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
Relevant legal definitions
Agreement
Buyer
Seller
Property
Purchase Price
Closing Date
Closing
Deposit
Earnest Money
Effective Date
Escrow Agent
Fixtures
Personal Property
Title Company
Title Insurance
Deed
Due Diligence Period
Contingencies
Inspection Period
Property Disclosure Statement
Settlement Statement
Encumbrances
Default
Business Day
Force Majeure
Material Defect
Permitted Exceptions
Real Property
Survey
Title Commitment
Closing Costs
Prorations
Possession Date
Improvements
HOA Documents
Buyer
Seller
Property
Purchase Price
Closing Date
Closing
Deposit
Earnest Money
Effective Date
Escrow Agent
Fixtures
Personal Property
Title Company
Title Insurance
Deed
Due Diligence Period
Contingencies
Inspection Period
Property Disclosure Statement
Settlement Statement
Encumbrances
Default
Business Day
Force Majeure
Material Defect
Permitted Exceptions
Real Property
Survey
Title Commitment
Closing Costs
Prorations
Possession Date
Improvements
HOA Documents
Clauses
Purchase and Sale
Property Description
Price and Payment
Earnest Money
Title and Survey
Property Condition
Seller Disclosures
Inspections
Financing
Closing and Settlement
Possession
Prorations and Adjustments
Representations and Warranties
Default and Remedies
Risk of Loss
Real Estate Commissions
Notices
Assignment
Governing Law
Termination
Force Majeure
Environmental Matters
Property Access
Contingencies
Insurance
Fixtures and Personal Property
Deed Requirements
Survival
Severability
Entire Agreement
Property Description
Price and Payment
Earnest Money
Title and Survey
Property Condition
Seller Disclosures
Inspections
Financing
Closing and Settlement
Possession
Prorations and Adjustments
Representations and Warranties
Default and Remedies
Risk of Loss
Real Estate Commissions
Notices
Assignment
Governing Law
Termination
Force Majeure
Environmental Matters
Property Access
Contingencies
Insurance
Fixtures and Personal Property
Deed Requirements
Survival
Severability
Entire Agreement
Relevant Industries
Relevant Teams
Relevant Roles
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