The Simple Real Estate Purchase Agreement is a fundamental document in U.S. real estate transactions, designed to protect both buyers and sellers by clearly documenting the terms of their agreement. This contract is commonly used for straightforward property transactions where standard terms are sufficient to cover the deal's scope. It includes essential elements such as property identification, price, payment terms, closing conditions, and contingencies, while complying with both federal and state-specific real estate laws. The agreement should be used whenever real property is being transferred from one party to another, whether in residential or commercial contexts, and serves as the primary reference document throughout the transaction process.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction and property identification
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Amount and payment terms including deposits and financing arrangements
6. Closing: Date, location, and requirements for closing
7. Representations and Warranties: Standard declarations by both parties regarding property condition and ownership
8. Default and Remedies: Consequences of breach by either party
1. Financing Contingency: Terms regarding buyer's ability to secure financing - include when buyer requires mortgage financing
2. Inspection Contingency: Terms regarding property inspection rights - include when buyer wants inspection rights before closing
3. HOA Provisions: Terms regarding homeowners association - include when property is part of an HOA
4. Lead-Based Paint Disclosure: Federal disclosure requirements for pre-1978 properties - include for residential properties built before 1978
1. Property Disclosure Statement: Seller's disclosure of property condition and known defects
2. Inventory of Included Items: List of fixtures and personal property included in sale
3. Title Documents: Current title report or commitment
4. Survey: Property survey if required or available
Relevant legal definitions
Agreement
Closing
Closing Date
Deposit
Effective Date
Earnest Money
Escrow Agent
Fixtures
Property
Purchase Price
Seller's Disclosure
Title Company
Title Insurance
Property Description
Deed
Contingencies
Due Diligence Period
Encumbrances
Improvements
Possession Date
Personal Property
Real Property
Settlement Statement
Title Commitment
Business Day
Closing
Closing Date
Deposit
Effective Date
Earnest Money
Escrow Agent
Fixtures
Property
Purchase Price
Seller's Disclosure
Title Company
Title Insurance
Property Description
Deed
Contingencies
Due Diligence Period
Encumbrances
Improvements
Possession Date
Personal Property
Real Property
Settlement Statement
Title Commitment
Business Day
Clauses
Property Description
Purchase Price
Payment Terms
Deposit
Closing Conditions
Due Diligence
Title and Survey
Property Inspection
Financing
Representations and Warranties
Default and Remedies
Risk of Loss
Property Access
Possession
Prorations and Adjustments
Transfer of Title
Contingencies
Disclosures
Agency Relationships
Assignment
Notices
Governing Law
Dispute Resolution
Force Majeure
Severability
Time of Essence
Entire Agreement
Survival
Amendment
Purchase Price
Payment Terms
Deposit
Closing Conditions
Due Diligence
Title and Survey
Property Inspection
Financing
Representations and Warranties
Default and Remedies
Risk of Loss
Property Access
Possession
Prorations and Adjustments
Transfer of Title
Contingencies
Disclosures
Agency Relationships
Assignment
Notices
Governing Law
Dispute Resolution
Force Majeure
Severability
Time of Essence
Entire Agreement
Survival
Amendment
Relevant Industries
Relevant Teams
Relevant Roles
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