Property Contracts are essential documents used in real estate transactions throughout the United States. These contracts are required whenever real property is bought or sold, ensuring all aspects of the transaction are properly documented and legally binding. A Property Contract includes crucial details such as property description, purchase price, payment terms, closing conditions, and any contingencies. It must comply with federal regulations like the Fair Housing Act and RESPA, as well as applicable state property laws. The document protects both buyers and sellers by clearly defining their rights, responsibilities, and obligations throughout the transaction process.
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1. Parties: Identification and details of all parties involved in the property transaction
2. Background: Context and purpose of the property contract
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the property including address and legal description
5. Purchase Price and Payment Terms: Amount, payment schedule, and method of payment
6. Closing Terms: Details about closing date, requirements, and procedures
7. Representations and Warranties: Statements of fact and promises made by both parties regarding the property
8. Title and Ownership: Provisions regarding transfer of title and ownership rights
9. Governing Law: Specification of applicable state laws and jurisdiction
1. Financing Contingency: Terms and conditions regarding buyer's ability to secure financing for the purchase
2. Inspection Contingency: Terms regarding property inspection rights and remediation requirements
3. Sale Contingency: Conditions related to the sale of buyer's current property
4. Environmental Provisions: Special terms relating to environmental conditions or requirements
5. Tenant Rights: Provisions regarding existing tenants and lease agreements
1. Schedule A - Property Survey: Official survey showing property boundaries and features
2. Schedule B - Title Report: Documentation of property ownership and encumbrances
3. Schedule C - Disclosure Statements: Required state and federal property condition disclosures
4. Schedule D - Property Inspection Report: Results of property inspection if completed
5. Schedule E - Deed Form: Form of deed to be used for property transfer
6. Schedule F - Existing Encumbrances: List of existing liens, easements, or other encumbrances on the property
Relevant legal definitions
Agreement
Property
Purchase Price
Closing Date
Closing
Effective Date
Earnest Money
Deed
Title
Encumbrance
Fixtures
Personal Property
Business Day
Due Diligence Period
Escrow Agent
Default
Force Majeure
Improvements
Liens
Permitted Exceptions
Real Property
Settlement Statement
Survey
Title Commitment
Title Insurance
Title Policy
Transfer Documents
Warranties
Zoning Laws
Environmental Laws
Clauses
Property Description
Purchase Price and Payment
Title and Conveyance
Due Diligence
Contingencies
Representations and Warranties
Closing Conditions
Earnest Money
Inspections
Default and Remedies
Risk of Loss
Property Condition
Environmental Matters
Covenants
Assignment
Notices
Governing Law
Dispute Resolution
Force Majeure
Termination
Indemnification
Brokerage
Insurance
Possession
Prorations and Adjustments
Severability
Entire Agreement
Amendment
Survival
Time of Essence
Relevant Industries
Relevant Teams
Relevant Roles
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