The Private Real Estate Sale Contract serves as the primary legal instrument for transferring real property ownership between private parties in the United States. This document is essential when individuals or entities engage in real estate transactions without using standard realtor forms or when customization is needed. The contract must comply with both federal regulations (such as RESPA and TILA) and state-specific real estate laws. It typically includes detailed property descriptions, financial terms, contingencies, and closing requirements, while protecting both parties' interests throughout the transaction process.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the sale and property identification
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property including boundaries and fixtures
5. Purchase Price: Amount and payment terms including deposit details
6. Closing: Date, location, and requirements for closing
7. Title and Deed: Requirements for clear title and deed transfer
8. Representations and Warranties: Standard declarations by both parties
9. Default Provisions: Consequences of breach by either party
1. Financing Contingency: Terms related to buyer's ability to secure financing - include when buyer requires mortgage financing
2. Inspection Contingency: Terms for property inspection and resulting actions - include when buyer wants to conduct property inspections
3. HOA Provisions: Terms related to homeowners association - include when property is part of an HOA
4. Tenant Rights: Provisions regarding existing tenants - include when property is currently tenant-occupied
1. Property Disclosure Statement: Detailed disclosure of property condition and known issues
2. Property Survey: Recent survey showing property boundaries and improvements
3. Title Report: Current title report showing encumbrances and restrictions
4. Fixtures and Inclusions List: Detailed list of items included/excluded from sale
5. Environmental Reports: Any relevant environmental assessments - include for properties with potential environmental concerns
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