The Real Estate Sales Agreement serves as the primary legal document governing property transactions in the United States. This agreement is essential when transferring ownership of real property, whether residential or commercial. It protects both buyer and seller interests by clearly documenting all aspects of the transaction, including price, payment terms, contingencies, and obligations of both parties. The document must comply with various federal regulations such as RESPA and TILA, as well as state-specific real estate laws. It typically includes mandatory disclosures, inspection rights, financing terms, and closing requirements.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction and property identification
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including address and boundaries
5. Purchase Price: Amount and payment terms including deposit requirements
6. Closing: Date, location, and requirements for closing
7. Title and Deed: Requirements for clean title and deed transfer
8. Representations and Warranties: Standard seller and buyer declarations about the property and transaction
1. Financing Contingency: Terms and conditions related to buyer securing mortgage financing for the purchase
2. Inspection Contingency: Terms governing property inspection rights and potential outcomes based on inspection results
3. Sale Contingency: Conditions related to buyer's need to sell existing property before completing this purchase
4. Tenant Rights: Provisions regarding existing tenant arrangements and obligations if property is currently leased
1. Schedule A - Property Inventory: Detailed list of included fixtures, fittings, and other items included in the sale
2. Schedule B - Property Disclosure Statement: Mandatory disclosures about property condition and known issues
3. Schedule C - Title Documents: Current title documentation and search results
4. Schedule D - Environmental Reports: Environmental assessments and related documentation
5. Schedule E - Survey Documents: Property surveys and related documentation
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