The Resale Property Agreement For Sale is a crucial document used in U.S. real estate transactions involving previously owned properties. It serves as the primary contract between sellers and buyers, detailing all aspects of the property transfer, including price, timing, contingencies, and responsibilities. This agreement differs from new construction contracts as it must address existing property conditions, prior ownership, and potential defects. It must comply with both federal regulations and state-specific requirements, making it essential to customize the agreement based on the property's location. The document is typically used in residential transactions but can be adapted for commercial properties.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the sale and property history
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 the sale
7. Representations and Warranties: Seller's statements about property condition and title
8. Default and Remedies: Consequences of breach by either party
1. Financing Contingency: Terms related to buyer's ability to obtain financing - used when buyer requires mortgage financing
2. Inspection Contingency: Terms related to property inspection rights - used when buyer wants right to inspect before closing
3. Sale of Existing Home Contingency: Conditions related to buyer's need to sell current home - used when buyer needs to sell existing property first
1. Property Disclosure Statement: Detailed disclosure of property condition and known issues
2. Title Documents: Current title report and related documents
3. Property Survey: Current survey showing property boundaries and improvements
4. Inspection Reports: Results of any property inspections
5. HOA Documents: If applicable, homeowners association rules and regulations
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