The Residential Sales Contract serves as the primary legal instrument for documenting the sale of residential real estate in the United States. This contract type is essential for protecting both buyer and seller interests, ensuring compliance with federal and state regulations, and providing a clear framework for the transaction. It includes crucial elements such as property description, purchase price, closing requirements, contingencies, and disclosures required by law. The document is typically used when selling single-family homes, condominiums, or other residential properties, and must adhere to specific state requirements while incorporating standard federal provisions.
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1. Parties: Identifies the buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction and property being sold
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property including address and parcel number
5. Purchase Price: Amount and payment terms including deposit details
6. Closing: Closing date, location, and requirements
7. Title and Deed: Requirements for clear title and type of deed to be conveyed
8. Representations and Warranties: Standard seller and buyer declarations about the property and transaction
1. Financing Contingency: Terms and conditions related to buyer's mortgage financing requirements
2. Inspection Contingency: Terms for property inspection process and potential remediation requirements
3. Sale Contingency: Conditions related to buyer's need to sell existing property before closing
4. Tenant Rights: Provisions dealing with existing tenant arrangements and transfer of lease obligations
1. Property Disclosure Statement: Seller's mandatory disclosure of property condition and known defects
2. Fixtures and Fittings List: Detailed inventory of items included and excluded from the sale
3. Lead-Based Paint Disclosure: Mandatory disclosure for properties built before 1978
4. HOA Documents: Homeowners association rules, regulations, and financial documents
5. Survey: Property boundary survey and related documentation
6. Title Report: Preliminary title report showing existing encumbrances and restrictions
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