The Private Sale Of Property Agreement is essential when individuals or entities wish to conduct a real estate transaction without the involvement of real estate agencies. This document is commonly used in the United States when sellers wish to save on commission fees or have a pre-existing relationship with potential buyers. It must comply with both federal regulations and state-specific property laws, including the Statute of Frauds and RESPA requirements. The agreement covers crucial elements such as property description, purchase price, closing conditions, contingencies, and warranties, while providing legal protection for both parties involved in the transaction.
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1. Parties: Identification and details of the seller and buyer
2. Background: Context of the sale and property identification
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold
5. Purchase Price: Amount and payment terms
6. Closing Details: Date, location, and requirements for closing
7. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter into the agreement
8. Governing Law: Applicable jurisdiction and law governing the agreement
1. Financing Contingency: Terms and conditions related to buyer's financing requirements and deadlines
2. Inspection Contingency: Terms governing property inspection rights, timeframes, and remediation requirements
3. Personal Property Inclusion: Detailed terms regarding any furnishings or personal items included in the sale
4. Tenant Rights: Provisions relating to existing tenant arrangements and obligations
1. Property Description Schedule: Detailed legal description of the property including boundaries and specifications
2. Personal Property Schedule: Comprehensive inventory of all personal property items included in the sale
3. Title Exceptions Schedule: List of all title exceptions, encumbrances, and easements affecting the property
4. Property Disclosure Statement: Seller's formal disclosure of property condition and known defects
5. Environmental Report: Environmental assessment results and identified hazards or concerns
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