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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)

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, Mississippi.

Address:

Legal Description (or see attached exhibit):

As described in attached Exhibit.

Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and rods, valances, blinds, window shades, screens, shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television antennas and satellite dish system with controls and equipment, permanently installed heating and air-conditioning units, window air-conditioning units, built-in security and fire detection equipment, plumbing and lighting fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage door openers with controls, built-in cleaning equipment, all swimming pool equipment and maintenance accessories, shrubbery, landscaping, permanently installed outdoor cooking equipment, built-in fireplace screens, artificial fireplace logs and all other property owned by Seller and attached to the above described real property except the following property which is not included (list items not included):

All property sold by this contract is called the "Property."

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)

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.

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 and make every reasonable effort to obtain financing or assumption approval. If financing or assumption approval is not obtained within days after the effective date hereof, this contract will terminate and the earnest money will be refunded to Buyer.

If Buyer intends to obtain a new loan, the loan will be of the following type:

Conventional    VA    FHA    Other:

FHA. The appraised value of the Property shall be not less than $

VA. If Buyer is to pay the purchase price by obtaining a new VA-guaranteed loan, enter any applicable notes below:

Existing Loan Review. Seller shall provide copies of the loan documents within calendar days from acceptance of this contract. Buyer shall have calendar days from receipt of such documents to object. If lender approval is not obtained on or before , this contract shall be terminated on such date.

Credit Information. Seller approval deadline:

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

5. PROPERTY CONDITION:

SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is required by Federal law for a residential dwelling constructed prior to 1978. An addendum providing such disclosure 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, at Seller’s expense, shall complete the following repairs and treatment:

Lead-based paint inspection/assessment, if applicable, shall be completed within days after execution of this agreement.

MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: all such equipment is sold "as-is" without warranty, or shall be in good working order on the date of closing. Any repairs needed shall be the responsibility of Seller Buyer.

UTILITIES: Water is provided 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 , unless extended pursuant to the terms hereof.

7. TITLE AND CONVEYANCE: Seller is to convey title by and provide Buyer with a Certificate of Title prepared by .

8. APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal 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: Seller shall deliver possession of the Property to Buyer at closing. Title shall be conveyed as .

10. CLOSING COSTS AND EXPENSES: Indicate who pays each cost.

Closing Costs Buyer Seller Both*
Attorney Fees
Title Insurance
Title Abstract or Certificate
Property Insurance
Recording Fees
Appraisal
Survey
Termite Inspection
Origination fees
Discount Points
If contingent on rezoning, cost and expenses of rezoning
Other:
All other closing costs

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

12. CASUALTY LOSS: If any part of the Property is damaged after the effective date, Seller shall restore it as soon as reasonably possible.

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

14. ATTORNEY'S FEES: The prevailing party may recover costs and reasonable attorney’s fees.

15. REPRESENTATIONS: Seller represents there will be no unsatisfied liens as of Closing Date.

16. FEDERAL TAX REQUIREMENT: If Seller is a foreign person, Buyer shall withhold proceeds as required.

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

18. NOTICES: All notices must be in writing.

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: Neither party has employed the services of a real estate broker or agent.

22. EMINENT DOMAIN: If the property is condemned, the Seller and Buyer shall agree to continue or cancel this Contract.

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 Mississippi.

26. DEADLINE LIST (Optional)

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

Whether or not listed above, deadlines contained in this Contract may be extended informally by a writing signed by the person granting the extension except for the closing date which must be extended by a writing signed by both Seller and Buyer.

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

Buyer

Buyer

Seller

Seller

EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTION

RECEIPT

Receipt of Earnest Money is acknowledged.

Signature:

By:

Address

City State Zip Code

Date:

Telephone ( )

Facsimile ( )

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What the Contract for the Sale and Purchase of Real Estate Is

A Contract for the Sale and Purchase of Real Estate is a legally binding agreement that sets the terms for transferring real property from a seller to a buyer. It identifies the parties, describes the property, states the purchase price and payment terms, lists contingencies (inspection, financing, title review), assigns responsibilities for closing costs, and sets the closing and possession dates. The contract allocates risk between parties and creates enforceable obligations that survive to closing and recording. Proper execution, accurate legal descriptions, and compliance with state notarization or witnessing rules are essential for enforceability.

Why a Clear Written Contract Matters

A written contract creates predictable rights and obligations, reduces disputes, and defines timelines for inspections, financing, and closing. It protects buyers, sellers, lenders, and title companies by documenting contingencies, remedies, and allocation of costs.

Why a Clear Written Contract Matters

Who Typically Uses This Contract

The Contract for the Sale and Purchase of Real Estate is used by parties involved in a property transaction including buyers, sellers, real estate agents, lenders, title companies, and attorneys.

  • Buyers and sellers negotiating price, contingencies, and closing terms.
  • Real estate agents and brokers coordinating offers, disclosures, and deadlines.
  • Lenders and title companies verifying financing conditions and recording requirements.

Each participant relies on the contract to set expectations, trigger inspections and financing, and create the record needed for closing and recording.

Core Components to Include in a Professional Purchase Contract

A complete contract contains discrete sections that reduce ambiguity and support title transfer, lender requirements, and post-closing obligations.

