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Real Estate Sales Agreement for the United States

Real Estate Sales Agreement Template for United States

A Real Estate Sales Agreement is a legally binding contract used in the United States that outlines the terms and conditions for the transfer of real property from seller to buyer. This document complies with both federal and state-specific real estate laws, including the Statute of Frauds requirement for written contracts. It contains essential elements such as property description, purchase price, payment terms, closing conditions, and various contingencies, while incorporating mandatory disclosures required by federal and state regulations.

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What is a Real Estate Sales Agreement?

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.

What sections should be included in a Real Estate Sales Agreement?

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

What sections are optional to include in a Real Estate Sales Agreement?

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

What schedules should be included in a Real Estate Sales Agreement?

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Ƶ

Document Type

Agreement Contract

Cost

Free to use
Clauses































Industries

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardizing how costs associated with borrowing are calculated and disclosed

Real Estate Settlement Procedures Act (RESPA): Federal law requiring lenders and real estate professionals to provide detailed disclosures about real estate transactions, settlement services, and consumer protection

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

Interstate Land Sales Full Disclosure Act: Federal law requiring developers to provide detailed information to buyers about lots in large subdivisions

Foreign Investment in Real Property Tax Act (FIRPTA): Federal law requiring foreign persons to pay U.S. income tax on the gains from sale of U.S. real estate

State Property Laws: State-specific laws governing real property rights, transfers, and restrictions

State Real Estate Licensing Laws: State-specific regulations governing real estate professionals and their conduct in transactions

State Contract Laws: State-specific laws governing the formation and enforcement of contracts, including real estate agreements

State Disclosure Requirements: State-mandated disclosures about property condition, hazards, and material facts affecting the property

State Recording Statutes: State laws governing how deeds and other real estate documents must be recorded in public records

State Title Laws: State-specific laws governing property ownership and transfer of title

State Environmental Regulations: State laws governing environmental protection, contamination, and required environmental assessments

Local Zoning Laws: Municipal or county regulations controlling land use, building requirements, and property development

Homeowners Association Rules: Private regulations affecting property use, maintenance, and modifications in planned communities

Historic Preservation Requirements: Local and state regulations governing properties in historic districts or with historic designation

Building Codes: Local regulations establishing minimum standards for construction, renovation, and property maintenance

Property Tax Regulations: Local and state laws governing property tax assessment, collection, and appeals

Statute of Frauds: Legal requirement that real estate contracts must be in writing to be enforceable

Property Description Requirements: Legal requirements for accurately describing the property being sold, including boundaries and improvements

Title Insurance Requirements: State regulations regarding title insurance and protection of property ownership rights

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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