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Residential Purchase Agreement for the United States

Residential Purchase Agreement Template for United States

A legally binding contract used in the United States for the purchase and sale of residential real estate. This agreement outlines all terms and conditions of the property transfer, including purchase price, closing conditions, contingencies, and obligations of both parties. It incorporates federal and state-specific requirements for residential property transactions, including mandatory disclosures and compliance with local real estate laws.

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Residential Purchase Agreement

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What is a Residential Purchase Agreement?

The Residential Purchase Agreement serves as the foundational document for residential real estate transactions in the United States. This contract is essential whenever residential property is bought or sold, whether it's a single-family home, condominium, or other residential unit. The agreement includes crucial elements such as property description, purchase price, financing terms, inspection requirements, and closing conditions. It must comply with federal regulations like the Fair Housing Act and RESPA, as well as state-specific real estate laws. The document provides legal protection for both buyers and sellers while ensuring all aspects of the transaction are clearly defined and agreed upon.

What sections should be included in a Residential Purchase Agreement?

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background: Brief context of the transaction and property identification

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property including address and legal description

5. Purchase Price: Amount and payment terms including deposit details

6. Closing Date: Specified date for completion of the transaction

7. Title and Deed: Terms regarding transfer of ownership

8. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter into the agreement

9. Conditions Precedent: Conditions that must be satisfied before closing

10. Closing Procedures: Details of the closing process and requirements

What sections are optional to include in a Residential Purchase Agreement?

1. Financing Contingency: Terms related to buyer obtaining mortgage financing, including timeline and conditions

2. HOA Provisions: Terms related to homeowners association, including fees, rules, and required approvals

3. Lead Paint Disclosure: Legally required disclosure and acknowledgment for properties built before 1978

4. Property Inspection Contingency: Terms relating to professional inspection of the property and resolution of any issues found

5. Sale of Existing Home Contingency: Conditions related to buyer's need to sell their current home before completing this purchase

What schedules should be included in a Residential Purchase Agreement?

1. Schedule A - Property Inspection Report: Detailed report of property condition and any identified issues

2. Schedule B - Title Report: Current status of property title and any encumbrances

3. Schedule C - Disclosure Statements: State-required property condition disclosures and seller's disclosures

4. Schedule D - Included Fixtures and Fittings: Detailed list of items included in and excluded from the sale

5. Schedule E - Environmental Reports: Any environmental assessments or reports, including lead paint disclosures if applicable

Authors

Alex Denne

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

Jurisdiction

United States

Document Type

Agreement Contract

Cost

Free to use
Clauses






























Industries

Fair Housing Act: Federal law that prohibits discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

Truth in Lending Act (TILA): Federal regulation requiring lenders to provide standardized disclosures about credit terms and costs

Real Estate Settlement Procedures Act (RESPA): Federal law that regulates real estate settlement processes and requires specific disclosures related to the mortgage and real estate settlement process

Interstate Land Sales Full Disclosure Act: Federal law designed to protect consumers from fraudulent practices in the sale of undeveloped land

Lead-Based Paint Hazard Reduction Act: Federal law requiring disclosure of known lead-based paint and lead-based paint hazards in property built before 1978

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

State Contract Laws: State-specific laws governing formation and enforcement of contracts, including real estate contracts

State Real Estate Licensing Laws: State-specific regulations governing real estate professional licensing and conduct

State Disclosure Requirements: State-mandated disclosures about property condition, defects, and other material facts

State Recording Requirements: State-specific rules for recording real estate documents and transfers with appropriate government offices

State Environmental Laws: State-specific environmental regulations affecting real estate transactions and property use

Local Zoning Laws: Municipal regulations governing property use, development, and restrictions

Municipal Building Codes: Local regulations setting standards for building construction, maintenance, and safety

Local Property Transfer Requirements: City or county-specific requirements for transferring property ownership

Local Tax Regulations: Municipal and county tax rules affecting property transfers and ongoing property ownership

State-specific Real Estate Forms: Standardized forms required or recommended by state real estate associations or authorities

Natural Hazards Disclosure Requirements: Mandatory disclosures about potential natural hazards affecting the property

HOA Regulations: Rules and requirements set by Homeowners Associations affecting property use and transfer, if applicable

Historical Property Regulations: Special rules and restrictions governing historically designated properties, if applicable

Coastal/Wetland Regulations: Special requirements for properties in coastal zones or wetland areas, if applicable

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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