Real Estate Purchase Sale Agreement
Real Estate Purchase Sale 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 Number]
[Your Email]
Buyer:
[Buyer's Full Name]
[Buyer's Address]
[City, State, ZIP Code]
[Buyer's Phone Number]
[Buyer's Email Address]
Property Description:
The property that is the subject of this Agreement is located at [Property Address], [City], [State], [ZIP Code] and is more specifically described as follows: [The property that is the subject of this Agreement is located at [Property Address]. It consists of a single-family residential lot measuring approximately [0] acres, situated in the [Lincoln Estates subdivision]. The property is identified as [Lot 5, Block 3 on the recorded plat map.]].
1. Purchase Price
The total purchase price for the Property is $[0] (the "Purchase Price"). The Purchase Price shall be paid as follows:
1.1. Deposit: Buyer shall deposit $[0] (the "Deposit") with [Escrow Agent's Name] (the "Escrow Agent") within [0] days of the execution of this Agreement. The Deposit shall be applied to the Purchase Price at closing.
1.2. Balance: The remaining balance of the Purchase Price, in the amount of $[0], shall be paid by Buyer at closing.
2. Closing
The closing of the sale (the "Closing") shall take place on or before [Month Day, Year], at a location mutually agreed upon by Buyer and Seller. At the Closing:
2.1. Seller shall deliver to Buyer a duly executed and notarized warranty deed, conveying title to the Property to Buyer, free and clear of all encumbrances, except as specifically provided in this Agreement.
2.2. Buyer shall pay the balance of the Purchase Price and any other amounts due at Closing.
2.3. Seller shall deliver to Buyer all keys, garage door openers, and other items necessary for the occupancy and use of the Property.
2.4. Buyer shall be responsible for paying all closing costs, including but not limited to title insurance, recording fees, and transfer taxes.
3. Title and Survey
3.1. Title: Seller shall provide Buyer with a title insurance policy in the amount of the Purchase Price, issued by a title insurance company acceptable to Buyer, insuring Buyer’s title to the Property against all encumbrances except as otherwise agreed in writing.
3.2. Survey: Buyer may, at Buyer's expense, obtain a survey of the Property. If the survey reveals any encroachments or other issues, Buyer shall notify Seller within [0] days of receiving the survey. Seller shall have [0] days to cure such issues.
4. Representations and Warranties
4.1. Seller’s Representations: Seller represents and warrants that:
(a) Seller is the lawful owner of the Property and has the right to sell the Property;
(b) The Property is free and clear of all liens and encumbrances except as disclosed to Buyer;
(c) There are no pending or threatened legal actions involving the Property.
4.2. Buyer’s Representations: Buyer represents and warrants that:
(a) Buyer has the financial capacity to complete the purchase of the Property;
(b) Buyer has reviewed the Property and is satisfied with its condition.
5. Inspection and Repairs
5.1. Inspection: Buyer shall have the right to inspect the Property within [0] days after the execution of this Agreement. Buyer shall provide Seller with written notice of any defects or issues discovered during the inspection.
5.2. Repairs: If Buyer provides notice of defects, Seller shall have [0] days to remedy such defects. If Seller does not cure the defects within the specified time, Buyer may terminate this Agreement by providing written notice to Seller.
6. Default and Termination
6.1. Default by Seller: If Seller fails to perform any of Seller's obligations under this Agreement, Buyer may terminate this Agreement by providing written notice to Seller and may seek any remedies available at law or in equity.
6.2. Default by Buyer: If Buyer fails to perform any of Buyer’s obligations under this Agreement, Seller may retain the Deposit as liquidated damages and terminate this Agreement.
7. Miscellaneous
7.1. 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 subject matter of this Agreement.
7.2. Amendments: This Agreement may only be amended by a written instrument executed by both parties.
7.3. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
7.4. Severability: If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
7.5. Notices: Any notices required or permitted under this Agreement shall be in writing and shall be deemed delivered when personally delivered or sent by certified mail, return receipt requested, to the addresses set forth above.
7.6. Assignment: Buyer may not assign this Agreement without the prior written consent of Seller, which consent may be withheld in Seller’s sole discretion.
7.7. Counterparts: This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
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]
