The Residential Resale Contract serves as the primary legal instrument for transferring ownership of existing residential properties in the United States. This document is essential when a homeowner wishes to sell their property to a new buyer. It includes crucial elements such as property description, purchase price, closing date, contingencies, and required disclosures. The contract must comply with both federal regulations and state-specific real estate laws, making it a comprehensive document that protects the interests of both buyers and sellers while ensuring legal compliance.
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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 contract
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price and Payment Terms: Amount, payment schedule, and method of payment
6. Closing and Possession: Closing date, possession terms, and settlement procedures
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 contract breach and available remedies
10. Notices: How and where formal communications between parties should be sent
1. Financing Contingency: Terms and conditions related to buyer obtaining mortgage financing
2. Home Inspection Contingency: Conditions for property inspection and potential negotiations based on findings
3. Sale of Existing Home Contingency: Conditions related to buyer needing to sell their current home
4. HOA Provisions: Terms related to homeowners association membership and regulations
5. Environmental Matters: Specific provisions related to environmental issues or concerns
1. Schedule A - Property Disclosure Statement: Seller's mandatory disclosure of property condition and known defects
2. Schedule B - Lead-Based Paint Disclosure: Federally required disclosure for homes built before 1978
3. Schedule C - Fixtures and Personal Property List: Detailed inventory of items included and excluded from the sale
4. Schedule D - HOA Documents: Homeowners association rules, regulations, and financial documents
5. Schedule E - Property Survey: Current survey of the property showing boundaries and improvements
6. Schedule F - Title Documents: Title insurance commitment and related documentation
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