REAL ESTATE PURCHASE AGREEMENT (RESIDENTIAL)
THIS AGREEMENT is made on [Date],
BETWEEN:
[Seller Name], of [Seller Address] ("Seller")
AND
[Buyer Name], of [Buyer Address] ("Buyer")
WHEREAS
- Seller is the lawful owner of the property described below and wishes to sell it to Buyer;
- Buyer wishes to purchase the property from Seller under the terms set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:
1. PROPERTY DESCRIPTION
1.1 The property to be sold under this Agreement is located at:
Address: [Property Address]
Legal Description: [Legal Description of Property]
Parcel/Tax ID: [Parcel/Tax ID Number]
(together, the "Property").
1.2 The sale includes the following fixtures, improvements, and personal property (if any): [List Included Items or "None"].
2. PURCHASE PRICE AND PAYMENT
2.1 The total purchase price for the Property is $[Purchase Price] ("Purchase Price").
2.2 The Purchase Price shall be paid as follows:
- Earnest Money Deposit: $[Earnest Money Amount] to be paid by Buyer within [Number] days of signing this Agreement, to be held in escrow by [Escrow Agent/Title Company Name] ("Escrow Agent").
- Balance: The remaining balance of $[Balance Amount] shall be paid by Buyer at closing by [Describe Payment Method, e.g., certified funds, wire transfer].
3. FINANCING CONTINGENCY
3.1 This Agreement [is/is not] contingent upon Buyer obtaining financing.
3.2 If contingent, Buyer shall apply for a [Type of Loan] loan in the amount of $[Loan Amount] within [Number] days of the Effective Date.
3.3 If Buyer fails to obtain financing by [Financing Deadline Date], either party may terminate this Agreement by written notice, and the earnest money shall be [refunded to Buyer/handled as follows: [Describe]].
4. CLOSING
4.1 The closing of the sale ("Closing") shall take place on or before [Closing Date] at [Closing Location] or such other date and place as the parties may agree in writing.
4.2 At Closing:
- Seller shall deliver to Buyer a general warranty deed (or equivalent) conveying good and marketable title to the Property, free of all liens and encumbrances except as stated in this Agreement.
- Buyer shall pay the balance of the Purchase Price and execute all required documents.
5. TITLE AND SURVEY
5.1 Seller shall provide, at [Seller’s/Buyer’s] expense, a title insurance commitment in the amount of the Purchase Price from [Title Company Name] within [Number] days of the Effective Date.
5.2 Buyer may, at Buyer’s expense, obtain a survey of the Property within [Number] days of the Effective Date.
5.3 If title defects or survey issues are discovered, Seller shall have [Number] days to cure. If not cured, Buyer may terminate this Agreement and receive a refund of the earnest money.
6. INSPECTIONS
6.1 Buyer may, at Buyer’s expense, conduct inspections of the Property within [Number] days of the Effective Date.
6.2 If defects are found, Buyer may request repairs or terminate this Agreement by written notice within [Number] days after inspection, in which case the earnest money shall be refunded.
7. SELLER’S DISCLOSURES
7.1 Seller shall provide Buyer with a completed property disclosure statement as required by law within [Number] days of the Effective Date.
7.2 Seller represents that, to Seller’s knowledge, there are no material defects or hazardous conditions affecting the Property except as disclosed.
8. POSSESSION
8.1 Possession of the Property shall be delivered to Buyer on [Possession Date], subject to the rights of any tenants as disclosed in writing.
9. PRORATIONS AND CLOSING COSTS
9.1 Real estate taxes, utilities, rents, and other proratable items shall be prorated as of the Closing Date.
9.2 Closing costs shall be paid as follows:
- Seller: [List Seller’s Closing Costs]
- Buyer: [List Buyer’s Closing Costs]
10. DEFAULT
10.1 If Buyer defaults, Seller may retain the earnest money as liquidated damages or pursue other remedies as allowed by law.
10.2 If Seller defaults, Buyer may receive a refund of the earnest money and/or pursue other remedies as allowed by law.
11. NOTICES
11.1 All notices under this Agreement shall be in writing and delivered to the parties at their addresses stated above (or such other address as a party may notify in writing).
12. GOVERNING LAW
12.1 This Agreement shall be governed by and construed in accordance with the laws of the State of [Governing Law State].
13. ENTIRE AGREEMENT
13.1 This Agreement constitutes the entire agreement between the parties and supersedes all prior understandings. Any amendments must be in writing and signed by both parties.
14. ADDITIONAL TERMS
14.1 [Insert any additional terms, contingencies, or special provisions, or state "None".]
15. COUNTERPARTS & ELECTRONIC SIGNATURES
15.1 This Agreement may be signed in counterparts and by electronic signature, each of which shall be deemed an original.
16. DISCLAIMER
This document is a template and may not be suitable for all situations. The parties should consult with legal counsel before signing this agreement.
SIGNATURES
SELLER:
Signature: _____________________________
Name: [Seller Name]
Date: ___________________
BUYER:
Signature: _____________________________
Name: [Buyer Name]
Date: ___________________
WITNESS (if required):
Signature: _____________________________
Name: [Witness Name]
Date: ___________________
ESCROW AGENT/ATTORNEY (if applicable):
Signature: _____________________________
Name: [Escrow Agent/Attorney Name]
Date: ___________________
