The Residential Real Estate Purchase Contract serves as the foundational document for residential property transactions in the United States. This contract is essential whenever a residential property is bought or sold, whether it's a single-family home, condominium, or other residential unit. The document includes crucial details about the property, purchase price, contingencies, closing requirements, and both parties' obligations. It must comply with federal regulations like RESPA and TILA, as well as state-specific real estate laws. The contract typically incorporates various contingencies protecting both buyer and seller, such as financing, inspection, and title requirements.
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1. Parties: Identification of buyer and seller with complete legal names and addresses
2. Background/Recitals: Brief context of the transaction and property identification
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property and included fixtures/items
5. Purchase Price: Purchase amount, payment terms, and deposit details
6. Closing: Closing date, location, and requirements
7. Title: Title requirements and insurance provisions
8. Representations and Warranties: Standard seller and buyer representations
9. Default Provisions: Consequences of default by either party
10. Signatures: Execution block with date and notarization requirements
1. Financing Contingency: Terms and conditions related to buyer's mortgage financing approval
2. Inspection Contingency: Terms for property inspection process and repair request procedures
3. Sale Contingency: Conditions related to the sale of buyer's current property
4. Rental/Lease Provisions: Terms regarding existing tenants or post-closing occupancy arrangements
1. Property Disclosure Statement: Seller's disclosure of property condition and known defects
2. Lead Paint Disclosure: Required disclosure for properties built before 1978
3. Personal Property Inventory: Detailed list of included and excluded personal items
4. Survey: Property boundary survey and legal description
5. Title Commitment: Preliminary title report and requirements
6. HOA Documents: Homeowners association documents and regulations if applicable
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