The Simple House Contract serves as a fundamental legal instrument for residential property transactions in the United States. This document is typically used for straightforward property purchases where standard terms and conditions apply. It encompasses key elements such as property description, purchase price, closing requirements, and contingencies. The contract ensures compliance with federal regulations like the Fair Housing Act and state-specific real estate laws. It's designed to protect both buyers' and sellers' interests while maintaining clarity and simplicity in residential property transactions.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the sale and basic property information
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Agreed amount and payment terms
6. Closing Date: Specified date for completion of the transaction
7. Representations and Warranties: Statements of fact and guarantees made by both parties
8. Default and Remedies: Consequences of breach and available remedies
9. Governing Law: Specification of applicable state law and jurisdiction
1. Financing Contingency: Terms related to buyer's ability to secure mortgage financing
2. Inspection Contingency: Terms related to property inspection requirements and timeframes
3. HOA Terms: Homeowners Association rules, requirements, and fees if property is part of an HOA
4. Sale of Existing Home Contingency: Terms relating to buyer's need to sell their current home before completing purchase
1. Schedule A - Property Inspection Report: Detailed findings from property inspection
2. Schedule B - Property Survey: Official survey showing property boundaries and dimensions
3. Schedule C - Title Report: Documentation of property ownership and any encumbrances
4. Schedule D - Disclosure Statements: Required state and federal property disclosures including material defects
5. Schedule E - Fixture and Fittings List: Detailed list of items included and excluded from the sale
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