The Real Estate Buyers Contract serves as the primary legal instrument for documenting property transactions in the United States. This essential document is used whenever real estate is bought or sold, whether residential, commercial, or investment property. It includes critical information such as property details, purchase price, financing arrangements, contingencies, and closing requirements. The contract must comply with federal regulations like the Fair Housing Act and RESPA, as well as state-specific real estate laws. It provides legal protection for all parties and serves as the foundation for the entire transaction process.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and property identification
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the property including address and legal description
5. Purchase Price: Amount and payment terms including deposit requirements and payment schedule
6. Closing Date and Process: Specified date for completion of transaction and closing procedures
7. Representations and Warranties: Statements of fact and promises made by both parties regarding the property and transaction
8. Contingencies: Conditions that must be met for the contract to be binding
9. Default and Remedies: Consequences and available remedies if either party fails to perform
10. Notices: How and where formal communications between parties should be delivered
11. Governing Law: Specification that the agreement is governed by US state laws
1. Financing Contingency: Details of mortgage financing requirements and conditions for when purchase depends on buyer obtaining financing
2. Home Inspection Clause: Terms and conditions for property inspection rights and process when buyer wants to conduct professional inspection
3. Sale of Existing Home Contingency: Conditions and timeframes related to the sale of buyer's existing property when purchase depends on selling current home
4. Lead-Based Paint Disclosure: Required for homes built before 1978 to disclose known information about lead-based paint and hazards
5. Homeowners Association: Terms related to HOA membership, fees, and regulations when property is part of an HOA
1. Schedule A - Property Disclosure Statement: Detailed seller's disclosure of property condition and known defects
2. Schedule B - Fixtures and Fittings: Comprehensive list of items included and excluded in the sale
3. Schedule C - Title Documents: Property deed and title documentation including any easements or restrictions
4. Schedule D - Environmental Reports: Environmental assessment results and related documentation if applicable
5. Schedule E - Property Inspection Report: Findings from professional property inspection when completed
Relevant legal definitions
Acceptance
Agreement
Appraisal
Buyer
Closing
Closing Date
Closing Costs
Contingencies
Deed
Earnest Money
Effective Date
Escrow
Fixtures
Good Faith Estimate
Improvements
Inspection Period
Loan Commitment
Personal Property
Property
Purchase Price
Real Estate
Real Property
Seller
Settlement Statement
Survey
Title
Title Company
Title Insurance
Title Search
Walk-through
Agreement
Appraisal
Buyer
Closing
Closing Date
Closing Costs
Contingencies
Deed
Earnest Money
Effective Date
Escrow
Fixtures
Good Faith Estimate
Improvements
Inspection Period
Loan Commitment
Personal Property
Property
Purchase Price
Real Estate
Real Property
Seller
Settlement Statement
Survey
Title
Title Company
Title Insurance
Title Search
Walk-through
Clauses
Property Description
Purchase Price
Payment Terms
Earnest Money
Due Diligence
Property Inspection
Title and Survey
Financing
Contingencies
Representations and Warranties
Default and Remedies
Risk of Loss
Property Condition
Closing and Possession
Prorations and Adjustments
Title Insurance
Closing Costs
Agency Disclosure
Assignment
Notices
Time of Essence
Governing Law
Dispute Resolution
Force Majeure
Survival
Severability
Entire Agreement
Amendment
Attorney Fees
Counterparts
Purchase Price
Payment Terms
Earnest Money
Due Diligence
Property Inspection
Title and Survey
Financing
Contingencies
Representations and Warranties
Default and Remedies
Risk of Loss
Property Condition
Closing and Possession
Prorations and Adjustments
Title Insurance
Closing Costs
Agency Disclosure
Assignment
Notices
Time of Essence
Governing Law
Dispute Resolution
Force Majeure
Survival
Severability
Entire Agreement
Amendment
Attorney Fees
Counterparts
Relevant Industries
Relevant Teams
Relevant Roles
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