The Real Estate Sales Contract serves as the primary legal instrument for transferring property ownership in the United States. This document is essential whenever real property is bought or sold, whether residential or commercial. It includes critical information such as property details, purchase price, contingencies, and closing requirements. The contract must adhere to both federal regulations (such as RESPA and TILA) and state-specific real estate laws. The document provides protection for both parties and creates a clear framework for the transaction's completion.
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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 contract
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Amount and payment terms including deposit details
6. Closing Date: Specified date and conditions for closing
7. Title Transfer: Terms of conveying title and type of deed
8. Representations and Warranties: Standard seller and buyer warranties
1. Financing Contingency: Terms related to buyer's ability to obtain financing when mortgage financing is required
2. Inspection Contingency: Terms related to property inspection rights when buyer wants to inspect the property
3. Sale Contingency: Condition that buyer must sell existing property, used when buyer needs to sell current property first
4. HOA Provisions: Terms related to homeowners association when property is part of an HOA
1. Property Disclosure Statement: Seller's disclosure of property condition and known defects
2. Inventory of Fixtures and Fittings: List of items included/excluded from sale
3. Title Documents: Copy of title report and related documents
4. Environmental Reports: Any environmental assessments or reports
5. Survey Documents: Property survey and related documentation
6. Lead-Based Paint Disclosure: Required for properties built before 1978
Relevant legal definitions
Agreement
Business Day
Closing
Closing Date
Deed
Deposit
Earnest Money
Effective Date
Encumbrance
Environmental Laws
Escrow Agent
Fixtures
Governmental Authority
Hazardous Materials
Improvements
Land
Laws
Liens
Personal Property
Property
Purchase Price
Real Property
Seller's Knowledge
Settlement Statement
Title Company
Title Insurance
Title Report
Transaction Documents
Transfer Taxes
Utilities
Zoning Laws
Permitted Exceptions
Due Diligence Period
Inspection Period
Contingency Period
Homeowners Association
Common Areas
Prorations
Recording Fees
Special Assessments
Clauses
Property Description
Purchase Price
Payment Terms
Title and Conveyance
Representations and Warranties
Due Diligence
Contingencies
Inspection Rights
Financing
Closing Conditions
Prorations and Adjustments
Default and Remedies
Risk of Loss
Environmental Matters
Assignment
Notices
Time of Essence
Survival
Force Majeure
Indemnification
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Counterparts
Agency Disclosure
Property Condition
Insurance
Possession
Recording
Transfer Taxes
Escrow Instructions
Broker Compensation
HOA Provisions
Relevant Industries
Relevant Teams
Relevant Roles
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