The Simple Real Estate Contract serves as a fundamental legal instrument in U.S. property transactions. This document is particularly useful for straightforward property sales where complex conditions or unusual terms are not required. It encompasses all essential elements required by state and federal laws, including property description, purchase price, closing terms, and basic contingencies. The Simple Real Estate Contract is designed to be clear and accessible while maintaining legal validity across all U.S. jurisdictions, though specific requirements may vary by state.
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1. Parties: Identification and details of buyer and seller
2. Background: Context of the transaction and property overview
3. Definitions: Key terms used throughout the contract
4. Property Description: Legal description and address of the property
5. Purchase Price: Amount and payment terms for the property
6. Closing: Closing date, requirements, and procedures
7. Representations and Warranties: Statements of fact and guarantees by both parties
8. Signatures: Execution block for all parties
1. Financing Contingency: Terms and conditions related to buyer's need to secure mortgage financing
2. Inspection Contingency: Terms regarding buyer's right to inspect property and terminate based on findings
3. Sale of Existing Home Contingency: Conditions making purchase dependent on buyer selling their current home
4. Title Insurance: Requirements and conditions for title insurance
1. Schedule A - Property Disclosure Statement: Detailed disclosure of property condition and known issues by seller
2. Schedule B - Inspection Reports: Documentation of property inspections and findings
3. Schedule C - Title Documents: Property title information and search results
4. Schedule D - Property Survey: Survey showing property boundaries and features
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