Valid in all U.S. states
This Real Estate Purchase Agreement (the "Agreement") is made and entered into as of _______ (the "Effective Date"), by and between:
Seller: _______, with a mailing address of _______
Buyer: _______, with a mailing address of _______
Sellers: _______, with a mailing address of _______, and _______, with a mailing address of _______
Buyer: _______, with a mailing address of _______
Seller: _______, with a mailing address of _______
Buyers: _______, with a mailing address of _______, and _______, with a mailing address of _______
Sellers: _______, with a mailing address of _______, and _______, with a mailing address of _______
Buyers: _______, with a mailing address of _______, and _______, with a mailing address of _______
Seller and Buyer may be referred to herein individually as a "Party" and collectively as the "Parties".
WHEREAS, Seller is the owner of certain real property, and Buyer desires to purchase said property from Seller; and
WHEREAS, the Parties desire to set forth the terms and conditions for the purchase and sale of such property.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
1.1. Real Property. Seller agrees to sell and Buyer agrees to buy the real property and all improvements thereon located in the County of {QID100_county}, State of {QID1751}, and commonly known as _______ (the "Property").
1.2. Legal Description. The legal description of the Property is as follows: _______. The Property Tax ID Number is: _______.
1.3. Fixtures and Improvements. The sale includes all fixtures, improvements, and appurtenances, including but not limited to, all buildings, structures, landscaping, heating, ventilation, air conditioning, plumbing and electrical systems, light fixtures, and all other items permanently attached to the Property, unless specifically excluded herein.
1.4. Personal Property. The following items of personal property, if present on the Property on the date of the initial offer, are included in the purchase price, are conveyed with no additional monetary value, and are to be left for the Buyer: _______.
1.5. Excluded Items. The following items are specifically excluded from this sale: _______. Seller shall remove said items prior to closing and repair any damage caused by their removal.
2.1. Purchase Price. The total purchase price to be paid by Buyer to Seller for the Property is $_______ (the "Purchase Price").
2.2. Earnest Money Deposit. Within _______ business days after the Effective Date, Buyer shall deposit with _______, located at _______ (the "Escrow Agent"), the sum of $_______ as an earnest money deposit (the "Deposit"). The Deposit shall be applied to the Purchase Price at Closing. If this Agreement is terminated in accordance with the provisions herein, the Deposit shall be disbursed as provided in this Agreement.
2.3. Payment of Balance. The balance of the Purchase Price, less the Deposit and any other credits, shall be paid by Buyer in cash, wire transfer of immediately available funds, or certified check at Closing.
3.1. Third-Party Financing. This Agreement is contingent upon Buyer obtaining a written loan commitment for a _______ loan within _______ days of the Effective Date. The loan shall be for a principal amount sufficient to complete the purchase, at prevailing market interest rates and terms. Buyer agrees to make a diligent and good-faith effort to obtain said financing. If Buyer cannot obtain the loan commitment within the specified time, this Agreement may be terminated by written notice from Buyer to Seller, and the Deposit shall be returned to Buyer.
3.1. Seller Financing. Seller agrees to finance $_______ of the Purchase Price for Buyer. This financing will be secured by a promissory note and mortgage/deed of trust on the Property, with an interest rate of _______% per annum, amortized over a term of _______ years. Further terms shall be detailed in a separate Seller Financing Addendum.
3.1. Loan Assumption. This Agreement is contingent on Buyer's ability to assume Seller's existing mortgage with _______, with an approximate remaining balance of $_______. Buyer shall have _______ days from the Effective Date to obtain the lender's written approval for the assumption. If approval is not obtained within this timeframe, this Agreement may be terminated by written notice from Buyer to Seller, and the Deposit shall be returned to Buyer. Any costs associated with the assumption shall be paid by Buyer.
3.1. All Cash. This Agreement is not contingent upon financing. Buyer shall provide Seller, within 5 days of the Effective Date, with verifiable proof of funds sufficient to close the transaction.
4.1. Inspection Contingency. This Agreement is contingent upon Buyer's satisfaction with inspections of the Property. Buyer shall have _______ days from the Effective Date (the "Inspection Period") to conduct, at Buyer's expense, any inspections of the Property, including but not limited to, general home, pest, radon, lead-based paint, and structural inspections.
If Buyer, in their sole discretion, is not satisfied with the condition of the Property, Buyer may, on or before the expiration of the Inspection Period, provide written notice to Seller to terminate this Agreement. Upon such termination, the Deposit shall be promptly returned to Buyer, and the Parties shall have no further obligations hereunder.
If Buyer, in their sole discretion, is not satisfied with the condition of the Property, Buyer may, on or before the expiration of the Inspection Period: (a) terminate this Agreement by providing written notice to Seller, in which case the Deposit shall be promptly returned to Buyer; or (b) deliver to Seller a written list of requested repairs or a request for a credit at Closing. If the Parties cannot agree in writing on the resolution of these requests within 5 days of Seller's receipt, this Agreement shall terminate, and the Deposit shall be returned to Buyer.
