The Real Estate Sales Agreement Contract serves as the primary legal instrument for documenting property transactions in the United States. This contract is essential when transferring ownership of real property from seller to buyer, whether for residential, commercial, or investment purposes. The agreement must incorporate state-specific requirements while adhering to federal regulations such as RESPA and TILA. It includes crucial details about the property, price, contingencies, and closing terms, while protecting both parties' interests through clear specification of rights and obligations.
Real Estate Sales Agreement Contract for the United States
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Key Requirements PROMPT example:
Real Estate Sales Agreement Contract
"I need a Real Estate Sales Agreement Contract for the purchase of a commercial office building in California, with specific provisions for tenant transfers and a phased closing process to be completed by March 2025."
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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 overview
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. Closing Date: Specified date for completion of transaction
7. Title Transfer: Terms of conveying property title
8. Representations and Warranties: Statements of fact by both parties
1. Financing Contingency: Terms if purchase depends on buyer obtaining financing
2. Inspection Contingency: Terms for property inspection and related buyer rights
3. HOA Provisions: Details about homeowners association and related requirements
1. Property Disclosure Statement: Seller's disclosure of property condition and known issues
2. Title Report: Detailed report of property title status
3. Property Survey: Professional survey showing property boundaries and features
4. Fixture and Personal Property List: Itemized list of included and excluded items
5. Lead-Based Paint Disclosure: Required disclosure for properties built before 1978
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