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Contract for the Sale and Purchase of Real Estate

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CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE (NO BROKER)

Buyer Initials ______ _______ - 1 - Seller Initials _______ _______

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, , “Seller” whether one or more, and , “Buyer” whether one or more, do hereby covenant, contract and agree as follows:

1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Seller the property described as follows:

County, Arizona.

Address:

Legal Description (or see attached exhibit):

Assessor’s Number:

As described in attached Exhibit.

Together with the following items, if any:

except the following property which is not included (list items not included):

2. SALES PRICE: The parties agree to the following sales price:

Amount Amount
Purchase Price$
Earnest Money$
New Loan$
Assumption of Loan$
Seller Financing$
Cash at Closing$
Total (both columns should be equal)$

Both columns should be an equal amount.

If the unpaid principal balance(s) of any assumed loan(s), if any, as of the Closing Date varies from the loan balance(s) stated above, the cash payable at closing will be adjusted by the amount of any variance.

Buyer Initials ______ _______ - 2 - Seller Initials _______ _______

3. FINANCING: The following provisions apply with respect to financing:

CASH SALE: This contract is not contingent on financing.

OWNER FINANCING: Seller agrees to finance dollars of the purchase price pursuant to a promissory note from Buyer to Seller of $ , bearing % interest per annum, payable over a term of years with even monthly payments, secured by a deed of trust or mortgage lien with the first payment to begin on the day of , 20.

NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing. Within days after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of any assumption...

Conventional VA FHA Other:

FHA. Appraised value not less than $

VA. If Buyer is to pay the purchase price by obtaining a new VA-guaranteed loan...

Existing Loan Review. If an existing loan is not to be released at closing, Seller shall provide copies of the loan documents within calendar days...

If lender's approval is not obtained on or before , this contract shall be terminated on such date.

Buyer Initials ______ _______ - 3 - Seller Initials _______ _______

4. EARNEST MONEY: Buyer shall deposit $ as earnest money with upon execution of this contract by both parties.

5. PROPERTY CONDITION:

If swimming pool(s) present, Buyer’s initials required: BUYER BUYER SELLER’S DISCLOSURE OF LEAD-BASED PAINT... is attached is not applicable.

Buyer accepts the property in its "as-is" and present condition.

Buyer may have the property inspected by persons of Buyer's choosing and at Buyer's expense. All inspections and notices to Seller shall be complete within days after execution of this agreement.

Buyer accepts the Property in its present condition; provided Seller shall complete the following repairs and treatment:

Buyer Initials ______ _______ - 4 - Seller Initials _______ _______

MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment is sold "as-is" without warranty...

UTILITIES: Water is provided to the property by , Sewer is provided by . Gas is provided by . Electricity is provided by .

Other:

The present condition of all utilities is accepted by Buyer.

6. CLOSING: The closing of the sale will be on or before , 20____, unless extended pursuant to the terms hereof.

7. TITLE AND CONVEYANCE: Seller is to convey title to Buyer by Warranty Deed or (as appropriate)...

8. APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the property shall be the responsibility of Buyer Seller .

A survey is: not required required, cost paid by Seller Buyer.

A termite inspection is not required required, cost paid by Seller Buyer.

9. POSSESSION AND TITLE: Title shall be conveyed to Buyer, if more than one, as Joint tenants with rights of survivorship, tenants in common, .

Buyer Initials ______ _______ - 5 - Seller Initials _______ _______

Other: Prior to closing the property shall remain in the possession of Seller...

10. CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided.

Closing Costs Buyer Seller Both*
Attorney Fees
Title Insurance
Other:

11. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents, if any, will be prorated through the Closing Date.

12. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss after the effective date of the contract...

13. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default...

14. ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction described in this contract is entitled to recover...

Buyer Initials ______ _______ - 6 - Seller Initials _______ _______

15. REPRESENTATIONS: Seller represents that as of the Closing Date...

16. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person"...

17. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties...

18. NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand-delivered at, or transmitted by facsimile machine as follows:

To Buyer at:

Telephone

Facsimile

To Seller at:

Telephone

Facsimile

19. ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller.

20. PRIOR AGREEMENTS: This contract incorporates all prior agreements between the parties...

21. NO BROKER OR AGENTS: The parties represent that neither party has employed the services of a real estate broker or agent...

22. EMINENT DOMAIN: If the property is condemned by eminent domain after the effective date hereof...

Buyer Initials ______ _______ - 7 - Seller Initials _______ _______

23. OTHER PROVISIONS

24. TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.

25. GOVERNING LAW: This contract shall be governed by the laws of the State of Arizona.

26. DEADLINE LIST (Optional) (complete all that apply).

Deadline Date
Loan Application Deadline, if contingent on loan
Loan Commitment Deadline
Buyer(s) Credit Information to Seller
Disapproval of Buyers Credit Deadline
Survey Deadline
Title Objection Deadline
Appraisal Deadline
Property Inspection Deadline

EXECUTED the day of , 20 (THE EFFECTIVE DATE).

