Real Property Contract for the United States

Real Property Contract Template for United States

A Real Property Contract is a legally binding agreement used in the United States for the purchase and sale of real estate. This document outlines the terms and conditions of the property transfer, including purchase price, payment terms, closing conditions, and various contingencies. It must comply with both federal and state-specific real estate laws, including the Statute of Frauds requiring written documentation. The contract typically includes property descriptions, warranties, and various disclosures required by law.

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What is a Real Property Contract?

The Real Property Contract serves as the foundational document for real estate transactions in the United States. This contract type is essential for documenting the terms and conditions of property transfers, ensuring legal compliance, and protecting the interests of both buyers and sellers. It includes crucial elements such as property description, purchase price, closing conditions, and required disclosures. The document must adhere to federal regulations like the Fair Housing Act and state-specific property laws. It's commonly used in both residential and commercial property transactions, requiring careful consideration of local zoning laws, environmental regulations, and title requirements.

What sections should be included in a Real Property Contract?

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background: 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 transferred

5. Purchase Price: Amount and payment terms

6. Closing Date: Date of transfer and completion

7. Title and Deed: Terms regarding property title transfer

8. Representations and Warranties: Statements of fact by both parties

What sections are optional to include in a Real Property Contract?

1. Financing Contingency: Terms and conditions related to buyer obtaining financing for the purchase

2. Inspection Contingency: Terms regarding property inspection rights and conditions for acceptance

3. Environmental Provisions: Specific terms and conditions regarding environmental matters and compliance

4. HOA Provisions: Terms related to Homeowners Association rules and requirements, if applicable

5. Tenant Rights: Provisions regarding existing tenants and lease agreements, if any

What schedules should be included in a Real Property Contract?

1. Schedule A - Property Survey: Detailed survey of the property boundaries and features

2. Schedule B - Title Report: Current title search results and any exceptions

3. Schedule C - Property Disclosure Statement: Seller's disclosure of property condition and known issues

4. Schedule D - Environmental Reports: Environmental assessments and compliance documentation

5. Schedule E - Property Inspection Report: Detailed inspection findings and condition assessment

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions
Clauses
Industries

Interstate Land Sales Full Disclosure Act: Federal law requiring full disclosure of information to potential buyers in interstate land sales

Fair Housing Act: Federal legislation prohibiting discrimination in real estate transactions based on race, color, religion, sex, national origin, disability, or familial status

Americans with Disabilities Act: Federal law ensuring accessibility requirements for commercial properties

Truth in Lending Act: Federal regulation requiring disclosure of credit terms and costs in real estate financing

Real Estate Settlement Procedures Act: Federal law governing real estate settlement processes and associated fees

State Property Laws: State-specific legislation governing property rights, ownership, and transfers

State Contract Laws: State-specific regulations governing contract formation, validity, and enforcement

Statute of Frauds: Legal requirement that real estate contracts must be in writing to be enforceable

State Recording Laws: Requirements for recording real estate documents with appropriate government offices

State Disclosure Requirements: State-mandated disclosures about property condition, defects, and history

State Real Estate Transfer Laws: Regulations governing the transfer of real property ownership within the state

State Environmental Regulations: State-specific environmental protection requirements affecting real property

Zoning Laws: Local regulations determining permitted property uses and development restrictions

Building Codes: Local construction and maintenance standards for properties

Local Ordinances: Municipal regulations affecting property use and maintenance

Property Tax Regulations: Local rules governing property tax assessment and collection

Historic Preservation Requirements: Regulations protecting historically significant properties and districts

Title Requirements: Legal standards for establishing clear property ownership and transfer

Easements and Encumbrances: Legal rights or restrictions affecting property use or access

Property Survey Requirements: Standards for property boundary determination and documentation

Environmental Assessment Requirements: Standards for evaluating potential environmental hazards or impacts

Homeowners Association Rules: Private regulations governing property use and maintenance within specific communities

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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