Home Buyers Agreement for the United States

Home Buyers Agreement Template for United States

A Home Buyers Agreement is a legally binding contract used in the United States that outlines the terms and conditions of a residential property purchase. It includes essential details such as property description, purchase price, contingencies, closing terms, and both parties' rights and obligations. The agreement must comply with federal regulations like RESPA and TILA, as well as applicable state-specific real estate laws.

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What is a Home Buyers Agreement?

The Home Buyers Agreement serves as the primary legal document in residential real estate transactions across the United States. It is essential when purchasing any residential property, providing a comprehensive framework for the transaction. The agreement details all aspects of the purchase, including property specifications, price, payment terms, contingencies, and closing requirements. It ensures compliance with federal regulations such as RESPA and TILA, while incorporating state-specific requirements. This document protects both buyers' and sellers' interests by clearly defining their rights, responsibilities, and remedies.

What sections should be included in a Home Buyers Agreement?

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background: Context of the transaction and property details

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property being purchased including legal description and address

5. Purchase Price: Amount and payment terms including deposit requirements and payment schedule

6. Closing Date: Timeline for completion of the purchase and closing requirements

7. Due Diligence: Inspection and investigation rights including timelines and procedures

8. Representations and Warranties: Statements of fact by both parties regarding property condition and ownership

What sections are optional to include in a Home Buyers Agreement?

1. Financing Contingency: Terms related to buyer obtaining mortgage financing, including deadlines and conditions

2. Sale Contingency: Conditions related to buyer selling existing property, including timelines and termination rights

3. Tenant Rights: Provisions regarding existing tenants, including lease terms and transition requirements

What schedules should be included in a Home Buyers Agreement?

1. Property Inspection Report: Detailed report of property condition and any identified issues

2. Title Documents: Property ownership and encumbrance details, including title insurance commitment

3. Property Disclosure Statement: Seller's disclosure of known issues, defects, and property history

4. Fixtures and Fittings List: Inventory of items included and excluded from the sale

5. Survey Report: Professional survey of property boundaries and improvements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Genie AI

Document Type

Purchase Agreement

Cost

Free to use
Clauses
Industries

RESPA (Real Estate Settlement Procedures Act): Federal law that requires disclosure of settlement costs, regulates real estate transactions, and prohibits kickbacks and referral fees in real estate transactions

TILA (Truth in Lending Act): Federal legislation that mandates disclosure of credit terms and requires proper disclosure of financing details in real estate transactions

Fair Housing Act: Federal law that prohibits discrimination in housing transactions and ensures equal treatment of buyers regardless of protected characteristics

Interstate Land Sales Full Disclosure Act: Federal legislation that protects consumers from fraudulent land sales practices and requires detailed disclosures

State Property Laws: State-specific laws that govern property rights, transfers, and define requirements for real estate transactions within the state jurisdiction

State Contract Laws: State-specific requirements for valid contracts and specific real estate contract provisions that must be included in agreements

State Disclosure Requirements: State-mandated requirements for disclosure of property conditions, environmental hazards, and known defects to potential buyers

State Licensing Laws: State regulations governing real estate agent and broker licensing requirements and professional conduct

State Consumer Protection Laws: State-specific laws aimed at preventing fraud and regulating unfair practices in real estate transactions

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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