The Private Home Sale Contract serves as the primary legal instrument for residential property transactions between private parties in the United States. This document is essential when individuals wish to buy or sell residential property without using standard realtor forms. It must comply with both federal regulations and state-specific real estate laws, including disclosure requirements, fair housing provisions, and recording requirements. The contract typically includes detailed property descriptions, purchase terms, contingencies, and closing conditions, while protecting both parties' interests throughout the transaction.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the sale and property identification
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Total amount and payment terms
6. Closing and Possession: Date, location, and terms of closing and property transfer
7. Representations and Warranties: Standard seller guarantees about property condition and ownership
8. Default and Remedies: Consequences of contract breach by either party
1. Financing Contingency: Terms related to buyer's ability to secure mortgage financing
2. HOA Provisions: Homeowners Association rules and requirements for properties within an HOA
3. Lead Paint Disclosure: Federal required disclosure for homes built before 1978
4. Rental Property Provisions: Terms related to existing tenants and lease agreements
1. Property Inspection Report: Detailed report of property condition and findings
2. Title Report: Current title status and any existing encumbrances
3. Property Disclosure Statement: Seller's formal disclosure of known property issues and defects
4. Fixture and Personal Property List: Itemized list of items included and excluded from the sale
5. Survey: Property boundary and improvement locations documentation
6. Environmental Assessment: Results of environmental testing and assessments if required
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