The Standard Real Estate Purchase Agreement is a fundamental document in U.S. real estate transactions, used whenever real property is bought or sold. This contract type ensures all parties clearly understand their rights, obligations, and the specific terms of the transaction. It includes critical information such as property details, price, financing arrangements, inspection periods, and closing conditions. The agreement must comply with both federal regulations and state-specific real estate laws, making it essential to use a version appropriate for the jurisdiction where the property is located.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction 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: Amount and payment terms
6. Closing Date: Specified date for completion of the transaction
7. Due Diligence Period: Timeframe for buyer's inspection and investigation
8. Representations and Warranties: Statements of fact by both parties regarding the property and transaction
9. Closing Conditions: Conditions that must be satisfied before closing
10. Default and Remedies: Consequences of breach by either party
1. Financing Contingency: Terms related to buyer's ability to obtain mortgage financing
2. Sale Contingency: Conditions related to sale of buyer's current property
3. Tenant Rights: Provisions regarding existing tenants and lease agreements
4. HOA Provisions: Terms related to homeowners association membership and rules
5. Foreign Buyer Provisions: FIRPTA and other provisions specific to foreign buyers
1. Schedule A - Property Disclosure Statement: Seller's disclosure of property condition and known defects
2. Schedule B - Inventory of Fixtures and Fittings: List of items included in and excluded from the sale
3. Schedule C - Title Documents: Current title report and related documentation
4. Schedule D - Environmental Reports: Environmental assessment results and related documentation
5. Schedule E - Inspection Reports: Property inspection findings and recommendations
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