Simple Real Estate Contract for the United States

Simple Real Estate Contract Template for United States

A Simple Real Estate Contract is a legally binding agreement used in the United States for straightforward property transactions. It outlines the essential terms of a real estate sale, including property details, purchase price, closing conditions, and obligations of both parties. This document complies with state-specific property laws and federal regulations, providing a standardized framework for residential and commercial property transfers.

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What is a Simple Real Estate Contract?

The Simple Real Estate Contract serves as a fundamental legal instrument in U.S. property transactions. This document is particularly useful for straightforward property sales where complex conditions or unusual terms are not required. It encompasses all essential elements required by state and federal laws, including property description, purchase price, closing terms, and basic contingencies. The Simple Real Estate Contract is designed to be clear and accessible while maintaining legal validity across all U.S. jurisdictions, though specific requirements may vary by state.

What sections should be included in a Simple Real Estate Contract?

1. Parties: Identification and details of buyer and seller

2. Background: Context of the transaction and property overview

3. Definitions: Key terms used throughout the contract

4. Property Description: Legal description and address of the property

5. Purchase Price: Amount and payment terms for the property

6. Closing: Closing date, requirements, and procedures

7. Representations and Warranties: Statements of fact and guarantees by both parties

8. Signatures: Execution block for all parties

What sections are optional to include in a Simple Real Estate Contract?

1. Financing Contingency: Terms and conditions related to buyer's need to secure mortgage financing

2. Inspection Contingency: Terms regarding buyer's right to inspect property and terminate based on findings

3. Sale of Existing Home Contingency: Conditions making purchase dependent on buyer selling their current home

4. Title Insurance: Requirements and conditions for title insurance

What schedules should be included in a Simple Real Estate Contract?

1. Schedule A - Property Disclosure Statement: Detailed disclosure of property condition and known issues by seller

2. Schedule B - Inspection Reports: Documentation of property inspections and findings

3. Schedule C - Title Documents: Property title information and search results

4. Schedule D - Property Survey: Survey showing property boundaries and features

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

Document Type

Agreement Contract

Cost

Free to use
Industries

Interstate Land Sales Full Disclosure Act: Federal law requiring full disclosure of information to potential buyers in certain real estate transactions

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

Truth in Lending Act: Federal law requiring disclosure of credit terms and standardizing how costs associated with borrowing are calculated and disclosed

Real Estate Settlement Procedures Act: Federal law governing real estate settlement processes, requiring specific disclosures about real estate transactions and prohibiting certain practices

State Property Laws: State-specific legislation governing real estate ownership, transfers, and rights within the specific state jurisdiction

State Contract Laws: State-specific rules governing contract formation, enforcement, and remedies for breach of contract

State Statute of Frauds: State law requiring real estate contracts to be in writing and signed to be legally enforceable

State Recording Acts: State laws governing the recording of property records and titles, and their legal effect

Local Zoning Laws: Municipal or county regulations controlling property use and development in specific areas

Property Transfer Requirements: Specific procedures and documentation required to legally transfer property ownership

Disclosure Requirements: State-mandated disclosures about property condition, defects, and other material facts that must be provided to buyers

Real Estate Licensing Laws: State laws governing the licensing and conduct of real estate professionals involved in the transaction

Environmental Regulations: Federal and state laws regarding environmental protection, hazards, and required environmental assessments

Essential Contract Elements: Required components including party identification, property description, purchase price, payment terms, closing date, contingencies, signatures, and disclosures

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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