The Agreement to Sell Property serves as the primary legal document governing real estate transactions in the United States. This contract type is essential when transferring ownership of real property, whether residential, commercial, or industrial. It protects both parties' interests by clearly defining the terms of sale, including purchase price, closing conditions, and any contingencies. The agreement must comply with state-specific real estate laws and federal regulations, including the Statute of Frauds requirement for written contracts. It typically includes property descriptions, payment terms, inspection rights, and closing requirements, while accounting for local zoning laws and environmental regulations. This document is crucial for establishing legally enforceable rights and obligations between the parties involved in the property transaction.
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1. Parties: Identification and details of seller and buyer including full legal names, addresses, and any relevant registration numbers
2. Background: Context of the sale, basic property description, and intention of the parties to enter into the transaction
3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Closing Date, and other relevant definitions
4. Property Description: Detailed description of property being sold including address, legal description, boundaries, and included fixtures/fittings
5. Purchase Price: Agreed purchase price, payment terms, deposit requirements, and method of payment
6. Closing Details: Closing date, location, requirements for closing, and allocation of closing costs
7. Title and Deed: Requirements for clear title, title insurance, and deed transfer procedures
8. Representations and Warranties: Statements of fact by both parties regarding property condition, ownership, authority to sell, and other material facts
9. Default and Remedies: Consequences of default by either party and available remedies
10. Governing Law: Specification of applicable state law and jurisdiction
1. Financing Contingency: Terms related to buyer obtaining mortgage financing, including deadline for securing financing and consequences if financing fails
2. Inspection Contingency: Terms related to property inspection, timeframe for inspections, and buyer's rights based on inspection results
3. Sale Contingency: Conditions related to buyer needing to sell existing property before completing this purchase
4. Tenant Rights: Provisions dealing with existing tenants, lease agreements, and transfer of security deposits
5. Environmental Matters: Specific provisions regarding environmental conditions, testing, and remediation requirements
1. Schedule A - Property Description: Detailed legal description of the property including lot numbers, survey details, and exact boundaries
2. Schedule B - Inventory: Comprehensive list of fixtures, fittings, and other items included in or excluded from the sale
3. Schedule C - Title Documents: Copies of relevant title documents, certificates, and encumbrances
4. Schedule D - Property Condition Report: Detailed report documenting the current condition of the property and any known defects
5. Schedule E - Permits and Certificates: Copies of relevant building permits, certificates of occupancy, and other governmental approvals
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