The Residential Real Estate Purchase Agreement serves as the primary legal instrument for residential property transactions in the United States. This document is essential when any party wishes to buy or sell residential real estate, providing a comprehensive framework for the transaction. It includes critical elements such as property description, purchase price, closing terms, contingencies, and required disclosures. The agreement must comply with both federal and state-specific real estate laws, making it a crucial tool for ensuring legal compliance and protecting all parties' interests in the transaction.
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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 identification
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property and included fixtures/items
5. Purchase Price: Amount and payment terms, including earnest money details
6. Closing: Closing date, location, and requirements
7. Title: Title requirements and insurance provisions
8. Representations and Warranties: Standard seller and buyer representations
9. Default and Remedies: Consequences of default by either party
10. Notices: How formal communications should be made between parties
1. Financing Contingency: Terms for buyer's financing requirements when mortgage financing is needed
2. Inspection Contingency: Terms for property inspection rights when buyer wants to inspect property
3. Sale Contingency: Contingency on sale of buyer's current property when buyer needs to sell existing property
4. Tenant Rights: Provisions regarding existing tenants when property is currently tenant-occupied
1. Property Disclosure Statement: Seller's disclosure of property condition and known defects
2. Lead-Based Paint Disclosure: Required disclosure for properties built before 1978
3. Inventory of Included Items: List of fixtures and personal property included in sale
4. Title Documents: Title report and related documentation
5. Survey: Property survey and plot plan
6. HOA Documents: Homeowners association rules and regulations if applicable
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