The Real Estate Sales Agreement serves as the primary legal document governing property transactions in the United States. This agreement is essential when transferring ownership of real property, whether residential or commercial. It protects both buyer and seller interests by clearly documenting all aspects of the transaction, including price, payment terms, contingencies, and obligations of both parties. The document must comply with various federal regulations such as RESPA and TILA, as well as state-specific real estate laws. It typically includes mandatory disclosures, inspection rights, financing terms, and closing requirements.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction and property identification
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including address and boundaries
5. Purchase Price: Amount and payment terms including deposit requirements
6. Closing: Date, location, and requirements for closing
7. Title and Deed: Requirements for clean title and deed transfer
8. Representations and Warranties: Standard seller and buyer declarations about the property and transaction
1. Financing Contingency: Terms and conditions related to buyer securing mortgage financing for the purchase
2. Inspection Contingency: Terms governing property inspection rights and potential outcomes based on inspection results
3. Sale Contingency: Conditions related to buyer's need to sell existing property before completing this purchase
4. Tenant Rights: Provisions regarding existing tenant arrangements and obligations if property is currently leased
1. Schedule A - Property Inventory: Detailed list of included fixtures, fittings, and other items included in the sale
2. Schedule B - Property Disclosure Statement: Mandatory disclosures about property condition and known issues
3. Schedule C - Title Documents: Current title documentation and search results
4. Schedule D - Environmental Reports: Environmental assessments and related documentation
5. Schedule E - Survey Documents: Property surveys and related documentation
Relevant legal definitions
Agreement
Property
Purchase Price
Closing Date
Closing
Earnest Money Deposit
Due Diligence Period
Effective Date
Escrow Agent
Settlement Statement
Title Company
Title Insurance
Deed
Fixtures
Improvements
Permitted Exceptions
Personal Property
Real Property
Seller's Disclosure Statement
Survey
Environmental Reports
Contingencies
Default
Force Majeure
Representations and Warranties
Title Defects
Closing Costs
Proration Date
Business Day
Notice
Clauses
Property Description
Purchase Price
Payment Terms
Title Transfer
Due Diligence
Representations and Warranties
Contingencies
Inspections
Closing Conditions
Default and Remedies
Risk of Loss
Property Condition
Environmental Matters
Insurance
Warranties of Title
Possession
Prorations
Agency Disclosure
Governing Law
Notices
Assignment
Survival
Force Majeure
Entire Agreement
Severability
Time of Essence
Counterparts
Dispute Resolution
Amendment
Property Access
Relevant Industries
Relevant Teams
Relevant Roles
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