commitment to move forward under the outlined terms.

In Washington State, and specifically in the Tri-Cities area, digital signatures are commonly used, making this step fast and convenient. However, both parties should review every detail carefully before signing. Any changes after this point typically require a formal amendment signed by both parties.

Final Thoughts

A written purchase agreement is more than just paperwork—it’s the blueprint for your home purchase. It spells out every important detail, protects your rights as a buyer, and ensures that both parties are on the same page from offer to closing.

At the Kenmore Team, we’re here to help you understand every part of the process so you can move forward with confidence. Whether you’re writing your first offer or buying your forever home, our expert agents will guide you through each clause, contingency, and condition—making sure your best interests are always protected.

Ready to start your home search in the Tri-Cities? Contact the Kenmore Team today and let’s find your perfect home—on your terms.