The Simple Real Estate Sales Contract serves as a fundamental legal instrument in U.S. property transactions. It is primarily used when parties seek a straightforward agreement for the transfer of real property without complex contingencies or unusual terms. This contract type includes essential elements such as property description, purchase price, closing date, and standard contingencies while complying with state and federal regulations. It's particularly suitable for residential transactions where both parties prefer a clear, uncomplicated agreement that still provides necessary legal protections.
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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 legal description of the property being sold
5. Purchase Price: Amount and payment terms
6. Closing Date: Specified date for completion of the transaction
7. Representations and Warranties: Standard assertions about the property and transaction
8. Signatures: Execution block for all parties
1. Financing Contingency: Terms regarding buyer's ability to secure financing - used when buyer requires mortgage financing
2. Inspection Contingency: Terms regarding property inspection rights - used when buyer wants to conduct property inspections
3. Sale of Existing Home Contingency: Conditions related to buyer's need to sell existing property - used when buyer needs to sell current home
1. Property Disclosure Statement: Seller's disclosure of property condition and known issues
2. Title Report: Documentation of property ownership and encumbrances
3. Property Survey: Professional survey showing property boundaries and features
4. Inventory of Fixtures: List of items included/excluded from sale
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