Purchase agreements are the foundation of any real estate deal. Here’s what they include and why they matter for both buyers and sellers.
Buying or selling a property comes with a lot of moving pieces—but one document really sets everything in motion: the purchase agreement.
It might look like just another form to sign, but this agreement is what lays out the details of the deal and keeps both sides on the same page from start to finish.
So, What Is a Purchase Agreement?
At its core, a purchase agreement is a contract between a buyer and a seller. It spells out the terms of the sale and acts as the guide for everything that follows.
Most agreements include details like:
While many agreements follow a standard format, no two transactions are exactly alike—so the details can vary.
Why It’s Such an Important Document
The purchase agreement isn’t just a formality—it’s what defines the deal. It helps make sure both the buyer and seller understand what’s expected and what comes next.
When everything is clearly outlined upfront, it can help prevent confusion, delays, or disagreements later in the process.
A Quick Word on Contingencies
You’ll often see the term contingencies in a purchase agreement. These are conditions that need to be satisfied before the sale can move forward.
Some common examples include:
If those conditions aren’t met, the agreement may allow for changes to the deal—or, in some cases, for the transaction not to move forward.
What Happens After It’s Signed?
Once both parties sign the purchase agreement, the process starts moving toward closing. This can include inspections, securing financing, and handling other necessary steps before ownership is officially transferred.
The agreement itself acts as the roadmap during this stage, guiding each step along the way.
Final Thoughts
A purchase agreement is one of the most important parts of any real estate transaction. It sets the expectations, outlines the details, and helps keep everything moving in the right direction.
At Borden, Steinbauer, Krueger & Knudson, P.A., we help clients navigate real estate transactions and review purchase agreements so they can move forward with confidence.
Born and raised in St. Cloud, Minnesota, Sam is thrilled to return to Central Minnesota after passing the bar exam in 2024. Sam's diverse experience spans roles with the Douglas County Attorney’s Office (Civil Division), a Nebraska lobbying firm, Hudl, and the University of Nebraska Civil Clinic. Through these positions, he gained valuable exposure to various areas of law, including civil litigation, policy advocacy, and client counseling. Early in his legal career, Sam is eager to leverage his skills and experiences to deliver effective and personalized legal solutions for BSKK’s clients.
Areas of Practice:
- Business Litigation
- Construction Litigation
- Property Law & Real Estate
- Contract Disputes
- Personal Injury
- Probate/Trust Disputes
- Landlord/Tenant
- Family Law
Education:
- University of Nebraska College of Law, Lincoln, Nebraska, 2024, J.D.
- Concentration in Real Estate and Business Transactions
- North Dakota State University, Fargo, North Dakota, 2019, B.S.
- Honors: Magna Cum Laude
- Majors: Political Science and Management Communication
Bar Admissions:
- Minnesota 2024
Professional Memberships:
- Minnesota State Bar Association
David V. Hurt is a seasoned litigator who has been advocating for individuals, families, and businesses across Minnesota since 2012. His practice is rooted in a practical, results-driven approach that blends strategic litigation with thoughtful dispute resolution. David's clients trust him to navigate complex legal issues with clarity, efficiency, and unwavering commitment.
He began his legal career clerking for the Honorable John G. Melbye in the Ninth Judicial District of Minnesota, where he gained invaluable perspective on trial practice and judicial reasoning. Since then, he has built a diverse portfolio of experience at firms in Minneapolis, Washington, D.C., and Pennsylvania—litigating matters ranging from corporate and construction disputes to aviation claims.
David’s practice spans a wide range of civil matters, including business formation and litigation, real estate and land use disputes, probate and trust litigation, and family law. He is particularly experienced in resolving high-conflict disputes and routinely employs alternative dispute resolution strategies to secure favorable outcomes for his clients while minimizing cost and disruption.
Areas of Practice:
Education:
Bar Admissions:
Professional Affiliations:
Virginia "Ginny" Knudson represents individuals and businesses in various areas of law, including, estate planning and probate, business and corporate, real estate, and governmental relations. Ginny provides mediation services in divorce and custody, especially for business owners and high wage-earners, as well as for real estate, probate and business disputes. Ginny has been selected as a top attorney by Minnesota Super Lawyer Magazine from for 13 years.
Areas of Practice:
– Estate planning
– Business and corporate
– Real estate and landlord representation
– Probate disputes, guardianships and conservatorships
– Municipal and governmental relations
-- Mediation
Education:
– University of Minnesota Law School, Minneapolis, Minnesota, 1994, J.D.
– Honors: Cum Laude
– University of St. Thomas, Minneapolis, Minnesota, 1991, B.A.
– Honors: Summa Cum Laude
– Honors: Aquinas Scholar
– Major: Economics, Spanish, Minor: Business
Bar Admissions:
– Minnesota, 1994
– U.S. District Court District of Minnesota, 1994
– U.S. Court of Appeals 8th Circuit, 1996
Professional Memberships:
– St. Francis Church Finance Council, 2004–present, Chair and Trustee
- Essentia-St. Joseph's Medical Center, Directors Council, 2020-present
- Lakes Area Music Festival Board, Board Member 2022-present
– Brainerd Area Chamber of Commerce, 2016-2022, Board Member and Chair
– Mount Ski Gull, Board Member, 2014-2019
– Benevolent and Protective Order of Elks, Brainerd Lodge #615
– Zonta International, 1999–2018
– Jaycees, Brainerd, 1998–1999
– Aitkin/Crow Wing County Bar Association, 2000–2001, President
– Aitkin/Crow Wing County Bar Association, 1999–2000, Vice-President
Patrick has been practicing law since 1980, dedicating over 90% of his career to representing personal injury victims and their families, as well as handling a wide range of civil litigation matters. He is a Certified Trial Specialist recognized by the Minnesota Bar Association and was named a leading American attorney in personal injury law by the American Research Corporation. His professional excellence also earned him recognition as a Super Lawyer by Minnesota Law & Politics, placing him among the top six percent of attorneys in Minnesota.
Pat is enjoying a well-deserved retirement after 40+ years of practice. We thank Pat for his years of dedication to the firm and his service to the Brainerd Lakes Area. His legacy is marked by a deep commitment to justice, compassion for clients, and significant contributions to the legal profession.
Areas of Practice (during his active years):
Plaintiff’s Personal Injury
Civil Litigation
Real Estate Litigation
Construction Litigation
Contract Litigation
Mediation and Arbitration
Education:
– University of North Dakota School of Law, Grand Forks, ND – J.D., 1980
- Honors: Graduate of the Year, Bruce Inn
- North Dakota Law Review, 1979–1980
– Concordia College, Moorhead, MN – B.A., 1974
- Major: Business Administration / Hospital Administration
Bar Admissions:
Minnesota, 1980
U.S. District Court, District of Minnesota, 1981
Professional Memberships:
American Bar Association, Member
Minnesota State Bar Association, Member
American Association for Justice, Member
Minnesota Association for Justice, Member
Crow Wing-Aitkin County Bar Association, Past President
Brainerd Area Chamber of Commerce, Past Board Member
Brainerd Jaycees, Past President (1981–1982)
Benevolent and Protective Order of Elks, Brainerd Lodge #615, Past Exalted Ruler
P.O.R.T. Group Home, Past Member, Board of Directors
