Real Estate Purchase Contract Layout
Real Estate Purchase Contract
1. Introduction
This Real Estate Purchase Contract ("Contract") is entered into on [Date], by and between:
Parties' Information
Seller:
Name: [Your Name]
Address: [Your Company Address]
Contact Number: [Your Company Number]
Buyer:
Name: [Buyer's Name]
Address: [Buyer's Address]
Contact Number: [Buyer's Contact Number]
2. Property Description
Address: [Property Address]
Legal Description: [Legal Description of the Property]
Type of Property: [Single Family Home, Condominium, Townhouse, etc.]
Lot Size: [Lot Size in square feet or acres]
3. Purchase Details
3.1 Purchase Price
The total purchase price for the property is $[Purchase Price in Numerals] ([Purchase Price in Words]).
3.2 Deposit:
The Buyer shall submit a deposit of $[Deposit Amount in Numerals] ([Deposit Amount in Words]) upon the execution of this Contract, which shall be held in escrow by [Escrow Agent/Title Company].
3.3 Financing Terms:
The Buyer shall obtain financing in the amount of $[Loan Amount in Numerals] ([Loan Amount in Words]) at an interest rate not to exceed [Maximum Interest Rate]%. The terms and conditions of the financing shall be subject to the approval of the Buyer's lender.
4. Contingencies
4.1 Financing:
This Contract is contingent upon the Buyer obtaining approval for the aforementioned financing within [Number of Days] days from the effective date of this Contract.
4.2 Inspection:
The Buyer shall have the right to conduct a professional inspection of the property within [Number of Days] days from the effective date of this Contract. The inspection shall be at the Buyer's expense, and any issues identified shall be negotiated between the parties in good faith.
4.3 Appraisal:
This Contract is contingent upon the property appraising for at least the purchase price. If the property does not appraise for the purchase price, the parties shall negotiate in good faith to resolve.
5. Closing
5.1 Closing Date
The closing of the transaction contemplated by this Contract shall take place on or before [Date].
5.2 Closing Costs
The parties shall be responsible for their respective closing costs, including but not limited to, transfer taxes, title insurance, and recording fees.
5.3 Title and Deed Transfer
The Seller shall convey marketable title to the property to the Buyer by a warranty deed, free and clear of all liens and encumbrances, subject only to the matters disclosed in the title commitment.
6. Representations and Warranties
6.1 Seller's Condition of Property
The Seller represents and warrants that, to the best of their knowledge, the property is in good condition and repair, and all systems and appliances are in working order as of the date of closing.
6.2 Buyer's Financial Ability:
The Buyer represents and warrants that they have the financial ability to fulfill their obligations under this Contract and to obtain the necessary financing for the purchase of the property.
7. Miscellaneous Provisions
7.1 Default Remedies:
In the event of default by either party, the non-defaulting party shall have all remedies available at law or in equity, including the right to pursue specific performance, damages, or termination of this Contract.
7.2 Governing Law:
This Contract shall be governed by and construed under the laws of the state of [State], without regard to its conflicts of law principles.
7.3 Amendments:
Any amendments or modifications to this Contract must be made in writing and signed by both parties.
7.4 Entire Agreement Clause:
This Contract constitutes the entire agreement between the parties for the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral.
8. Signatures
IN WITNESS WHEREOF, the parties have executed this Contract as of the date first written above.
[Buyer's Name]
[Date]
[Your Name]
[Date]
