If you`re in the market for a big-ticket item, like a car or a house, chances are you`ll need to sign a high purchase agreement. This is a legal contract that outlines the terms of the transaction, including the price, payment schedule, and other important details.
To help you get a better understanding of what a high purchase agreement looks like, we`ve put together a sample for you to review. Keep in mind that this is just a general example and the specifics may vary depending on the item being purchased and the parties involved.
High Purchase Agreement Sample:
Agreement made this [date] between [Seller] and [Buyer].
1. Description of item being purchased:
Seller agrees to sell and Buyer agrees to buy the following item: [description of item]. The item is in good condition and free of any liens or encumbrances.
2. Purchase price:
The purchase price for the item is [amount] and will be paid in [number of] installments. Payment shall be made on the following schedule: [schedule of payments].
3. Interest rate:
The interest rate for this high purchase agreement is [rate] per annum.
4. Possession and title:
Seller will deliver possession of the item to the Buyer upon receipt of the first payment. Title to the item will remain with the Seller until the full purchase price and any interest is paid in full.
If the Buyer defaults on any payment, the Seller may repossess the item without notice. The Buyer will be given the opportunity to cure the default within [number of] days of written notice from the Seller.
6. Governing law:
This high purchase agreement shall be governed by and construed in accordance with the laws of the state of [state].
7. Entire agreement:
This agreement constitutes the entire understanding between the parties and supersedes all prior agreements, understandings, or negotiations, whether written or oral.
Both Buyer and Seller have read and understand the terms of this agreement and agree to be bound by its terms.
As you can see, a high purchase agreement is a detailed document that outlines the terms of a major purchase. It`s important to carefully review and understand all of the terms before signing on the dotted line. If you have any questions or concerns, be sure to consult with a legal professional. Happy shopping!