Real Estate Home Documents

RESIDENTIAL PURCHASE AND SALE AGREEMENT AND HOME DOCUMENTS

This Residential Purchase and Sale Agreement ("Agreement") is entered into between the parties identified below on the Effective Date. The parties agree to the terms and conditions set forth herein for the conveyance of the real property described in Section 2.

1. Parties and Effective Date

Buyer Name:

Buyer Contact (Address/Phone/Email):

Seller Name:

Seller Contact (Address/Phone/Email):

Effective Date:

2. Property Identification

3. Purchase Price and Payment Terms

Purchase Price: $

Earnest Money Deposit: $ payable to Escrow Agent upon acceptance and held in escrow in accordance with escrow instructions.

Buyer intends to obtain financing: Yes No

4. Closing and Possession

Proposed Closing Date: at Escrow Agent:

Possession to Buyer on: subject to removal of Seller's personal property and agreed occupancy terms.

5. Inspections and Repairs

Inspection Period (number of days): commencing on the Effective Date. Buyer may obtain inspections at Buyer's expense. Seller agrees to permit access for inspections upon reasonable notice.

6. Title and Survey

Seller shall convey marketable and insurable title by general warranty deed, subject only to exceptions acceptable to Buyer. Title evidence to be provided by Seller:

Survey required: Yes No

7. Disclosures and Acknowledgments

Seller discloses the following conditions affecting the property. Buyer acknowledges receipt of seller's disclosures and the opportunity to conduct investigations.

Lead-Based Paint (if property built before 1978): Yes No

Known Mold or Water Intrusion: Yes No

Prior Structural or Fire Damage: Yes No

8. Prorations, Costs and Taxes

Real estate taxes, utilities, association dues and other customary prorations shall be apportioned as of the Closing Date. Closing costs to be borne as follows: Buyer pays ; Seller pays .

9. Risk of Loss

Risk of loss or damage to the Property shall remain with Seller until Closing. If, prior to Closing, material damage occurs, Buyer may elect to terminate this Agreement and receive a full refund of the earnest money or require Seller to repair the damage prior to Closing.

10. Default and Remedies

If Buyer defaults, Seller may retain the earnest money as liquidated damages, provided such retention is not prohibited by law, or pursue specific performance and any other remedies at law or equity. If Seller defaults, Buyer may elect to terminate and receive return of earnest money or seek specific performance and damages.

11. Representations and Warranties

Seller represents that Seller is the lawful owner of the Property, that there are no undisclosed liens or encumbrances except as disclosed, and that to Seller's knowledge all systems described in disclosures are in working condition unless otherwise noted in writing.

12. Insurance

Buyer shall obtain, at Buyer's expense, any homeowner's insurance to be effective as of the Closing or possession date as applicable. Seller's existing insurance obligations terminate at Closing.

13. Notices

All notices required or permitted under this Agreement shall be in writing and delivered personally, by certified mail, or by nationally recognized overnight courier to the contact addresses provided by each party in Section 1, or to such other address as a party may specify in writing.

14. Governing Law and Entire Agreement

This Agreement shall be governed by and construed in accordance with the laws of the state in which the Property is located. This Agreement, together with any addenda and escrow instructions, constitutes the entire agreement between the parties and supersedes all prior negotiations, representations and agreements, whether written or oral.

15. Miscellaneous Provisions

Execution in counterparts and electronic signatures: This Agreement may be executed in counterparts and by electronic signature, each of which shall be deemed an original and both of which shall constitute one instrument.

16. Acknowledgment and Certification

Each party acknowledges that they have read and understand this Agreement, that they have had the opportunity to seek independent legal advice, and that they enter into this Agreement voluntarily and with full knowledge of its legal effect.

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