4.2. Appraisal Contingency. This Agreement is contingent upon the Property appraising for a value equal to or greater than the Purchase Price. The appraisal must be conducted by a licensed appraiser. If the appraisal is not completed by _______ or if the appraised value is less than the Purchase Price, Buyer shall have the right to terminate this Agreement by providing written notice to Seller, whereupon the Deposit shall be returned to Buyer. Alternatively, Buyer and Seller may agree in writing to a new Purchase Price.
4.3. Sale of Buyer's Property Contingency. This Agreement is contingent upon the successful closing of the sale of Buyer's property located at _______ on or before _______. If the sale of Buyer's property does not close by said date, Buyer may terminate this Agreement by providing written notice to Seller, and the Deposit shall be returned to Buyer.
4.4. Waiver of Contingencies. If Buyer fails to provide written notice of termination under any contingency by its applicable deadline, that contingency shall be deemed waived, and the Agreement shall remain in full force and effect.
5.1. Title Evidence. Within _______ days after the Effective Date, Seller shall, at Seller's expense, cause a title insurance company to issue and deliver to Buyer a commitment for an owner's policy of title insurance (the "Title Commitment") showing the condition of title to the Property.
5.2. Title Review. Buyer shall have _______ days after receipt of the Title Commitment to review and deliver written objections to Seller regarding any matters disclosed in the Title Commitment which are unacceptable to Buyer. Any item not objected to in writing shall be deemed a "Permitted Exception." Seller shall have a reasonable time after receipt of Buyer's objections to cure such objections. If Seller is unable or unwilling to cure the objections, Buyer may terminate this Agreement, and the Deposit shall be returned to Buyer.
5.3. Title Policy. At Closing, Seller shall cause the title company to issue an owner's title insurance policy to Buyer in the amount of the Purchase Price, insuring marketable fee simple title to the Property, subject only to the Permitted Exceptions. The cost of the owner's title policy shall be paid by the _______.
5.4. Survey. Buyer shall obtain a new survey of the Property at _______'s expense. If the survey reveals any encroachment, violation, or other matter unacceptable to Buyer, Buyer shall deliver written objections to Seller within 5 days of receipt of the survey, and the Parties shall proceed in the same manner as for title objections.
5.4. Survey. Seller will provide Buyer with a copy of any existing survey of the Property in Seller's possession. Buyer may rely on such existing survey or obtain a new survey at Buyer's expense.
Seller represents and warrants to Buyer that:
(a) Authority: Seller has the full right, power, and authority to enter into this Agreement and to sell the Property as provided herein.
(b) Title: Seller is the fee simple owner of the Property and has good and marketable title, free and clear of all liens, encumbrances, and restrictions, except for Permitted Exceptions.
(c) No Conflicts: The execution and delivery of this Agreement and the consummation of the transaction contemplated hereby will not violate any court order, statute, or agreement to which Seller is a party.
(d) No Pending Litigation: There is no litigation or proceeding pending or, to Seller's knowledge, threatened against or relating to the Property.
6.2. 'As-Is' Condition. Buyer acknowledges and agrees that, except as otherwise expressly provided in this Agreement, the Property is being sold in its "AS-IS, WHERE-IS" condition with all faults and without any representations or warranties of any kind, express or implied, as to its condition, fitness for any particular purpose, or any other matter. Buyer relies solely on its own inspections and due diligence.
6.3. Latent Defects. To the best of Seller's knowledge, there are no latent material defects affecting the Property.
6.3. Known Latent Defects. Seller discloses the following known latent material defects: _______.
6.4. Property Disclosure Statement. Seller will provide Buyer with a completed and signed Property Condition Disclosure Statement as required by state law within 3 days of the Effective Date. Buyer shall have 3 days from receipt to review the statement and may terminate this Agreement if the disclosure reveals new adverse material facts not previously known to Buyer.
7.1. Closing Date. The closing of the transaction contemplated by this Agreement (the "Closing") shall take place on or before _______ (the "Closing Date"), or on such other date as the Parties may mutually agree in writing.
7.2. Closing Location. The Closing shall be held at _______, or at another location mutually agreeable to the Parties.
7.3. Seller's Obligations at Closing. At Closing, Seller shall deliver to Buyer:
(a) A General Warranty Deed (or other appropriate deed as per state custom) conveying the Property to Buyer, free and clear of all liens except Permitted Exceptions.
(b) An owner's affidavit, non-foreign status affidavit (FIRPTA), and any other documents reasonably required by the title company.
(c) Keys, garage door openers, and any codes necessary to access the Property.
7.4. Buyer's Obligations at Closing. At Closing, Buyer shall deliver to the Escrow Agent the balance of the Purchase Price in immediately available funds and any other documents required of Buyer to close the transaction.
7.5. Closing Costs. Each party shall pay their respective closing costs as is customary in the jurisdiction where the Property is located. Typically, Seller pays for the deed preparation, owner's title policy (unless otherwise agreed), and their share of prorations. Buyer typically pays for loan origination fees, appraisal, survey (unless otherwise agreed), lender's title policy, and recording fees.
