The Standard Property Purchase Agreement is essential for any real estate transaction in the United States. This document is used when a party wishes to purchase real property from another party, whether residential or commercial. It includes crucial details such as property description, purchase price, closing terms, contingencies, and various legal protections for both parties. The agreement must comply with both federal and state-specific real estate laws and typically serves as the foundation for the closing process. It's designed to protect both buyers and sellers while ensuring all aspects of the property transfer are clearly documented and legally binding.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and basic property information
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 details
6. Closing: Date, location, and requirements for closing
7. Title: Requirements for clear title and transfer process
8. Representations and Warranties: Standard declarations by both parties
9. Default and Remedies: Consequences of breach by either party
10. Governing Law: Applicable jurisdiction and dispute resolution
1. Financing Contingency: Terms related to buyer's ability to secure financing
2. Inspection Contingency: Terms for property inspection and resulting actions
3. Sale Contingency: Conditions related to sale of buyer's current property
4. Tenant Rights: Existing tenant arrangements and obligations
1. Property Disclosure Statement: Detailed disclosure of property condition and known issues
2. Title Report: Current title status and any encumbrances
3. Property Survey: Recent survey showing property boundaries and features
4. Fixture and Exclusion List: Detailed list of items included/excluded from sale
5. Environmental Reports: Any environmental assessments or reports
6. HOA Documents: Relevant homeowners association documents if applicable
Relevant legal definitions
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