The Simple Real Estate Purchase Agreement Between Family Members is designed for situations where property is being transferred between relatives in the United States. This document is particularly useful when families want to maintain legal clarity while potentially offering preferential terms to relatives. It includes essential elements such as property description, purchase price, payment terms, and any special family considerations while ensuring compliance with federal and state regulations. The agreement helps prevent future disputes by clearly documenting the transaction terms, even in informal family settings.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of family relationship and transaction purpose
3. Definitions: Key terms used throughout the agreement
4. Property Description: Legal description and address of the property
5. Purchase Price: Agreed price and payment terms
6. Closing Details: Date, location, and requirements for closing
1. Financing Terms: Additional terms for seller financing or special payment arrangements between family members
2. Gift Equity: Documentation and terms related to any gifted equity portion of the transaction
3. Contingencies: Specific conditions that must be met before closing, such as inspections or title requirements
1. Property Description Schedule: Detailed legal description of property including boundaries, easements, and encumbrances
2. Personal Property Schedule: Itemized list of any personal property included in the sale
3. Gift Letter: Formal documentation of any gifted portion of purchase price for tax and lending purposes
4. Title Requirements: Specific requirements for title transfer and any necessary clearance documentation
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