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A Real Estate Purchase Contract, or purchase contract, is an agreement that outlines the specifics of a real estate sale. This document is usually completed by the buyer who submits it to the seller with their bid for the property. The document is straight forward, but must be completed with care. Should the seller accept the bid, the purchase agreement is a binding contract between both parties. A purchase agreement should contain any information relating to the sale of the property. The names of the buyer and seller, as well as the property's address, municipality and county should be listed. Finally, a contract must contain the closing date, often listed as the number of days from the submission of the contract, and the buyer's bid on the property. When a buyer fills out a purchase agreement, they should include any contingencies that must be met before the sale of the house. These often include property inspections, repairs to structural damage or the ability to secure a

An operating agreement is the code by which Limited Liability Companies (LLC) operate. In many states an operating agreement is not compulsory because in its absence the state law will apply by default. That may not be suitable situation for many LLCs, which require specific provisions for their management. Though an operating agreement is not required to be in writing, it is prudent to have it properly documented and signed by all members, or by the sole member in the case of a single-member LLC. This will avoid confusion and misunderstandings, and also clarify the limited liability status. An operating agreement basically covers the rights and responsibilities of members, how the company will be managed, and the manner in which the profits and losses are to be split. Due thought has to be given to such points, because they can have long-term impact on the LLC. Apart from routine details, the major points to be covered in an operating agreement include members' voting ri