7.6. Possession. Seller shall deliver possession of the Property to Buyer immediately upon the completion of Closing and funding.
7.6. Possession. Seller shall deliver possession of the Property to Buyer no later than _______. Seller's post-closing occupancy shall be governed by a separate Post-Closing Occupancy Agreement to be executed by the Parties at or before Closing.
8.1. Prorations. The following items shall be prorated between Seller and Buyer as of the Closing Date: real estate taxes, utility charges, rents (if any), and other assessments. Seller shall be responsible for all such expenses up to the Closing Date, and Buyer shall be responsible from the Closing Date forward.
8.1. Prorations. The following items shall be prorated between Seller and Buyer as of the Closing Date: real estate taxes, utility charges, rents (if any), Homeowner's/Condominium Association fees of $_______ paid _______, and other assessments. Seller shall be responsible for all such expenses up to the Closing Date, and Buyer shall be responsible from the Closing Date forward.
8.2. Risk of Loss. The risk of loss or damage to the Property by fire or other casualty shall remain with the Seller until Closing. If the Property is substantially damaged prior to Closing, Buyer may terminate this Agreement and the Deposit shall be returned to Buyer. If the damage is not substantial, Buyer shall proceed to Closing and receive any insurance proceeds payable on account of such damage.
9.1. Seller's Default. If Seller defaults in the performance of any of Seller's obligations hereunder, Buyer shall be entitled to the return of the Deposit, thereby releasing Seller from any further liability.
9.1. Seller's Default. If Seller defaults in the performance of any of Seller's obligations hereunder, Buyer may, in addition to the return of the Deposit, elect to either: (a) sue for specific performance of this Agreement, or (b) bring an action for damages suffered by Buyer as a result of Seller's breach.
9.1. Seller's Default. If Seller defaults in the performance of any of Seller's obligations hereunder, Buyer may elect to either: (a) terminate this Agreement and receive a full refund of the Deposit, or (b) seek any other remedy available at law or in equity, including specific performance.
9.2. Buyer's Default. If Buyer defaults in the performance of any of Buyer's obligations hereunder, Seller's sole and exclusive remedy shall be to retain the Deposit as full liquidated damages for such default, and Seller shall have no other recourse against Buyer.
9.2. Buyer's Default. If Buyer defaults in the performance of any of Buyer's obligations hereunder, Seller may, in addition to retaining the Deposit, elect to either: (a) sue for specific performance of this Agreement, or (b) bring an action for damages suffered by Seller as a result of Buyer's breach.
9.2. Buyer's Default. If Buyer defaults in the performance of any of Buyer's obligations hereunder, Seller may elect to either: (a) terminate this Agreement and retain the Deposit as liquidated damages, or (b) seek any other remedy available at law or in equity, including specific performance.
10.1. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of _______, without regard to its conflict of laws principles.
10.2. Dispute Resolution. The Parties agree to first attempt to resolve any dispute arising out of this Agreement through good faith mediation. If mediation is unsuccessful, the dispute shall be resolved by binding arbitration in accordance with the rules of the American Arbitration Association. The prevailing party shall be entitled to recover its reasonable attorney's fees and costs.
10.2. Dispute Resolution. The Parties agree to first attempt to resolve any dispute arising out of this Agreement through good faith mediation. If mediation is unsuccessful, either Party may initiate litigation. The exclusive jurisdiction and venue for any legal action shall be the state and federal courts located in the county where the Property is located. The prevailing party shall be entitled to recover its reasonable attorney's fees and costs.
10.2. Dispute Resolution. Any dispute arising out of this Agreement shall be resolved through litigation. The exclusive jurisdiction and venue for any legal action shall be the state and federal courts located in the county where the Property is located. The prevailing party shall be entitled to recover its reasonable attorney's fees and costs.
11.1. Notices. All notices required or permitted under this Agreement shall be in writing and shall be deemed delivered when delivered in person, by courier service, by certified mail (return receipt requested), or by email to the addresses specified for the Parties in the preamble of this Agreement.
11.2. Entire Agreement. This Agreement, including any addenda attached hereto, constitutes the entire agreement between the Parties and supersedes all prior discussions, negotiations, and agreements, whether oral or written. This Agreement may be amended or modified only by a written instrument signed by both Parties.
11.3. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors, and permitted assigns.
11.4. Severability. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
11.5. Time is of the Essence. Time is of the essence in the performance of all obligations under this Agreement.
11.6. Counterparts and Electronic Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The Parties agree that electronic signatures shall have the same legal force and effect as original ink signatures.
11.7. Addenda. The following addenda are attached to and made a part of this Agreement: _______.
SELLER:
_____________________________
By: {QID2}
Date: ________________
SELLER:
_____________________________
By: {QID2}
Date: ________________
_____________________________
By: {QID7}
Date: ________________
BUYER:
_____________________________
By: {QID4}
Date: ________________
BUYER:
_____________________________
By: {QID4}
Date: ________________
_____________________________
By: {QID10}
Date: ________________
