Real Estate Purchase Agreement
Real Estate Purchase Agreement
This Real Estate Purchase Agreement (the “Agreement”) is made and entered into as of [Month Day, Year] by and between:
SELLER
[Your Name]
[Your Address]
[City, State, ZIP Code]
[Your Email]
[Your Number]
BUYER
[Buyer’s Full Name]
[Buyer’s Address]
[City, State, ZIP Code]
[Buyer’s Email Address]
[Buyer’s Phone Number]
PROPERTY
The property subject to this Agreement is located at [Property Address], [City], [State], [ZIP Code] (the “Property”).
RECITALS
WHEREAS, Seller is the lawful owner of the Property and desires to sell the Property to Buyer on the terms and conditions set forth herein;
WHEREAS, Buyer desires to purchase the Property from Seller on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:
1. PURCHASE PRICE
The total purchase price for the Property shall be $[0] (the “Purchase Price”), payable as follows:
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Deposit: Buyer shall deliver an earnest money deposit of $[0] (the “Deposit”) to [Escrow Agent’s Name] at [Escrow Agent’s Address] within [0] business days from the execution of this Agreement. The Deposit shall be applied towards the Purchase Price at closing.
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Balance: The remaining balance of the Purchase Price, in the amount of $[0], shall be paid by Buyer to Seller at closing in the form of [wire transfer].
2. CLOSING
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Closing Date: The closing of the sale of the Property (the “Closing”) shall take place on [Month Day, Year] or such other date as mutually agreed upon by the parties in writing.
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Location: The Closing shall occur at [Closing Location], or at such other location as the parties may agree.
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Closing Documents: At Closing, Seller shall deliver to Buyer a duly executed and notarized deed transferring title of the Property to Buyer, along with any other documents required to effectuate the transfer of title. Buyer shall deliver to Seller the Purchase Price as described in Section 1.
3. TITLE AND SURVEY
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Title: Seller shall convey to Buyer a good and marketable title to the Property free and clear of all liens and encumbrances, except for those matters disclosed in the title commitment and agreed upon by Buyer.
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Title Insurance: Seller shall provide Buyer with a title insurance policy issued by [Title Insurance Company] in the amount of the Purchase Price.
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Survey: Buyer may, at Buyer’s sole expense, obtain a survey of the Property prior to Closing. Any discrepancies or encroachments revealed by the survey shall be addressed as mutually agreed upon by the parties.
4. CONTINGENCIES
This Agreement is contingent upon the following:
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Financing: Buyer obtaining financing satisfactory to Buyer within [0] days from the execution of this Agreement. If Buyer is unable to obtain financing, Buyer may terminate this Agreement and receive a refund of the Deposit.
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Inspection: Buyer’s satisfaction with the results of an inspection of the Property conducted by a licensed inspector within [Number] days from the execution of this Agreement. If Buyer is not satisfied with the inspection results, Buyer may terminate this Agreement and receive a refund of the Deposit.
5. REPRESENTATIONS AND WARRANTIES
Seller’s Representations: Seller represents and warrants to Buyer that, to the best of Seller’s knowledge:
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The Property is free from any environmental hazards or violations.
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The Property has no known defects and is in compliance with all applicable laws and regulations.
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Seller has full authority to enter into this Agreement and sell the Property.
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Buyer’s Representations: Buyer represents and warrants to Seller that:
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Buyer has the financial capacity to complete the purchase of the Property.
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Buyer has conducted due diligence regarding the Property and is satisfied with the results.
6. DEFAULT AND TERMINATION
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Default by Seller: If Seller fails to perform any of Seller’s obligations under this Agreement, Buyer may elect to (i) terminate this Agreement and receive a refund of the Deposit, or (ii) pursue specific performance of this Agreement.
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Default by Buyer: If Buyer fails to perform any of Buyer’s obligations under this Agreement, Seller may terminate this Agreement and retain the Deposit as liquidated damages.
7. POSSESSION
Possession of the Property shall be delivered to Buyer on the Closing Date, subject to any existing leases or occupancy agreements.
8. TAXES AND FEES
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Property Taxes: Real estate taxes on the Property shall be prorated between Seller and Buyer as of the Closing Date.
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Transfer Taxes: All transfer taxes, if any, shall be paid by [Party responsible for transfer taxes].
9. MISCELLANEOUS
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Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the Property.
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Amendments: This Agreement may be amended only by a written instrument signed by both parties.
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Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
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Severability: If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
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Notices: Any notices required or permitted to be given under this Agreement shall be in writing and shall be delivered to the addresses set forth above or such other address as either party may specify in writing.
IN WITNESS WHEREOF, the parties hereto have executed this Real Estate Purchase Agreement as of the day and year first above written.
SELLER:
[Your Name]
[Month Day, Year]
BUYER:
[Full Name]
[Month Day, Year]
ESCROW AGENT (if applicable):
[Escrow Agent’s Name]
[Month Day, Year]
