As self explanatory as it is, a purchase agreement is a document made and used to record purchase of any given product be it from an individual or from any retailer or company and between two or more parties to secure their interests. It is of utmost importance that one creates a purchase agreement as acts as a legal proof of the given purchase and can be used as evidence. It is easy to go without any documentation for a product which does not hold much value but it is highly recommended that one creates a purchase agreement when buying an expensive product such as jewelry, real estate property, vehicle, it can also be used while doing any business transactions to be on the safe side.

A purchase agreement is a general template and can be modified as per your terms. Depending on the laws and the requirements a purchase agreement may differ from state to state. A purchase agreement generally contains the full and legal names of both the parties, their complete addresses, their contact details, the detailed description of the product purchased, dollar amount mutually agreed by both the parties for the purchased product, declaration acknowledging the same followed by the signatures of both the parties.

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