The Agreement For Sale And Purchase With Plan is a specialized contract commonly used in U.S. real estate transactions involving new construction or significant renovation. It protects both buyer and seller by clearly defining construction specifications, timelines, and payment terms. This document is particularly important when property is being sold before construction is complete or when significant modifications are planned. It includes detailed plans, specifications, warranties, and completion milestones, ensuring all parties understand their obligations and rights throughout the construction and purchase process.
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1. Parties: Identification of buyer, seller, and any other relevant parties to the agreement
2. Background: Context of the transaction and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property and included fixtures
5. Purchase Price: Amount and payment terms, including deposits and installments
6. Construction Specifications: Details of the construction plan, materials, and standards
7. Timeline: Construction and completion milestones, closing date
8. Warranties: Builder's warranties and quality guarantees
9. Default and Remedies: Consequences of breach and available remedies
1. Financing Contingency: Terms related to buyer's financing requirements - include when buyer requires mortgage financing
2. HOA Provisions: Homeowners association rules and requirements - include when property is part of an HOA
3. Environmental Provisions: Environmental compliance and remediation requirements - include when environmental concerns exist
4. Customization Options: Buyer's options for customizing the property - include when buyer has choice in finishes or features
1. Construction Plans: Detailed architectural and construction drawings
2. Specifications Schedule: Detailed list of materials and finishing specifications
3. Payment Schedule: Breakdown of payment installments and timing
4. Title Documents: Property title and survey information
5. Permits and Approvals: Copies of relevant building permits and approvals
6. Warranty Documents: Detailed warranty terms and conditions
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