Parties

Full legal names and entity types for buyer(s) and seller(s). Use exact names from IDs or formation documents to avoid title issues and mismatched records.

Property Description

Precise legal description and street address; include parcel or lot number and county to ensure correct recording and title search results.

Purchase Price

Total purchase price, deposit amount, escrow instructions, financing contingency, and method of payment, including details for earnest money release.

Contingencies

Inspection, appraisal, financing, and title review contingencies with deadlines and cure periods to protect both buyer and seller interests.

Closing Terms

Closing date, place, proration of taxes/HOA fees, possession date, and conditions precedent for funding and deed delivery.

Representations

Seller disclosures, warranties, and any leases or easements affecting the property; define remedies for breach and dispute resolution method.

Step-by-Step: How to Complete and Execute the Contract

Follow these steps in order to prepare a contract that is clear, enforceable, and ready for closing.

  • 01
    Prepare Draft: Enter party names, legal description, and price.
  • 02
    Add Contingencies: Include inspection, financing, and title deadlines.
  • 03
    Review Disclosures: Attach required seller disclosures and addenda.
  • 04
    Execute and Notarize: Sign, date, and notarize if required by state law.

Where to File, Send, and Deliver the Signed Contract

After execution, distribute copies to the parties, escrow/title company, lender, and retain a recorded copy after county recording as required.

  • Buyer and Seller: Each receives an executed copy for records.
  • Escrow / Title: Send originals or certified copies for title clearance and closing.
  • Lender: Provide signed contract for loan underwriting and commitment.
  • County Recorder: Deed is submitted for recording after closing.

How to Configure an Online Completion Workflow

Set up the online workflow to match your transaction stages and required approvals.

Field Configuration
Signature Order Define signer sequence for buyer, seller, and witness.
Authentication Method Choose email link, SMS code, or identity verification.
Required Fields Mark legal description, price, and dates as mandatory.
Audit Trail Enable full event logging and timestamp capture.

Digital Signing and eSubmission Essentials

Use a platform that supports PDF and DOCX, audit trails, optional identity verification, and secure storage for executed contracts.

  • File Formats: PDF, DOCX supported
  • Integrations: Title systems and CRMs
  • Authentication: Email, SMS, or KBA

Ensure the vendor supports ESIGN/UETA compliance, optional HIPAA BAA if health data appears, and export of signed PDFs with embedded audit trails for escrow and lender review.

Penalties and Risks of an Incorrect or Incomplete Contract

Title Defect: Misspelled names delay closing
Recording Delay: Late recording creates lien or priority risk
Missing Notarization: Deed may be rejected for recording
Incorrect Legal Description: Transaction may convey wrong parcel
Disclosure Violations: State penalties and rescission risk
Financing Failure: Buyer may forfeit earnest money

Common Mistakes to Avoid When Preparing the Contract

  • Using an informal or short address instead of the recorded legal description causes title search mismatches and recording delays.
  • Failing to set or follow contingency deadlines can forfeit remedies or trigger disputes about contract termination timing.
  • Mismatched party names between contract and lender documents often require executions of affidavits or corrective instruments.
  • Neglecting required state disclosures or failing to attach seller-required addenda may expose the seller to statutory penalties.

Typical Deadlines and Timing Expectations in a Purchase Contract

Contracts commonly specify calendar-based deadlines or periods calculated from the effective date; confirm how 'days' are counted in your jurisdiction.

Inspection Contingency:

10–15 days typical for inspections and repair requests

Financing Commitment:

30–45 days to obtain lender commitment

Title Objection Period:

Often 7–14 days for buyer review and cure

Closing Date:

Date agreed by parties; can be extended by mutual amendment

Recording Deadline:

Deed recorded immediately after funding and closing

Key Transaction Milestones from Offer to Recording

A sequential view of major stages helps track responsibilities and prevent missed deadlines.

01

Offer & Acceptance

Execution of the contract and deposit of earnest money.

02

Due Diligence Period

Inspections, disclosures, title review, and contingency resolution occur here.

03

Financing Approval

Lender underwriting and receipt of commitment prior to closing.

04

Closing & Recording

Funding, deed delivery, and county recording finalize the transfer.

eSignature Vendor Comparison for Executing Real Estate Contracts

Basic vendor pricing and capability indicators for eSignature platforms commonly used to sign purchase contracts. signNow is listed first per comparison guidelines.

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 Varies
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Real-World Examples of Contract Use

These brief examples show how the contract is used in common transaction scenarios and what adjustments are typical.

Residential Closing

A buyer and seller agree to a purchase price and 10-day inspection period

  • Loan contingency removed after underwriting
  • The parties close, record the deed, and title insurance issues are resolved after supplemental affidavit and payoff.

New Construction Sale

Developer includes completion schedule and warranty exhibit

  • Buyer's deposit is staged by milestone
  • Final closing occurs after certificate of occupancy and lien waivers are provided.

Required Information Typically Included in the Contract

Buyer Name: Full legal name
Seller Name: Full legal name
Property ID: Legal description
Purchase Amount: Numeric and written total
Closing Date: MM/DD/YYYY format
Signatures: All parties signed and dated

FAQs and Troubleshooting for the Contract for the Sale and Purchase of Real Estate

Answers to common questions about execution, notarization, electronic signatures, and what to check before closing.


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