Real Estate Purchase Agreement
This Real Estate Purchase Agreement ("Agreement") is made and entered into on this day of _, 20, by and between:
Seller: Address:
Buyer: Address:
1. Property Description
The Seller agrees to sell and the Buyer agrees to purchase the property located at:
Address: Legal Description:
2. Purchase Price
The total purchase price for the property shall be $, payable as follows:
- Earnest Money Deposit: $ (to be held in escrow)
- Balance Due at Closing: $
3. Financing
Buyer will pay cash. Buyer intends to obtain financing as follows:
Type of Loan: Loan Amount: $
4. Closing Date
The closing of the sale shall occur on or before , 20, at a location mutually agreed upon by both parties.
5. Contingencies
- Inspection Contingency: Buyer has the right to inspect the property within _ days of the effective date.
- Financing Contingency: This Agreement is contingent upon Buyer securing financing within _ days.
6. Property Condition
The property is sold "as-is" except for the following warranties and representations:
- Seller warrants that there are no known material defects.
- Seller agrees to maintain the property in its current condition until closing.
7. Disclosures
Seller shall provide all legally required disclosures, including but not limited to:
- Lead-Based Paint Disclosure (if applicable)
- Property Condition Disclosure Statement
8. Closing Costs
The parties agree to the following allocation of closing costs:
- Seller shall pay:
- Buyer shall pay:
9. Default
In the event of default by either party, the non-defaulting party may pursue all remedies available by law.
10. Additional Terms
11. Signatures
Seller Signature
Date:
Buyer Signature
Date:
Instructions and Best Practices
- Customization: Modify the terms and contingencies to fit the specific transaction.
- Legal Review: It is recommended that both parties seek legal counsel before signing.
- Record Keeping: Store signed contracts securely and maintain copies for future reference.
- Integration: Use Google Docs features such as comments and version history to collaborate and track changes.
This template provides a comprehensive framework for real estate contracts, ensuring all critical elements are addressed to protect both buyers and sellers throughout the transaction process.
