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Free Real Estate Purchase Agreement for the United States

Free Real Estate Purchase Agreement Template for United States

A Free Real Estate Purchase Agreement is a legally binding document used in the United States for the sale and purchase of real property without using a standardized form from a real estate association. This agreement outlines all terms and conditions of the property transfer, including purchase price, closing conditions, contingencies, and obligations of both parties. It complies with federal regulations such as RESPA and TILA, while also incorporating state-specific requirements for property transfers.

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What is a Free Real Estate Purchase Agreement?

The Free Real Estate Purchase Agreement serves as a comprehensive contract for property transactions in the United States. Unlike pre-printed forms from real estate associations, this agreement can be customized to address specific needs of the transaction while ensuring compliance with federal and state regulations. It includes essential elements such as property description, purchase price, contingencies, and closing requirements. This document is particularly useful when standard forms don't adequately address unique aspects of the transaction or when parties prefer more flexibility in terms and conditions.

What sections should be included in a Free Real Estate Purchase Agreement?

1. Parties: Identification and details of the buyer and seller, including legal names and addresses

2. Background: Brief context of the transaction and purpose of the agreement

3. Definitions: Key terms used throughout the agreement and their specific meanings

4. Property Description: Detailed legal description of the property being sold, including address and parcel number

5. Purchase Price and Payment Terms: Total purchase price, payment method, and schedule of payments

6. Closing and Possession: Date of closing, transfer of possession, and related procedures

7. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter into the agreement

8. Default and Remedies: Consequences of breach and available remedies for both parties

What sections are optional to include in a Free Real Estate Purchase Agreement?

1. Financing Contingency: Terms related to buyer's ability to secure financing - include when buyer requires mortgage financing

2. Inspection Contingency: Terms relating to property inspection rights and procedures - include when buyer wants right to inspect property

3. Sale Contingency: Conditions related to sale of buyer's current property - include when buyer needs to sell existing property first

4. HOA Provisions: Terms related to homeowners association - include when property is part of an HOA

What schedules should be included in a Free Real Estate Purchase Agreement?

1. Property Inventory: List of fixtures and personal property included in sale

2. Property Disclosure Statement: Seller's disclosure of known property conditions and defects

3. Lead-Based Paint Disclosure: Required for properties built before 1978

4. Title Documents: Copy of title report and related documents

5. Environmental Reports: Any environmental assessments or reports

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Genie AI

Document Type

Agreement Contract

Cost

Free to use
Clauses































Industries

Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized information about loan terms and costs to protect consumers in credit transactions

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring disclosure of settlement costs and prohibiting kickbacks

Fair Housing Act: Federal legislation prohibiting discrimination in real estate transactions based on race, color, religion, sex, nationality, disability, or familial status

Interstate Land Sales Full Disclosure Act: Federal law requiring developers to provide detailed information about their projects to potential buyers

Foreign Investment in Real Property Tax Act (FIRPTA): Federal tax law requiring foreign persons to pay tax on the disposition of U.S. real property interests

State Property Laws: State-specific laws governing real property rights, transfers, and obligations within the state's jurisdiction

State Real Estate Transfer Laws: State-specific requirements for transferring real property, including deed requirements and transfer taxes

State Recording Requirements: State-specific rules for recording real estate documents with appropriate government offices

State Disclosure Requirements: State-mandated disclosures about property condition, defects, hazards, and other material facts

Statute of Frauds: Legal requirement that real estate contracts must be in writing to be enforceable

Local Zoning Laws: Municipal regulations governing property use, development, and restrictions

Property Tax Laws: Federal, state, and local laws governing the assessment and collection of property taxes

Title Requirements: Legal requirements for establishing clear title and ownership rights to the property

Environmental Regulations: Federal and state laws governing environmental protection, hazards, and compliance in real estate

HOA Rules: Homeowners Association regulations affecting property use, maintenance, and transfer (where applicable)

Building Codes: Local and state regulations governing construction standards and safety requirements

Lead-Based Paint Disclosure: Federal requirement to disclose known information about lead-based paint in properties built before 1978

Essential Contract Elements: Required components including party identification, property description, purchase price, payment terms, closing date, contingencies, and signature requirements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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