The House Sale Contract Form is essential for any residential property transaction in the United States. This document is used when a property owner wishes to sell their home to a buyer, whether it's a private individual, company, or investment entity. The contract comprehensively addresses all aspects of the sale, including property description, purchase price, closing conditions, and various contingencies. It must comply with federal regulations such as RESPA and TILA, as well as state-specific real estate laws. The document typically includes mandatory disclosures, such as property condition reports and, for pre-1978 homes, lead-based paint disclosures.
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1. Parties: Identifies and defines the seller and buyer with their full legal names and addresses
2. Background: Brief context about the property sale and transaction
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property including address and parcel number
5. Purchase Price: Sale price and payment terms including deposit requirements
6. Closing and Possession: Closing date, possession terms, and key deadlines
7. Title and Deed: Requirements for clear title and type of deed to be conveyed
8. Representations and Warranties: Standard seller and buyer declarations about the property and transaction
1. Financing Contingency: Terms related to buyer's ability to obtain mortgage financing
2. Inspection Contingency: Terms for property inspection and resolution of issues
3. Sale of Existing Home Contingency: Conditions related to buyer's need to sell existing property
4. Tenant Rights: Terms regarding existing tenants and their rights in the property
1. Property Disclosure Statement: Detailed disclosure of property condition and known issues
2. Lead-Based Paint Disclosure: Required disclosure for homes built before 1978
3. Inventory of Fixtures and Fittings: List of items included and excluded from the sale
4. Title Search Results: Results of title search and any encumbrances on the property
5. Property Survey: Recent survey of property boundaries and features
6. HOA Documents: Homeowners Association rules, regulations, and financial statements if applicable
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