Single Family Purchase And Sales Agreement for the United States

Single Family Purchase And Sales Agreement Template for United States

A legally binding contract used in the United States for the purchase and sale of single-family residential properties. This agreement outlines all terms and conditions of the real estate transaction, including purchase price, closing conditions, contingencies, and obligations of both parties. It complies with state-specific real estate laws and federal regulations such as RESPA and TILA.

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What is a Single Family Purchase And Sales Agreement?

The Single Family Purchase And Sales Agreement is a fundamental document in U.S. residential real estate transactions. It serves as the primary contract between buyers and sellers of single-family homes, establishing the legal framework for the transfer of property ownership. This document includes essential elements such as property description, purchase price, closing terms, contingencies, and required disclosures. It must comply with both federal regulations and state-specific real estate laws, making it a crucial tool for protecting both parties' interests throughout the transaction process.

What sections should be included in a Single Family Purchase And Sales Agreement?

1. Parties: Identifies 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 including address and parcel number

5. Purchase Price: Amount and payment terms including earnest money 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 warranties about the property and transaction

9. Default: Consequences of default by either party

What sections are optional to include in a Single Family Purchase And Sales Agreement?

1. Financing Contingency: Terms for buyer's financing requirements - include when buyer requires mortgage financing

2. Inspection Contingency: Terms for property inspection rights - include when buyer wants right to inspect property

3. Sale Contingency: Contingency on sale of buyer's current property - include when buyer needs to sell existing property

4. HOA Provisions: HOA rules and requirements - include when property is part of a Homeowners Association

What schedules should be included in a Single Family Purchase And Sales Agreement?

1. Property Disclosure Statement: Seller's disclosure of property condition and known issues

2. Personal Property Inventory: List of included/excluded personal property items

3. Lead Paint Disclosure: Required for properties built before 1978

4. Survey or Plot Plan: Property boundaries and improvements

5. Title Report: Current title status and any encumbrances

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

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Free to use

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Banking and Finance
Insurance
Legal Services

Relevant Teams

Legal
Real Estate
Finance
Compliance
Operations

Relevant Roles

Real Estate Agent
Real Estate Attorney
Mortgage Loan Officer
Title Officer
Real Estate Broker

Industries

Truth in Lending Act (TILA): Federal law requiring lenders to provide standardized disclosures about mortgage terms and costs

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes and requiring specific disclosures for real estate transactions

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

Interstate Land Sales Full Disclosure Act: Federal law requiring developers to provide detailed information about their developments to potential buyers

Foreign Investment in Real Property Tax Act (FIRPTA): Federal law requiring foreign persons to pay US tax on the sale of US real property interests

State Property Laws: State-specific laws governing real property rights, transfers, and obligations

State Real Estate Licensing Laws: State regulations governing real estate agent licensing and professional conduct

State Disclosure Requirements: State-mandated disclosures about property condition, defects, and other material facts

State Recording Statutes: Laws governing how deeds and other real estate documents must be recorded in public records

State Contract Laws: State-specific laws governing contract formation, enforcement, and remedies

State Consumer Protection Laws: State laws protecting consumers in real estate transactions from unfair or deceptive practices

Statute of Frauds: Legal requirement that real estate contracts must be in writing to be enforceable

Local Zoning Laws: Municipal regulations governing property use, development, and restrictions

Property Tax Laws: Federal and state laws governing property tax assessment, collection, and obligations

Environmental Regulations: Federal and state laws concerning environmental protection, hazards, and compliance

HOA Rules: Homeowners Association regulations affecting property use, maintenance, and owner obligations

Title Insurance Requirements: Legal requirements and industry standards for title insurance coverage

Deed Requirements: Legal requirements for valid property deed creation, execution, and transfer

Mortgage Regulations: Federal and state laws governing mortgage lending, terms, and disclosures

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A legal agreement for the private sale of watercraft in the United States, outlining terms of sale and transfer of ownership.

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What is a Single Family Purchase And Sales Agreement?

What sections should be included in a Single Family Purchase And Sales Agreement?

What sections are optional to include in a Single Family Purchase And Sales Agreement?

What schedules should be included in a Single Family Purchase And Sales Agreement?

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Alex Denne

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