The Standard Real Estate Purchase Contract serves as the foundational document for real estate transactions in the United States. This contract is essential when any party wishes to buy or sell real property, whether residential or commercial. It includes crucial elements such as property description, purchase price, payment terms, contingencies, and closing requirements. The document must comply with both federal regulations (such as the Fair Housing Act and RESPA) and state-specific real estate laws. It provides legal protection for all parties involved and serves as a roadmap for the entire transaction process.
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1. Parties: Identification of buyer and seller with complete legal names and addresses
2. Background: Context of the transaction and property description
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property being sold, including address, boundaries, and parcel numbers
5. Purchase Price: Amount of the purchase price, payment terms, and method of payment, including any deposits or earnest money
6. Closing Date: Specified date for completion of transaction and transfer of title
7. Due Diligence: Buyer's rights for property inspection and investigation period
8. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter into the agreement
1. Financing Contingency: Terms and conditions related to buyer's ability to obtain mortgage financing
2. Sale Contingency: Conditions related to the sale of buyer's current property before closing
3. Tenant Rights: Provisions regarding existing tenant rights and obligations if property is currently occupied
4. HOA Provisions: Terms related to Homeowners Association membership, fees, and regulations if applicable
1. Schedule A - Property Inventory: Detailed list of fixtures, fittings, and personal property included in the sale
2. Schedule B - Property Disclosure Statement: Seller's mandatory disclosure of property condition and known defects
3. Schedule C - Title Documents: Title report, survey, and related documentation
4. Schedule D - Environmental Reports: Environmental assessments and related documentation if required
5. Schedule E - Lead-Based Paint Disclosure: Mandatory disclosure for properties built before 1978
Relevant legal definitions
Agreement
Buyer
Seller
Property
Purchase Price
Closing
Closing Date
Deposit
Earnest Money
Effective Date
Escrow Agent
Fixtures
Personal Property
Title Company
Due Diligence Period
Permitted Exceptions
Property Documents
Real Property
Settlement Statement
Title Insurance
Title Commitment
Deed
Contingencies
Default
Force Majeure
Business Day
Inspection Period
Possession Date
Property Disclosure Statement
Representations and Warranties
Survey
Zoning Laws
Encumbrances
Environmental Hazards
Material Defects
Buyer
Seller
Property
Purchase Price
Closing
Closing Date
Deposit
Earnest Money
Effective Date
Escrow Agent
Fixtures
Personal Property
Title Company
Due Diligence Period
Permitted Exceptions
Property Documents
Real Property
Settlement Statement
Title Insurance
Title Commitment
Deed
Contingencies
Default
Force Majeure
Business Day
Inspection Period
Possession Date
Property Disclosure Statement
Representations and Warranties
Survey
Zoning Laws
Encumbrances
Environmental Hazards
Material Defects
Clauses
Purchase and Sale
Consideration
Property Description
Title and Conveyance
Due Diligence
Representations and Warranties
Contingencies
Deposit and Escrow
Closing and Settlement
Default and Remedies
Risk of Loss
Property Condition
Environmental Matters
Inspection Rights
Financing
Insurance
Property Access
Assignments
Termination
Force Majeure
Notice Requirements
Governing Law
Dispute Resolution
Survival
Severability
Integration
Time of Essence
Counterparts
Attorney Fees
Prorations and Adjustments
Consideration
Property Description
Title and Conveyance
Due Diligence
Representations and Warranties
Contingencies
Deposit and Escrow
Closing and Settlement
Default and Remedies
Risk of Loss
Property Condition
Environmental Matters
Inspection Rights
Financing
Insurance
Property Access
Assignments
Termination
Force Majeure
Notice Requirements
Governing Law
Dispute Resolution
Survival
Severability
Integration
Time of Essence
Counterparts
Attorney Fees
Prorations and Adjustments
Relevant Industries
Relevant Teams
Relevant Roles
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