The Modular Home Purchase Agreement serves as the primary contract between buyers and sellers of prefabricated homes in the United States. This document is essential when purchasing a home that is manufactured off-site in sections and assembled at the final location. It covers crucial aspects including home specifications, purchase price, delivery terms, installation requirements, warranties, and compliance with various regulations. The agreement is designed to protect both parties' interests while ensuring clarity on responsibilities and expectations throughout the transaction process.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and basic information about the modular home
3. Definitions: Key terms used throughout the agreement including 'Modular Home', 'Specifications', 'Closing Date', etc.
4. Property Description: Detailed specifications of the modular home and land (if included)
5. Purchase Price: Total cost and payment terms
6. Delivery and Installation: Timeline and responsibilities for delivery and installation
7. Warranties: Manufacturer and seller warranties
8. Closing and Transfer of Title: Conditions and process for completing the sale
1. Financing Contingency: Terms related to buyer's financing requirements, including conditions and deadlines for obtaining mortgage approval
2. Land Purchase: Terms related to land acquisition when the property is included in the sale
3. Site Preparation: Requirements and responsibilities for preparing the installation site
4. Customization Options: Specific modifications to standard model and associated costs
1. Schedule A - Home Specifications: Detailed technical specifications of the modular home including dimensions, materials, and features
2. Schedule B - Site Plan: Layout and placement details for the modular home
3. Schedule C - Warranties: Copies of manufacturer and installation warranties
4. Schedule D - Payment Schedule: Breakdown of payment milestones and amounts
5. Schedule E - Customization Details: Specifications for any custom features or modifications
6. Appendix 1 - Required Permits: List of necessary permits and approvals required for installation
7. Appendix 2 - Installation Timeline: Detailed project schedule including key milestones
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