The Offer To Purchase And Contract is a fundamental document in U.S. real estate transactions, used when a prospective buyer wishes to formalize their intent to purchase a property. This document is typically used at the beginning of a real estate transaction and transforms into the binding contract upon acceptance by the seller. It must include specific elements required by state and federal law, such as property description, purchase price, closing terms, and any contingencies. The document protects both parties' interests and clearly outlines all terms and conditions of the proposed transaction.
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1. Parties: Identification of buyer and seller with complete legal names and addresses
2. Background: Brief context of the transaction and property description
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Amount and payment terms
6. Earnest Money: Details of deposit amount and handling
7. Closing Date: Specified date or timeline for closing
8. Due Diligence Period: Timeframe and terms for buyer's investigation
1. Financing Contingency: Terms and conditions if purchase depends on buyer obtaining financing
2. Sale of Existing Home Contingency: Conditions related to buyer's need to sell existing property
3. Rental Agreement: Terms for post-closing occupancy by seller
1. Property Disclosure Statement: Seller's disclosure of property condition and known issues
2. Fixture List: Detailed list of items included/excluded from sale
3. Lead-Based Paint Disclosure: Required for properties built before 1978
4. Survey: Property boundary and improvement locations
Relevant legal definitions
Agreement
Property
Purchase Price
Closing
Closing Date
Due Diligence Period
Due Diligence Fee
Earnest Money Deposit
Effective Date
Escrow Agent
Fixtures
Improvements
Buyer
Seller
Personal Property
Settlement Statement
Title Company
Business Day
Contingencies
Default
Deed
Encumbrances
Good and Marketable Title
Inspection Period
Lender
Loan Commitment
Material Defect
Notice
Permitted Exceptions
Property Disclosure Statement
Real Estate Broker
Survey
Tax Prorations
Title Insurance
Utilities
Zoning Classification
Property
Purchase Price
Closing
Closing Date
Due Diligence Period
Due Diligence Fee
Earnest Money Deposit
Effective Date
Escrow Agent
Fixtures
Improvements
Buyer
Seller
Personal Property
Settlement Statement
Title Company
Business Day
Contingencies
Default
Deed
Encumbrances
Good and Marketable Title
Inspection Period
Lender
Loan Commitment
Material Defect
Notice
Permitted Exceptions
Property Disclosure Statement
Real Estate Broker
Survey
Tax Prorations
Title Insurance
Utilities
Zoning Classification
Clauses
Purchase Price and Payment
Property Description
Due Diligence
Earnest Money
Closing and Settlement
Title and Survey
Property Condition
Representations and Warranties
Financing Contingency
Inspection Rights
Default and Remedies
Property Access
Risk of Loss
Notices
Assignment
Prorations and Adjustments
Broker Commission
Environmental Matters
Survival
Force Majeure
Governing Law
Dispute Resolution
Severability
Time of Essence
Counterparts
Entire Agreement
Amendment
Waiver
Property Insurance
Termination Rights
Property Description
Due Diligence
Earnest Money
Closing and Settlement
Title and Survey
Property Condition
Representations and Warranties
Financing Contingency
Inspection Rights
Default and Remedies
Property Access
Risk of Loss
Notices
Assignment
Prorations and Adjustments
Broker Commission
Environmental Matters
Survival
Force Majeure
Governing Law
Dispute Resolution
Severability
Time of Essence
Counterparts
Entire Agreement
Amendment
Waiver
Property Insurance
Termination Rights
Relevant Industries
Relevant Teams
Relevant Roles
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