The Real Estate Sales Contract Form serves as the primary document governing property transactions in the United States. This contract type is essential for any real estate purchase or sale, providing a comprehensive framework that protects both buyers and sellers. It includes crucial details such as property description, purchase price, contingencies, and closing requirements, while ensuring compliance with state and federal regulations. The document is particularly important as real estate transactions must be in writing under the Statute of Frauds, and the form helps ensure all necessary elements are properly documented.
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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 details
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Amount and payment terms including deposits and financing
6. Closing Terms: Date, location, and requirements for closing
7. Representations and Warranties: Standard declarations by both parties regarding property condition and ownership
8. Default Provisions: Consequences of breach by either party
9. Signatures: Execution block for all parties
1. Financing Contingency: Terms for buyer's loan approval - include when buyer requires mortgage financing
2. Inspection Contingency: Terms for property inspection and responses - include when buyer wants inspection rights
3. HOA Provisions: Terms relating to homeowners association - include when property is part of an HOA
4. Lead-Based Paint Disclosure: Federal requirement for pre-1978 properties - include for residential properties built before 1978
5. Short Sale Provisions: Special terms for short sales - include when property is being sold for less than mortgage balance
1. Property Disclosure Statement: Seller's detailed disclosure of property condition and known defects
2. Title Report: Current title status and any encumbrances
3. Property Survey: Professional survey showing property boundaries and features
4. Inventory of Included Items: List of personal property included in sale
5. Environmental Reports: Any environmental assessments or reports
6. HOA Documents: Relevant HOA rules, regulations, and financial statements
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