The Letter of Agreement for Selling House is a crucial document in U.S. residential real estate transactions that formalizes the sale agreement between parties. This document is typically used when parties have reached initial agreement on key terms and need to document them before proceeding with a more detailed purchase agreement. It includes essential information such as property details, purchase price, closing conditions, and any special terms or contingencies. The document must comply with both federal regulations and state-specific real estate laws, making it a legally binding preliminary agreement in the property sale process.
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1. Parties: Identification of seller and buyer with complete legal names and addresses
2. Background: Brief context of the sale 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: Agreed purchase price and payment terms
6. Closing Details: Date, location, and requirements for closing
1. Contingencies: Conditions that must be met before closing, such as financing approval or satisfactory inspections
2. Personal Property Inclusion: Specific fixtures, appliances, or items included in the sale
3. Home Warranty: Terms and conditions of any home warranty being provided with the sale
1. Property Disclosure Statement: Detailed disclosure of property condition and known issues as required by state law
2. Title Documents: Copy of current title and any relevant certificates
3. Property Survey: Recent survey of the property showing boundaries and improvements
4. Inspection Reports: Any existing inspection reports or certificates relevant to the property
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