The Home Sale Agreement Private Sale is essential for direct property transactions between private parties in the United States. This document serves as the primary contract governing the sale of residential property without real estate agent intermediaries. It includes crucial elements such as property description, purchase price, payment terms, contingencies, and closing requirements. The agreement must comply with federal regulations like RESPA and TILA, as well as state-specific real estate laws. It's particularly useful for sellers looking to avoid agent commissions and buyers seeking direct negotiations with property owners.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the sale 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: Sale price and payment terms including deposit arrangements
6. Closing Terms: Date, location, and requirements for closing
7. Seller's Representations: Mandatory disclosures about property condition and title
8. Default Provisions: Consequences of breach by either party
9. Governing Law: Applicable state law governing the agreement
1. Financing Contingency: Terms and conditions related to buyer obtaining mortgage financing for the purchase
2. Inspection Contingency: Terms for property inspection rights and procedures for addressing inspection findings
3. HOA Provisions: Details about homeowners association requirements, fees, and regulations
4. Lead Paint Disclosure: Federally required lead paint notifications and acknowledgments for pre-1978 properties
1. Property Disclosure Statement: Detailed disclosure of property condition and known issues
2. Fixture and Personal Property List: Itemized list of items included and excluded from the sale
3. Title Documents: Copy of title report and related documentation
4. Survey: Property survey showing boundaries and improvements
5. HOA Documents: Relevant homeowners association rules, regulations, and financial statements
Relevant legal definitions
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