Real Estate Houses Document

Real Estate Houses Document

This Residential Purchase Agreement ("Agreement") is entered into between the parties identified below for the purchase and sale of the residential real property described herein. The parties agree as follows.

Parties

Seller Name:

Seller Address:

Buyer Name:

Buyer Address:

Property Identification

Purchase Terms

Deposit Payable To:

Financing Contingency: (check if purchase is contingent on obtaining financing)

Inspection Period (number of days):   Inspection Deadline:

Closing Date:   Possession Date:

Seller Representations and Disclosures

Lead-Based Paint Disclosure: Yes No

Known Mold or Water Intrusion: Yes No

Prior Material Damage or Repairs (structural, fire, flood): Yes No

Prorations, Utilities, Taxes

Real property taxes, assessments, and utility charges shall be prorated as of the Closing Date. Prorations will be calculated on a calendar year basis unless otherwise agreed in writing.

Insurance; Maintenance; Condition

Seller shall maintain current hazard insurance on the Property until Closing. Risk of loss remains with Seller until Closing; in the event of material damage prior to Closing, Buyer may elect to: (a) terminate this Agreement and receive return of deposit, or (b) proceed to Closing and accept an assignment of insurance proceeds. Specific remedies are set forth below.

Default and Remedies

If Buyer fails to timely perform, Seller may retain the earnest money as liquidated damages or pursue specific performance and other remedies available at law or equity. If Seller fails to convey marketable title in accordance with this Agreement, Buyer may (i) terminate and receive return of deposit, (ii) pursue specific performance, or (iii) seek damages. The parties agree that recoverable damages shall be subject to proof and the prevailing party shall be entitled to reasonable attorneys' fees and costs if so provided by law or contract.

Closing and Conveyance

Seller shall convey title by general warranty deed (or other deed mutually acceptable to the parties) free of liens and encumbrances except those approved in writing by Buyer. Closing shall occur at escrow/closing agent specified above on the Closing Date. Buyer shall deliver funds necessary for Closing in immediately available funds.

Additional Terms

Governing Law; Entire Agreement

This Agreement shall be governed by and construed in accordance with the laws of the state where the Property is located. This Agreement, including any addenda or exhibits signed by the parties, constitutes the entire agreement between the parties and supersedes all prior negotiations and agreements. No amendment shall be effective unless in writing and signed by both parties.

Execution of this Agreement by electronic signature, facsimile signature, or scanned image of an original signature shall be binding for all purposes as an original signature.

Acknowledgment

The undersigned parties acknowledge they have read and understand all provisions of this Agreement, including disclosures and contingencies, and have the authority to enter into this Agreement on the terms set forth herein.

Sign Now