Purchase Order Form of Contract
Author: Maria Clark
Published: March 12, 2012
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How to make your purchase order more significant
Purchase order is a list of items that are sent to the supplier by a buyer so as to place an order. The list contains
- the name of the item
- the quantity in which the item is required and
- the rate which has been agreed upon by the two parties.
In the case of real estate deals the buyer can issue a purchase order for the seller where in the buyer must mention the building or the house, its location and the money that has been agreed upon to be paid by the buyer to the seller. Also, the buyer must assume the purchase order form of contract to be legal and binding over the seller only when the seller has accepted the purchase order.
The importance of this contract
There are several reasons why purchase order form contract is necessary for the buyer as well as the seller ad they are:
The real estate property that is residential in nature requires the seller to have this type of contract in place
If you are the seller ad you will also be the financer for the buyer, you need to sign this contract
If there is a transaction that is taking place between the members of a family then there is a need of this contract.
In this contract the details of both the buyer and seller along with that of property is mandatory. Important dates, the prices insurance and any kind of conflict resolutions as well as a scope of termination f contract should be mentioned.