Buyer

Buyer

Seller

Seller

Buyer Initials ______ _______ - 8 - Seller Initials _______ _______

EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTION

RECEIPT

Receipt of Earnest Money is acknowledged.

Signature:

By:

Address

City State Zip Code

Date:

Telephone

Facsimile

Buyer Initials ______ _______ - 9 - Seller Initials _______ _______

THIS IS A SEPARATE INSTRUCTION PAGE REGARDING LEAD-BASED PAINT DISCLOSURE

THIS PAGE IS NOT PART OF THE CONTRACT. IT IS PROVIDED BY USLF TO AID THE SELLER IN COMPLYING WITH FEDERAL LEAD-BASED PAINT DISCLOSURE LAW, FOR HOUSES BUILT PRIOR TO 1978.

* * *

IMPORTANT!!!

NOTES CONCERNING LEAD-PAINT DISCLOSURE REQUIREMENTS

Introduction: If the dwelling was constructed PRIOR TO 1978, federal law REQUIRES a Lead-Based Paint Disclosure Form to be attached to the sale contract...

Background: To protect families from exposure to lead from paint, dust, and soil...

Requirements: Before the sale contract becomes enforceable, sellers must fully comply with lead-paint disclosure law.

Purchase the Disclosure Form: If you need to purchase a Lead-Based Paint Disclosure Form...

The Free EPA Pamphlet: The seller must give the buyer the EPA-approved information pamphlet...

http://www.hud.gov/offices/lead/outreach/leapame.pdf

The form is in .pdf format and you will need the free Adobe Acrobat Reader to view the form...

http://www.adobe.com/products/acrobat/readstep2.html

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What this Contract Is and When It’s Used

A Contract for the Sale and Purchase of Real Estate is a legally binding written agreement that records the terms under which a seller transfers real property to a buyer. It identifies the parties and property, states the purchase price, lists contingencies (inspection, financing, title), sets the closing date and possession terms, and allocates responsibilities for taxes, prorations, and closing costs. The contract provides the framework for escrow, title review, lender requirements, and recording the deed at closing.

Why a Clear Written Contract Matters

A complete sale and purchase contract reduces ambiguity, documents obligations, and creates enforceable timelines for inspections, financing, and closing. It protects buyer and seller rights, clarifies remedies for breach, and supports title transfer and recording requirements under state law and applicable commerce statutes such as the ESIGN Act (15 U.S.C. ch. 96) and UETA.

Why a Clear Written Contract Matters

Who Typically Prepares and Signs This Contract

Real estate brokers, licensed attorneys, title companies, lenders, buyers, and sellers commonly prepare or complete this contract depending on local practice and transaction complexity.

  • Real estate agents and brokers handling property listings and buyer offers; they often populate standard form contract templates and coordinate inspections and financing.
  • Title companies and escrow agents that prepare closing statements, verify chain of title, and arrange deed recording and settlement.
  • Buyers and sellers who review terms, deliver earnest money, satisfy contingencies, and execute final signatures for closing.

In more complex transactions parties often seek legal review; lenders and title companies have specific documentation and timing requirements that should be addressed before execution.

Typical Signers and Their Roles

Buyer — Individual or Entity

Represents the purchaser and is responsible for delivering agreed fund amounts, satisfying financing contingencies, and executing closing documents. If signing on behalf of an entity, the signer must have corporate authority or a power of attorney.

Seller — Individual or Entity

Owns the property and must provide clear title and execute the deed and associated closing documents. Corporate or trustee sellers must show authority and sometimes board or trust resolutions.

Core Sections Every Professional Contract Should Include

A professional sale and purchase contract organizes obligations and allocates risk; the following components are standard and help minimize disputes and closing delays.

Parties

Full legal names, entity type, and contact information for buyer(s), seller(s), and any agent or escrow holder; include capacity (individual, trustee, corporation).

Property Description

Legal description, street address, parcel number, and any excluded fixtures or improvements; attach survey or plat as needed to reduce boundary disputes.

Purchase Price & Payment

Total purchase price, earnest money amount and holder, allocation of deposits, and acceptable payment methods; describe adjustments for prorations at closing.

Contingencies

Inspection, financing, appraisal, title review, and any seller disclosures with clear timeframes and procedures for waiving or satisfying each contingency.

Closing, Possession & Recording

Closing date, location or escrow agent, possession date, who prepares and records the deed, and responsibility for recording or transfer taxes and fees.

Representations & Remedies

Seller warranties about title and condition, buyer covenants, default remedies, dispute resolution process, and any liquidated damages or specific performance clauses.

Security, Compliance, and Data Protections to Consider

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest
Audit Trail: Detailed timestamp and IP logging
HIPAA: Business associate agreement available when required
Retention Controls: Configurable retention and export options
Access Controls: Role-based permissions and SSO support
Authentication: Options include email, SMS, and advanced methods

Step-by-Step: How to Complete the Contract

Follow this sequence to prepare an enforceable contract, confirm prerequisites, and reduce closing delays.

