Formation and Purchase agreement is an agreement which outlines the terms and conditions that the parties involved in a transaction of goods or services should follow. The buyer and the seller who are involved in the transaction agree to a set of rules and regulations that are drafted in the agreement as part of the transactions. Formation and Purchase agreements are most commonly used within the real estate and telecommunication industries.
The buyers and the sellers involved in the Formation and Purchase agreement agree to comply with the terms that are listed in the agreement and if by any chance a party fails to meet the specifications, the other party has the legal rights to declare the agreement null. In case of real estate, only if both the parties, the buyer and the seller, have agreed to act in accordance with the terms that the agreement has specified, will the titles will be transferred and the buyer can assume the ownership of a property.
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