The Simple Real Estate Purchase Contract serves as a fundamental legal instrument in U.S. property transactions. This document is typically used when parties seek a straightforward approach to documenting the sale of residential real estate. It incorporates essential elements required by state and federal laws, including property description, purchase price, closing terms, and standard contingencies. The contract is designed to be clear and accessible while maintaining legal enforceability. It's particularly suitable for traditional home sales where complex commercial terms are not required, though it can be modified to accommodate various transaction-specific needs.
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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 being sold
3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Closing Date
4. Property Description: Legal description of the property being sold including address and boundary details
5. Purchase Price: Amount and payment terms including deposit and balance due at closing
6. Closing Date: Date when the transaction will be completed and title transferred
7. Title Transfer: Terms of transferring property title and requirements for clear title
8. Representations and Warranties: Standard promises by both parties regarding property condition and authority to sell/buy
9. Signatures: Execution block for all parties with notarization requirements
1. Financing Contingency: Terms and conditions if purchase depends on buyer obtaining mortgage financing
2. Inspection Contingency: Terms for property inspection rights and procedures for addressing issues found
3. Sale of Existing Home Contingency: Conditions related to buyer needing to sell their current property before closing
4. Environmental Contingency: Terms related to environmental testing and remediation requirements
1. Schedule A - Property Description: Detailed legal description of property including lot size and boundaries
2. Schedule B - Included Items: List of fixtures and items included in the sale price
3. Schedule C - Excluded Items: List of items specifically excluded from the sale
4. Schedule D - Disclosure Statement: Required property condition disclosures as per state law
5. Schedule E - Title Exceptions: List of any liens, encumbrances or restrictions on the property
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