The Purchase Agreement For Selling A House serves as the primary legal document in residential real estate transactions across the United States. This agreement is essential when transferring ownership of residential property, whether it's a single-family home, condominium, or other residential unit. It protects both parties by clearly defining the terms of sale, including price, payment structure, property condition, and closing requirements. The document must comply with federal regulations such as RESPA and TILA, as well as state-specific real estate laws. It typically includes contingencies for financing, property inspection, and title clearance, while also addressing any specific requirements of the local jurisdiction.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction and property being sold
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including address and boundaries
5. Purchase Price: Amount and payment terms including deposit details
6. Closing: Closing date, location, and requirements
7. Seller's Representations: Mandatory disclosures about property condition and title
8. Title and Conveyance: Details about title transfer and required documentation
1. Financing Contingency: Terms related to buyer's ability to obtain mortgage financing
2. HOA Provisions: Details about homeowners association rules, fees, and requirements when property is part of an HOA
3. Tenant Rights: Provisions regarding existing tenants and their rights when property is currently occupied
4. Foreign Seller Provisions: FIRPTA requirements and additional provisions for foreign sellers
1. Schedule A - Property Inventory: List of fixtures and fittings included in sale
2. Schedule B - Property Disclosure Statement: Detailed disclosure of property condition and known issues
3. Schedule C - Title Documents: Copies of title documents and search results
4. Schedule D - Environmental Reports: Any environmental assessments or reports
5. Schedule E - Survey Documents: Property survey and related documentation
6. Schedule F - Inspection Reports: Results of property inspections
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