Be careful, because many forms you may find are deceptively described as "valid in all 50 states." "Valid" does not mean that the contract meets the state and local requirements to sell property.
Using such a form can cause all kinds of issues, including:
- Almost every area has area specific disclosure requirements that buyer must sign in receipt,
- A buyer or seller can refuse to close/renegotiate at the last moment because the contract is unenforceable because it lacks required elements,
- Increased after closing liability, enabling one party to more easily bring the other into a lawsuit,
- Increased chances of a last minute issue, misunderstanding that can destroy a transaction at the worst possible time, when the buyer and seller both have their moving vans full, and
- Violating state and local laws that require purchase agreements to include locally important topics.
The right purchase agreement in most areas is updated frequently based on the professional experience of agents, attorneys, and title companies.