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Real Estate Purchase Agreement Template
This Real Estate Purchase Agreement ("Agreement") is made as of [Date], by and between:
Seller: [Seller's Name], [Seller's Address]
Buyer: [Buyer's Name], [Buyer's Address]
This Agreement is governed by the laws of the State of [State], which applies to the transaction described herein.
1. Property Description
The Seller agrees to sell, and the Buyer agrees to buy, the property located at:
[Property Address]
2. Purchase Price
The total purchase price for the property shall be [Purchase Price]. The Buyer agrees to pay this amount under the following terms:
- Initial deposit: [Deposit Amount] to be paid upon signing this Agreement.
- Balance to be paid at closing: [Balance Amount].
3. Closing Date
The closing shall occur on or before [Closing Date]. The parties may mutually agree to extend this date in writing.
4. Title and Possession
The Seller shall deliver a good and marketable title to the Buyer at closing. Possession of the property shall be granted to the Buyer at closing unless otherwise agreed.
5. Contingencies
- This Agreement is contingent upon the Buyer obtaining financing in the amount of [Financed Amount].
- This Agreement is contingent upon a satisfactory home inspection to be completed by [Inspection Date].
- Any additional contingencies: [Specify Additional Contingencies].
6. Default
If either party defaults in the performance of this Agreement, the non-defaulting party may pursue legal remedies as permitted by law.
7. Miscellaneous
This Agreement represents the entire understanding between the parties. Any modifications must be made in writing and signed by both parties.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
Seller's Signature: ________________________ Date: _______________
Buyer's Signature: ________________________ Date: _______________
State-specific Information for Real Estate Purchase Agreement Forms
Real Estate Purchase Agreement Document Categories
Form Data
| Fact Name | Description |
|---|---|
| Definition | A Real Estate Purchase Agreement is a legal document outlining the terms and conditions of a property sale between a buyer and a seller. |
| Essential Components | This agreement typically includes details such as the purchase price, property description, contingencies, and closing date. |
| Governing Law | The agreement is governed by state laws, which can vary significantly. For example, in California, it follows the California Civil Code. |
| Contingencies | Common contingencies in the agreement may include financing, inspections, and appraisal conditions that must be met for the sale to proceed. |
| Binding Nature | Once signed by both parties, the agreement becomes legally binding, obligating them to adhere to its terms unless mutually modified. |
Real Estate Purchase Agreement - Usage Guidelines
Once you have the Real Estate Purchase Agreement form in front of you, it's time to start filling it out. This document is essential for formalizing the agreement between the buyer and the seller. Careful attention to detail is important to ensure everything is accurate.
- Read the entire form: Make sure you understand what information is needed before you begin filling it out.
- Enter the date: Write the date at the top of the form where indicated.
- Fill in the buyer's information: Include the full name and contact details of the buyer.
- Provide the seller's information: Include the full name and contact details of the seller.
- Describe the property: Write the address and any other identifying details of the property being purchased.
- Specify the purchase price: Clearly state the agreed-upon price for the property.
- Outline the payment terms: Include information about any deposits, financing, and payment methods.
- Detail contingencies: Note any conditions that must be met for the sale to proceed.
- Sign the agreement: Both the buyer and seller should sign and date the form where indicated.
- Make copies: After signing, make copies for both parties to keep for their records.
After completing the form, it is advisable to review it carefully to ensure all information is correct. Once confirmed, you can move forward with the next steps in the purchasing process.
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Dos and Don'ts
When filling out a Real Estate Purchase Agreement form, it’s essential to approach the process carefully. Here’s a helpful list of things to do and avoid, ensuring a smoother transaction.
- Do: Read the entire form thoroughly before filling it out.
- Do: Provide accurate and complete information about the property.
- Do: Include all necessary details, such as purchase price and closing date.
- Do: Consult with a real estate agent or attorney if you have questions.
- Do: Sign and date the agreement in the appropriate sections.
- Don't: Rush through the form; take your time to ensure accuracy.
- Don't: Leave any sections blank; this can lead to confusion later.
- Don't: Use unclear or vague language in your descriptions.
- Don't: Ignore deadlines for submitting the agreement.
- Don't: Forget to keep a copy of the signed agreement for your records.
By following these guidelines, you can help ensure that your Real Estate Purchase Agreement is filled out correctly and efficiently, paving the way for a successful transaction.
Common mistakes
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Incomplete Information: Failing to fill out all required fields can lead to delays or complications. Ensure every section is addressed.
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Incorrect Property Description: Providing an inaccurate or vague description of the property can create confusion. Always verify the address and legal description.
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Missing Signatures: Both buyer and seller must sign the agreement. Omitting signatures can invalidate the contract.
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Ignoring Contingencies: Not including necessary contingencies, such as financing or inspection, may expose buyers to unforeseen risks.
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Misunderstanding Terms: Using unfamiliar terms without clarification can lead to misunderstandings. Seek clarification on any terms that are unclear.
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Failing to Specify Closing Date: Not stating a closing date can lead to disputes. Clearly outline when the transaction should be finalized.
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Neglecting to Include Earnest Money: Omitting details about earnest money can create uncertainty. Specify the amount and terms related to it.
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Forgetting to Review Local Laws: Different states have varying laws regarding real estate transactions. Familiarize yourself with local regulations.
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Assuming Standard Clauses are Sufficient: Relying solely on standard clauses without customization can overlook specific needs. Tailor the agreement to fit the situation.
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Not Consulting Professionals: Attempting to fill out the form without professional guidance can lead to errors. Always consider seeking help from a real estate agent or attorney.