The Contract to Sell Property is a fundamental legal document used in real estate transactions throughout the United States. It is essential when transferring ownership of real property, whether residential, commercial, or agricultural. This contract type must comply with both federal regulations and state-specific requirements, including the Statute of Frauds which requires real estate contracts to be in writing. The document typically includes detailed information about the property, purchase price, payment terms, closing conditions, and various representations and warranties from both parties. It serves multiple purposes: documenting the agreement between parties, protecting their respective interests, ensuring legal compliance, and facilitating the closing process. The contract is particularly important as it creates a legally enforceable obligation for the seller to transfer the property to the buyer under specified terms and conditions.
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1. Parties: Identifies and provides full legal names and addresses of the seller and buyer
2. Background: Establishes the context of the sale and confirms the seller's ownership and right to sell
3. Definitions: Defines key terms used throughout the contract
4. Property Description: Detailed legal description of the property being sold, including address and boundaries
5. Purchase Price: Specifies the agreed purchase price and payment terms
6. Earnest Money: Details the earnest money deposit amount, holder, and conditions
7. Due Diligence Period: Specifies the timeframe and terms for buyer's property inspection and investigation
8. Seller's Representations and Warranties: Seller's statements about the property's condition and legal status
9. Buyer's Representations and Warranties: Buyer's statements about their ability to complete the purchase
10. Closing: Details about the closing date, location, and requirements
11. Prorations and Adjustments: How taxes, utilities, and other expenses will be prorated between parties
12. Default and Remedies: Consequences and available remedies if either party defaults
13. Notices: How and where official communications between parties should be sent
14. Governing Law: Specifies the state law governing the contract
15. Signatures: Execution block for all parties and witnesses if required
1. Seller Financing: Used when the seller is providing financing for part of the purchase price
2. Lease Back: Used when the seller will rent the property back after closing
3. Personal Property: Used when specific items of personal property are included in the sale
4. Construction Completion: Used for new construction or properties under renovation
5. 1031 Exchange: Used when either party is conducting a tax-deferred exchange
6. HOA/Condo Association: Used for properties subject to homeowners or condo association
7. Mineral Rights: Used when mineral rights are being retained or separately conveyed
8. Agricultural Provisions: Used for properties with agricultural uses or restrictions
9. Environmental Conditions: Used when specific environmental issues need to be addressed
10. Tenant Rights: Used when property is sold subject to existing tenancies
1. Schedule A - Property Description: Detailed legal description and property boundaries
2. Schedule B - Personal Property Included: Itemized list of personal property included in sale
3. Schedule C - Title Exceptions: List of title exceptions and encumbrances
4. Schedule D - Due Diligence Documents: List of documents provided for buyer's review
5. Appendix 1 - Property Disclosure Statement: Seller's disclosure of property condition
6. Appendix 2 - Environmental Reports: Any environmental assessments or reports
7. Appendix 3 - Survey: Property survey and related documentation
8. Appendix 4 - Permits and Certificates: Copies of relevant permits and certificates
9. Appendix 5 - Title Insurance Commitment: Preliminary title insurance commitment
10. Appendix 6 - Property Photos: Documentation of property condition at time of contract
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Banking & Finance
Legal Services
Construction
Property Management
Insurance
Commercial Real Estate
Residential Real Estate
Agriculture
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Management
Business Development
Operations
Finance
Investment
Asset Management
Relevant Roles
Real Estate Agent
Property Manager
Real Estate Attorney
Title Officer
Escrow Officer
Real Estate Broker
Compliance Officer
Legal Counsel
Property Developer
Asset Manager
Real Estate Investment Manager
Contract Administrator
Business Development Manager
Property Acquisition Specialist
Risk Manager
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