The Building Sale Agreement serves as the primary legal document in U.S. real estate transactions, establishing the rights and obligations of both parties in a property sale. This contract is essential when transferring ownership of any building, whether commercial or residential, and must comply with both federal and state-specific real estate laws. The agreement typically includes detailed property descriptions, financial terms, contingencies, and required disclosures, while also addressing title transfer requirements and closing conditions. It's designed to protect both parties' interests and ensure a clear understanding of the transaction terms.
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Key Requirements PROMPT example:
Building Sale Agreement
"I need a Building Sale Agreement for selling my three-story commercial property in downtown Chicago to a retail chain, with specific provisions for existing tenant rights and a closing date of March 15, 2025."
1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the sale and brief property description
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
6. Title and Transfer: Terms of ownership transfer and title requirements
7. Closing: Closing date, location, and requirements
8. Representations and Warranties: Standard declarations by both parties
9. Governing Law: Applicable jurisdiction and dispute resolution
1. Financing Contingency: Terms if purchase depends on buyer obtaining financing
2. Inspection Contingency: Terms for property inspection and potential issues
3. Environmental Provisions: Environmental compliance and hazardous materials
4. Tenant Provisions: Existing lease arrangements and tenant rights
1. Property Description Schedule: Detailed legal description and property boundaries
2. Title Documents: Current title report and related documents
3. Property Disclosure Statement: Seller's disclosure of property condition and known issues
4. Existing Leases: Copies of current lease agreements if applicable
5. Property Plans: Building plans, surveys, and technical drawings
6. Environmental Reports: Any environmental assessments or reports
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