Residential Real Estate Purchase and Sale Agreement State where the Property is located: {{governing_state}} This Residential Real Estate Purchase and Sale Agreement ("Agreement") is entered into as of {{agreement_date}} by and between: Seller: {{seller_name}} Buyer: {{buyer_name}} Collectively referred to as the "Parties." § 1. Property Description The Seller agrees to sell and the Buyer agrees to purchase the following real property: Street Address: {{property_address}} Legal Description: (See attached Exhibit A, if applicable) This includes all buildings, improvements, fixtures, and appurtenances (the "Property"). § 2. Purchase Price and Payment * Total Purchase Price: ${{purchase_price}} * Earnest Money Deposit: ${{earnest_money}} (To be paid by Buyer within {{earnest_money_days}} business days to the designated escrow or title company.) * Payment Method: {{payment_method}} * Balance Due at Closing: ${{balance_due}}
§ 3. Closing * The closing shall take place on or before: {{closing_date}} * Closing Location: {{closing_location}} * Possession of the property shall be delivered to Buyer at closing or as otherwise agreed § 4. Title and Conveyance Seller shall convey good and marketable title by general warranty deed or the applicable deed type in the state of the property. The title shall be clear of all liens and encumbrances except as previously disclosed. Buyer may obtain a title insurance policy at their own expense, unless otherwise agreed in writing. FIRPTA: At or before closing, the Seller shall certify whether the Seller is a foreign person under the Foreign Investment in Real Property Tax Act. If the Seller is a foreign person, the Buyer or the closing agent shall withhold from the purchase price the tax required by Section 1445 of the Internal Revenue Code (generally 15% of the amount realized), and that amount is treated as paid to the Seller. § 5. Contingencies This Agreement may be contingent upon one or more of the following, as agreed by the parties: * Buyer obtaining financing approval within {{financing_days}} days * Satisfactory completion of a home inspection * The property appraising at or above the purchase price * The sale of Buyer's existing home * Any additional contingencies detailed in an attached addendum If any agreed-upon contingency is not met, Buyer shall have the right to terminate this Agreement and receive a refund of the earnest money.
§ 6. Inspection Buyer has the right to conduct inspections of the Property within {{inspection_days}} days from the effective date of this Agreement. If defects are found, Buyer may request repairs, negotiate a reduction in purchase price, or terminate the Agreement. § 7. Disclosures Seller shall provide all disclosures required by applicable state and federal laws, including but not limited to lead-based paint disclosures and property condition disclosures. Buyer's signature below acknowledges receipt only of the disclosure forms actually delivered to the Buyer and listed in Section 11. Lead-Based Paint: The residential dwelling on the Property was built in {{year_built}}. If it was built before 1978, the Seller shall complete the federal lead-based paint disclosure and give the Buyer the pamphlet "Protect Your Family From Lead in Your Home" and any lead records or reports in the Seller's possession before the Buyer is obligated under this Agreement, and the following Lead Warning Statement is part of this Agreement: "Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase." The Buyer has a 10-day opportunity to conduct a risk assessment or inspection for lead-based paint hazards before becoming obligated under this Agreement, unless the Buyer waives it in writing (40 CFR 745.110). § 8. Default If Buyer defaults, the Seller may retain the earnest money as liquidated damages. If Seller defaults, the Buyer may either terminate this Agreement and recover the earnest money or seek specific performance through legal channels. § 9. Miscellaneous * Governing Law: This Agreement shall be governed by the laws of the state where the Property is located. * Entire Agreement: This document constitutes the entire agreement between the Parties. * Amendments: No modification shall be valid unless in writing and signed by both Parties. * Electronic Signatures: The Parties agree to sign this Agreement electronically. An electronic signature has the same effect as a handwritten one to the extent the law of the state where the Property is located allows. The deed and any document that must be notarized or recorded will be signed as that law requires. * Assignment: This Agreement may or may not be assignable, as mutually agreed upon in writing.
§ 10. Signatures Seller Name: {{seller_name}} Signature: ________________________________ Date: {{seller_signature_date}} Buyer Name: {{buyer_name}} Signature: ________________________________ Date: {{buyer_signature_date}} § 11. Attachments (if applicable) * Exhibit A: Legal Description * State-Mandated Disclosure Forms * Lead-Based Paint Disclosure and Pamphlet (dwellings built before 1978) * Inspection Report or Contingency Addenda * Financing Addendum * Other: {{other_attachments}} generated with airenovationcalculator.com