The Standard Real Estate Purchase And Sale Agreement is a fundamental document in U.S. real estate transactions, used when transferring property ownership from seller to buyer. This agreement serves as the primary contract documenting the terms of sale, including property details, purchase price, closing conditions, and contingencies. It incorporates requirements from federal legislation such as RESPA and state-specific property laws, while providing protection for both parties. The document is essential for both residential and commercial transactions, and can be customized to address specific conditions or requirements of the sale.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and property identification
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold, including legal description and address
5. Purchase Price: Amount and payment terms, including deposit requirements and payment schedule
6. Closing Date and Process: Specified date for completion of the transaction and closing procedures
7. Title and Deed: Requirements for clear title, deed transfer, and title insurance provisions
8. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter into the agreement
9. Default and Remedies: Consequences of breach by either party and available remedies
10. Notices: How and where formal communications between parties should be delivered
11. Governing Law: Specification of applicable state law and jurisdiction
1. Financing Contingency: Conditions related to buyer obtaining mortgage financing, including timeline and terms
2. Inspection Contingency: Terms for property inspection, timeframe for completion, and buyer's rights based on findings
3. Sale of Existing Home Contingency: Conditions related to buyer selling current property before completing purchase
4. Homeowners Association Provisions: Terms related to HOA membership, fees, and regulations when property is part of an HOA
5. Lead-Based Paint Disclosure: Required for properties built before 1978, including acknowledgments and warnings
1. Schedule A - Property Disclosure Statement: Seller's detailed disclosure of property condition and known issues
2. Schedule B - Inventory of Fixtures and Fittings: Comprehensive list of items included and excluded from the sale
3. Schedule C - Title Search Results: Documentation of property ownership history and any encumbrances
4. Schedule D - Environmental Reports: Results of environmental assessments and related disclosures
5. Schedule E - Property Survey: Current survey showing property boundaries and improvements
Relevant legal definitions
Agreement
Buyer
Seller
Property
Purchase Price
Closing
Closing Date
Earnest Money Deposit
Title
Deed
Encumbrances
Contingencies
Due Diligence Period
Effective Date
Escrow Agent
Fixtures
Personal Property
Property Disclosure Statement
Purchase and Sale Agreement
Real Property
Settlement Statement
Title Insurance
Title Search
Zoning Laws
Business Day
Default
Force Majeure
Inspection Period
Permitted Exceptions
Recording
Representations and Warranties
Survey
Time is of the Essence
Walk-Through
Buyer
Seller
Property
Purchase Price
Closing
Closing Date
Earnest Money Deposit
Title
Deed
Encumbrances
Contingencies
Due Diligence Period
Effective Date
Escrow Agent
Fixtures
Personal Property
Property Disclosure Statement
Purchase and Sale Agreement
Real Property
Settlement Statement
Title Insurance
Title Search
Zoning Laws
Business Day
Default
Force Majeure
Inspection Period
Permitted Exceptions
Recording
Representations and Warranties
Survey
Time is of the Essence
Walk-Through
Clauses
Property Description
Purchase Price and Payment
Title and Conveyance
Representations and Warranties
Due Diligence
Contingencies
Inspection Rights
Financing
Earnest Money
Closing and Settlement
Property Condition
Risk of Loss
Default and Remedies
Prorations and Adjustments
Assignment
Notices
Force Majeure
Governing Law
Dispute Resolution
Time of Essence
Survival
Severability
Integration
Agency Disclosure
Environmental Matters
Property Access
Maintenance and Operation
Insurance
Termination Rights
Amendment
Purchase Price and Payment
Title and Conveyance
Representations and Warranties
Due Diligence
Contingencies
Inspection Rights
Financing
Earnest Money
Closing and Settlement
Property Condition
Risk of Loss
Default and Remedies
Prorations and Adjustments
Assignment
Notices
Force Majeure
Governing Law
Dispute Resolution
Time of Essence
Survival
Severability
Integration
Agency Disclosure
Environmental Matters
Property Access
Maintenance and Operation
Insurance
Termination Rights
Amendment
Relevant Industries
Relevant Teams
Relevant Roles
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