  • 01
    Prepare Document: Use current, state‑specific form or attorney-drafted contract.
  • 02
    Identify Parties: Enter exact legal names and entity details matching ID or corporate records.
  • 03
    Set Terms: Specify price, deposit, contingencies, deadlines, and allocation of costs.
  • 04
    Execute & Deliver: All parties sign, notarize if required, and send to escrow/title for closing.

How to Customize and Complete the Contract Online

Set up a straightforward digital workflow to collect signatures, manage authentication, and store executed records securely.

Field Configuration
Upload Document PDF or DOCX; verify formatting before adding fields
Place Signature Fields Add signature, initial, date, and text fields where required
Assign Signers Set signing order and specify role-based recipients
Authentication Choose email, SMS code, or stronger methods as needed

Where to Send or File the Completed Contract

After execution, deliver copies to the parties, escrow/title, lender, and the county recorder as applicable for deed recording.

  • Buyer & Seller: Each receives an executed copy for records and financing.
  • Escrow / Title Company: Central repository for closing documents and funds.
  • Lender / Underwriter: Receives documents needed for loan approval and funding.
  • County Recorder: Records the deed and any mortgage after closing.

Digital Signing and Delivery Considerations

Choose a platform that supports PDF and DOCX, audit trails, authentication, and secure storage to preserve enforceability and evidentiary value.

  • File Types: PDF and DOCX supported for signatures and redaction
  • Integrations: Salesforce, NetSuite, Google Workspace, Box, Procore
  • Authentication: Email, SMS, KBA, and advanced signer verification

Common Contract Deadlines to Track

Contracts include specific dates that trigger inspections, financing conditions, and closing obligations. Track these carefully to avoid default.

Offer Acceptance Date:

Date the seller accepts the buyer’s offer; starts contingency timelines

Inspection Period:

Deadline for inspections and repair requests by buyer

Financing Contingency:

Date by which buyer must obtain loan commitment

Closing Date:

Date for funding, signing closing statement, and deed transfer

Recording Deadline:

Date deed is recorded with county; affects official ownership record

Common Mistakes to Avoid When Preparing the Contract

  • Using informal or inconsistent party names that differ from ID or title documents, which can delay closing or require corrective affidavits.
  • Leaving contingency deadlines vague or expressed as 'within a reasonable time', creating disputes over when obligations must be met.
  • Failing to identify or attach required exhibits, surveys, or disclosure forms, which lenders or title insurers may reject at underwriting.
  • Not verifying signing authority for corporate or trustee sellers, resulting in post-closing title challenges or rescission claims.

Consequences and Risks of an Inaccurate or Incomplete Contract

Contract Rescission: Court may void agreement
Title Defects: Unmarketable title or insurance denial
Closing Delays: Financing or escrow hold-ups
Monetary Penalties: Earnest money forfeiture or damages
Recording Errors: Incorrect deed or liens recorded
Fraud Exposure: Potential civil and criminal liability

eSignature Vendor Comparison for Executing Real Estate Contracts

Basic pricing and feature availability for common eSignature vendors. signNow is listed first per comparison conventions; plan features and pricing depend on billing frequency and selected tier.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No envelope cap 100 envelopes/user/year Varies Varies Varies

Real-World Examples of Digital Contract Use

These brief case notes show how digital execution supports real estate workflows in practice.

Martin Properties — Remote Closings

Small brokerage moved to online execution for residential closings to reduce in-person signings and delays.

  • Tim Martin, founder, reports efficient completion of documents across devices.
  • He said the platform allowed processing and executing documents online with compliance and security while keeping mobile and offline signing available for clients.

Optica Ventures — Simplified Client Access

A real estate operator standardized electronic signatures for leasing and purchase agreements to streamline customer experience.

  • Brian Fitzgibbons, COO, noted user-friendly interface for team and clients.
  • The result was easier execution for customers and consistent handling of documents across transactions and platforms.

Authentication, Notarization and Witness Flow at Closing

Closing often requires coordination of authentication, notarization, witnessing, escrow delivery, and recording. The horizontal steps below summarize that sequence.

01

Execute Agreement

Parties sign all contract pages and initial where required

02

Notarize Acknowledgements

Notary confirms identity and adds acknowledgement as required

03

Witness Signatures

Add witness signatures where state law requires them

04

Deliver to Escrow

Send executed documents and funds to escrow or title agent

05

Lender Documentation

Submit signed loan documents for funding and conditions

06

Title and Recording

Title company confirms status and prepares deed for recording

07

Final Walk-Through

Buyer inspects property before closing, if scheduled

08

Record Deed

County recorder files deed, completing public ownership transfer

Frequently Asked Questions and Practical Answers

Answers to common questions about enforceability, signatures, notarization, and digital workflows for real estate contracts.


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