The Simple Residential Purchase Agreement serves as the primary contract document for residential property transactions in the United States. This document is typically used for straightforward home sales between private parties, providing a clear framework for the transfer of residential property ownership. It includes essential elements such as property description, purchase price, closing terms, and any contingencies, while complying with both federal and state-specific real estate laws. The agreement is designed to be comprehensive yet accessible, suitable for typical residential transactions without complex commercial elements.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Amount and payment terms
6. Closing Date: Specified date for completion of the transaction
7. Title Transfer: Terms of transferring property title
1. Financing Contingency: Terms related to buyer's ability to secure financing - include when buyer requires mortgage financing
2. Inspection Contingency: Terms related to property inspection rights - 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
1. Property Disclosure Statement: Seller's disclosure of property condition and known defects
2. Property Inspection Report: Results of property inspection if completed
3. Title Report: Current status of property title
4. Fixture and Fittings List: Detailed list of items included/excluded from sale
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