Real Estate Buy And Sell Agreement

Real Estate Buy And Sell Agreement Template for United States

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Key Requirements PROMPT example:

"Need a Real Estate Buy and Sell Agreement for the purchase of a commercial property in downtown Seattle, with specific environmental contingencies and existing tenant provisions, closing date set for March 15, 2025."

Document background

The Real Estate Buy and Sell Agreement serves as the primary document in property transactions across the United States. This agreement is essential for documenting the terms of property transfers, protecting both buyers' and sellers' interests, and ensuring compliance with applicable laws. It includes crucial elements such as property description, purchase price, closing conditions, and various contingencies. The document must adhere to both federal regulations (such as RESPA and the Fair Housing Act) and state-specific real estate laws, which can vary significantly by jurisdiction. It's commonly used in residential and commercial property transactions, requiring careful attention to local requirements and market conditions.

Suggested Sections

1. Parties: Identifies and defines the buyer and seller with full legal names and addresses

2. Background: Establishes the context of the sale and basic property information

3. Definitions: Defines key terms used throughout the agreement

4. Property Description: Detailed legal description of the property being sold

5. Purchase Price: States the agreed purchase price and payment terms

6. Closing: Specifies closing date, location, and requirements

7. Title and Deed: Details regarding property title transfer and deed requirements

8. Representations and Warranties: Standard declarations by both parties regarding the property and transaction

Optional Sections

1. Financing Contingency: Used when buyer needs to secure financing - include when purchase depends on buyer obtaining mortgage approval

2. Inspection Contingency: Buyer's right to inspect property - include when buyer wants right to inspect before finalizing purchase

3. Sale Contingency: Makes purchase contingent on buyer selling existing property - include when buyer needs to sell current property to purchase new one

4. Tenant Rights: Addresses existing tenant situations - include when property is currently tenant-occupied

Suggested Schedules

1. Property Inventory: List of included fixtures and fittings

2. Property Disclosure Statement: Seller's disclosure of property condition and known issues

3. Title Report: Current title status and any encumbrances

4. Environmental Reports: Any required environmental assessments or disclosures

5. Survey Documents: Property surveys and plot plans

6. HOA Documents: Homeowners Association rules and regulations if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Agreement

Effective Date

Business Day

Clauses

Relevant Industries

Real Estate
Banking
Construction
Property Management

Relevant Teams

Legal
Real Estate
Finance
Compliance
Operations

Relevant Roles

Real Estate Agent
Real Estate Attorney
Property Manager
Title Officer
Mortgage Loan Officer

Industries

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms in real estate transactions

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes and prohibiting kickbacks

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on protected characteristics

Interstate Land Sales Full Disclosure Act: Federal law requiring full disclosure in certain land sales transactions

Foreign Investment in Real Property Tax Act (FIRPTA): Federal law concerning tax implications for foreign persons selling U.S. real estate

State Property Laws: State-specific regulations governing property rights, transfers, and obligations

State Real Estate Licensing Laws: State-specific requirements for real estate professionals and transactions

State Disclosure Requirements: State-mandated disclosures about property condition, defects, and history

State Recording Requirements: State-specific rules for recording and registering property transactions

State Contract Laws: State-specific requirements for valid contracts and enforcement

State Environmental Regulations: State-specific environmental protection requirements and disclosures

Local Zoning Ordinances: Municipal regulations governing property use and development

Building Codes: Local and state construction and safety standards

HOA Regulations: Homeowners Association rules and restrictions affecting property use

Property Tax Laws: Federal, state, and local tax implications of real estate transactions

Title Requirements: Legal requirements for clear property title and ownership transfer

Deed Restrictions: Limitations on property use recorded in the property deed

Easements and Encumbrances: Third-party rights or claims affecting property use or value

Property Description Requirements: Legal requirements for accurately describing the property being sold

Purchase Terms Requirements: Legal requirements for stating price, payment terms, and closing date

Contingency Clauses: Legal provisions for conditions that must be met before closing

Inspection Rights: Legal requirements regarding property inspection periods and rights

Title Insurance Requirements: Legal requirements for title insurance and protection

Default Provisions: Legal requirements for addressing contract breaches and remedies

Signature Requirements: Legal requirements for contract execution and notarization

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Real Estate Buy And Sell Agreement Template for United States

Let's create your Real Estate Buy And Sell Agreement