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Builders Agreement Of Purchase And Sale Template for United States

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Key Requirements PROMPT example:

Builders Agreement Of Purchase And Sale

"I need a Builders Agreement of Purchase and Sale for a luxury residential development project in Florida, with specific provisions for customizable finishes and a phased payment structure, targeting completion in March 2025."

Document background
The Builders Agreement of Purchase and Sale serves as the primary contract document for new construction property transactions in the United States. This agreement is essential when a purchaser is buying a property that is yet to be built or is under construction. It differs from standard real estate purchase agreements by including detailed construction specifications, timelines, and builder warranties. The document must comply with various federal regulations such as the Interstate Land Sales Full Disclosure Act, as well as state-specific building codes and consumer protection laws. It provides crucial protection for both the builder and the purchaser by clearly defining expectations, responsibilities, and remedies.
Suggested Sections

1. Parties: Identifies and defines the builder/seller and purchaser(s)

2. Background: Outlines the context of the agreement and basic premises

3. Definitions: Defines key terms used throughout the agreement

4. Property Description: Detailed description of the property and specifications of the build

5. Purchase Price: States the total purchase price and payment schedule

6. Construction Terms: Details of construction timeline, standards, and specifications

7. Closing Conditions: Conditions that must be met before closing

8. Warranties: Builder's warranties and guarantees

Optional Sections

1. Financing Conditions: Terms related to buyer's financing when mortgage financing is required

2. Customization Options: Details of available upgrades and modifications when builder offers customization choices

3. HOA Provisions: Home Owners Association rules and requirements when property is part of an HOA

Suggested Schedules

1. Schedule A - Property Specifications: Detailed plans and specifications of the building

2. Schedule B - Standard Finishes: List of included standard finishes and materials

3. Schedule C - Upgrade Options: Available upgrades and their prices

4. Schedule D - Construction Timeline: Detailed construction schedule and milestones

5. Schedule E - Site Plan: Property survey and site layout

6. Schedule F - Warranty Terms: Detailed warranty provisions and procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Clauses







































Industries

Interstate Land Sales Full Disclosure Act (ILSA): Federal law requiring developers to provide detailed information about their development projects to potential buyers

Fair Housing Act: Federal legislation prohibiting discrimination in the sale, rental, and financing of housing based on protected characteristics

Americans with Disabilities Act (ADA): Federal law requiring accessible design and construction in new residential buildings

Federal Truth in Lending Act: Federal regulation requiring disclosure of credit terms and costs in real estate transactions

Building Energy Codes Program: Federal guidelines for energy efficiency in building construction and design

State Property Laws: State-specific regulations governing real property rights, transfers, and obligations

State Building Codes: State-level construction standards and safety requirements for building projects

State Contractor Licensing Requirements: State regulations governing contractor qualifications, permits, and operational requirements

State Consumer Protection Acts: State laws protecting buyers from unfair practices in real estate and construction transactions

State Environmental Regulations: State-specific environmental protection requirements affecting construction and development

State Warranty Laws: State regulations governing builder warranties and construction defect liability

Municipal Building Codes: Local construction standards and requirements specific to city or county jurisdictions

Zoning Laws: Local regulations controlling land use and development requirements in specific areas

Local Permit Requirements: City or county-specific permits and approvals needed for construction projects

HOA Regulations: Homeowners Association rules affecting construction and design requirements in specific communities

NAHB Guidelines: National Association of Home Builders industry standards and best practices

International Building Code (IBC): Comprehensive model building code establishing minimum requirements for building safety

Uniform Commercial Code (UCC): Standardized state laws governing commercial transactions, including construction contracts

Statute of Frauds: Legal requirement that certain contracts, including real estate agreements, must be in writing

Mechanic's Lien Laws: State laws protecting contractors' and suppliers' rights to payment for work performed

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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