House Contract
House Contract
RESIDENTIAL PROPERTY CONTRACT
This Contract is made and entered into this ______ day of _____, 20______ (the “Effective Date”) by and between Landlord/Seller [YOUR NAME], and Tenant/Buyer [Tenant/Buyer Name].
I. Parties
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Seller/Landlord:
Name: [YOUR NAME]
Address: [YOUR ADDRESS]
Contact Information: [YOUR EMAIL]
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Buyer/Tenant:
Name: [Full Name of Buyer/Tenant]
Address: [Address of Buyer/Tenant]
Contact Information: [Phone Number, Email Address, etc.]
II. Property Details
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Address:
The property is located at 123 Main Street, Springfield, State, 12345. This address shall serve as the official mailing address for all correspondence related to this agreement.
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Legal Description:
The legal description of the property is based on the official records and documents about the property's ownership and boundaries.
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Condition of Property:
The current condition of the property is generally good, with recent updates to the roof and HVAC system. However, there are some minor cosmetic issues, including chipped paint in the kitchen and a small crack in one of the bathroom tiles. Additionally, during the inspection, it was noted that the dishwasher needs repair. The property has been inspected and any known defects or issues are disclosed to the buyer/tenant by applicable laws and regulations.
Furthermore, the property is sold/leased in "as-is" condition, with no warranties or representations made by the seller/landlord regarding its condition, except as expressly stated in this agreement.
III. Purchase or Rental Terms
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Purchase Price:
The agreed-upon purchase price for the property is $250,000.
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Rental Price:
The monthly rental price for the property is $1,500 per month.
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Payment Terms:
The buyer/tenant shall make a down payment of $25,000 upon signing this agreement, with the remaining balance to be paid in monthly installments of $1,000 over 20 months. Payments shall be due on the first of each month, starting on [Insert Start Date].
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Security Deposit (if applicable):
A security deposit of $2,000 shall be paid by the tenant upon signing this agreement. This deposit shall be held by the landlord as security for any damages to the property beyond normal wear and tear.
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Utilities:
The rental price includes water and sewer utilities. The tenant shall be responsible for all other utilities, including electricity, gas, internet, and cable.
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Term of Agreement:
This agreement shall commence on [Insert Start Date] and shall continue for 12 months, terminating on [Insert End Date]. Upon expiration, the agreement may be renewed by mutual agreement of both parties, subject to any changes in terms or conditions.
IV: Conditions of Sale or Lease
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Inspection Contingency:
The buyer/tenant shall have a period of 10 days from the effective date of this agreement to conduct inspections of the property. Any issues identified during the inspection period must be presented to the seller/landlord in writing within this timeframe. If the buyer/tenant is unsatisfied with the results of the inspection, they may request repairs or renegotiate the terms of the agreement.
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Financing Contingency (if applicable):
The buyer shall have a financing contingency period of 30 days from the effective date of this agreement to secure financing for the purchase of the property. If the buyer is unable to obtain financing within this timeframe, they may terminate the agreement without penalty, and any earnest money deposits shall be returned to the buyer.
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Title Contingency (if applicable):
The sale/lease of the property is contingent upon the seller/landlord providing clear and marketable title to the buyer/tenant. The seller/landlord shall provide the buyer/tenant with a title report within 15 days of the effective date of this agreement. Any issues with the title must be resolved within 30 days, or the buyer/tenant may terminate the agreement.
V: Rights and Responsibilities
Seller/Landlord Responsibilities:
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Maintain the Property in a Habitable Condition Throughout the Term of the Agreement
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Provide Necessary Disclosures Regarding the Property's Condition and Any
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Known Defects
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Pay Property Taxes and Homeowners' Association Dues (if applicable)
[Include Any Additional Responsibilities Specific to the Seller/Landlord]
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Buyer/Tenant Responsibilities:
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Pay Rent or Purchase Price According to the Agreed-Upon Terms
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Maintain the Property in Good Condition, Excluding Normal Wear and Tear
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Obtain Renter's Insurance (if applicable)
[Include Any Additional Responsibilities Specific to the Buyer/Tenant]
VI. GOVERNING LAW
This Agreement shall be construed and governed in all respects by the laws of the United States of America. Any dispute arising from this Agreement shall be litigated or arbitrated in Jurisdiction.
IN WITNESS WHEREOF, The Parties confirm the accuracy and completeness of this Agreement and voluntarily execute the same with full knowledge of its content and meaning this _____ day of _____ 20_____.
Landlord/Seller Name:
[YOUR NAME]
Landlord/Seller Email:
[YOUR EMAIL]
Tenant/Buyer Name
[Tenant/Buyer Email]
