The Property Sale Contract Between Seller And Buyer is essential for any real estate transaction in the United States. This document is used when transferring ownership of residential, commercial, or industrial property from one party to another. It complies with federal regulations such as RESPA and state-specific property laws, while incorporating mandatory disclosures and contingencies. The contract protects both parties' interests by clearly defining the terms of sale, including property description, purchase price, closing conditions, and remedies for breach. It serves as the foundation for the closing process and subsequent property transfer.
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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 being sold
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property including address and boundaries
5. Purchase Price: Amount and payment terms including deposit details
6. Title and Deed: Provisions regarding transfer of title and type of deed
7. Closing: Date, location, and requirements for closing
8. Representations and Warranties: Standard declarations by both parties
1. Financing Contingency: Terms if purchase depends on buyer obtaining financing
2. Inspection Contingency: Terms for property inspection and resolution of issues
3. Property Management: Terms for managing property between contract and closing
4. Tenant Rights: Provisions regarding existing tenants
1. Property Survey: Official survey showing property boundaries
2. Title Report: Current title report showing encumbrances
3. Property Disclosure Statement: Seller's disclosure of property condition and known issues
4. Fixtures and Fittings List: Detailed list of items included/excluded from sale
5. Environmental Reports: Any environmental assessments or reports
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