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Real Property Purchase Agreement Template for United States

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Key Requirements PROMPT example:

Real Property Purchase Agreement

"I need a Real Property Purchase Agreement for buying a multi-unit commercial building in downtown Seattle, with specific provisions for existing tenant leases and environmental compliance requirements, closing planned for March 2025."

Document background
The Real Property Purchase Agreement serves as the primary document governing real estate transactions in the United States. This contract type is essential for documenting the legal transfer of real property ownership, protecting both buyers' and sellers' interests. It includes crucial elements such as property description, purchase price, contingencies, and closing requirements, while ensuring compliance with federal regulations like RESPA and state-specific property laws. The agreement is typically used in both residential and commercial property transactions, requiring careful consideration of local zoning laws, environmental regulations, and title requirements.
Suggested Sections

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background/Recitals: Brief context of the transaction and property description

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed legal description of the property being sold

5. Purchase Price: Amount and payment terms including deposit requirements

6. Closing: Date, location, and requirements for closing

7. Title and Survey: Requirements for clear title and property survey

8. Representations and Warranties: Statements of fact by both parties about the property and transaction

9. Default and Remedies: Consequences of breach by either party

10. Governing Law: Jurisdiction and applicable law

Optional Sections

1. Financing Contingency: Terms related to buyer's ability to obtain financing

2. Inspection Contingency: Terms for property inspection and resolution of issues

3. Environmental Matters: Environmental conditions and requirements for commercial properties or properties with known environmental concerns

4. Tenant Rights: Existing lease agreements and tenant obligations for currently leased properties

5. 1031 Exchange: Terms facilitating tax-deferred exchange when either party is conducting a 1031 exchange

Suggested Schedules

1. Property Description Schedule: Detailed legal description and property boundaries

2. Personal Property Schedule: List of included fixtures and personal property

3. Title Exceptions Schedule: List of permitted title exceptions

4. Environmental Reports: Copies of environmental studies or reports

5. Lease Schedule: List of existing leases and terms

6. Disclosure Documents: Required state and local property disclosures

7. Form Deed: Form of deed to be used at closing

Authors

Alex Denne

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

Clauses







































Industries

Interstate Land Sales Full Disclosure Act: Federal law requiring developers to register subdivisions and provide detailed disclosures to potential buyers

Truth in Lending Act: Federal regulation governing disclosure of credit terms and financing information in real estate transactions

Real Estate Settlement Procedures Act: Federal law regulating real estate settlement processes and prohibiting kickbacks in real estate transactions

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on protected characteristics

Americans with Disabilities Act: Federal law ensuring accessibility requirements for commercial properties

Foreign Investment in Real Property Tax Act: Federal law governing tax withholding requirements for foreign sellers of U.S. real estate

State Property Laws: State-specific regulations governing real estate transactions, ownership, and transfer of property

State Recording Requirements: State-specific rules for documenting and recording real estate transactions

State Disclosure Requirements: State-mandated disclosures regarding property condition, hazards, and material facts

Statute of Frauds: State law requiring real estate contracts to be in writing to be enforceable

State Title Laws: State-specific requirements for establishing and transferring property title

Local Zoning Laws: Municipal regulations governing property use and development

Building Codes: Local regulations setting standards for property construction and maintenance

Local Transfer Taxes: Municipal taxes imposed on real estate transfers

Environmental Regulations: Federal, state, and local laws governing environmental protection and hazard disclosure

Contract Formation Requirements: Common law principles governing valid contract creation including offer, acceptance, and consideration

Escrow Requirements: Rules governing the handling of funds and documents by third parties during transaction

Title Insurance Requirements: Rules regarding title insurance coverage and policies protecting against title defects

Survey Requirements: Regulations regarding property surveys and boundary determinations

Property Inspection Provisions: Requirements and procedures for property inspection during the purchase process

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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