The Residential Lot Purchase Agreement serves as the primary legal instrument for transferring ownership of undeveloped residential property in the United States. This document is essential when purchasing vacant land intended for residential use, whether for immediate construction or future development. The agreement details crucial elements such as property boundaries, purchase price, closing requirements, title conditions, and any applicable development restrictions or homeowner association requirements. It must comply with both federal regulations (such as the Interstate Land Sales Full Disclosure Act) and applicable state real estate laws. The document provides necessary protections for both parties and serves as the foundation for the eventual property transfer.
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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 description
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the lot including boundaries and dimensions
5. Purchase Price: Amount and payment terms
6. Closing Terms: Closing date, location, and requirements
7. Title Provisions: Requirements for clear title and title insurance
8. Representations and Warranties: Statements of fact by both parties
9. Default and Remedies: Consequences of breach by either party
1. Financing Contingency: Terms and conditions if purchase depends on buyer obtaining financing
2. Inspection Period: Terms and conditions for buyer's due diligence period
3. Development Requirements: Building requirements and restrictions for planned developments
1. Schedule A - Property Survey: Detailed survey showing lot boundaries and dimensions
2. Schedule B - Title Report: Current title report showing encumbrances and restrictions
3. Schedule C - Environmental Reports: Any environmental studies or assessments
4. Schedule D - Zoning Certificate: Current zoning classification and restrictions
5. Schedule E - Development Guidelines: Architectural and development requirements for planned communities
Relevant legal definitions
Agreement
Closing
Closing Date
Deposit
Due Diligence Period
Earnest Money
Effective Date
Encumbrances
Environmental Laws
Escrow Agent
Hazardous Materials
Improvements
Land
Legal Description
Lot
Permitted Exceptions
Property
Purchase Price
Real Property
Seller's Knowledge
Survey
Title Company
Title Insurance
Title Policy
Transfer Documents
Utilities
Zoning Laws
Property Taxes
Development Requirements
Building Restrictions
Homeowners Association
Covenants
Easements
Recording Fees
Settlement Statement
Closing
Closing Date
Deposit
Due Diligence Period
Earnest Money
Effective Date
Encumbrances
Environmental Laws
Escrow Agent
Hazardous Materials
Improvements
Land
Legal Description
Lot
Permitted Exceptions
Property
Purchase Price
Real Property
Seller's Knowledge
Survey
Title Company
Title Insurance
Title Policy
Transfer Documents
Utilities
Zoning Laws
Property Taxes
Development Requirements
Building Restrictions
Homeowners Association
Covenants
Easements
Recording Fees
Settlement Statement
Clauses
Property Description
Purchase Price
Payment Terms
Due Diligence
Title and Survey
Representations and Warranties
Closing Conditions
Deposit
Default and Remedies
Property Access
Environmental Matters
Development Restrictions
Assignment
Risk of Loss
Notices
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Amendment
Survival
Property Condition
Zoning Compliance
Title Insurance
Property Tax Proration
Broker Commission
Recording
Indemnification
Time of Essence
Purchase Price
Payment Terms
Due Diligence
Title and Survey
Representations and Warranties
Closing Conditions
Deposit
Default and Remedies
Property Access
Environmental Matters
Development Restrictions
Assignment
Risk of Loss
Notices
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Amendment
Survival
Property Condition
Zoning Compliance
Title Insurance
Property Tax Proration
Broker Commission
Recording
Indemnification
Time of Essence
Relevant Industries
Relevant Teams
Relevant Roles
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