Simple Real Estate Purchase Contract

Simple Real Estate Purchase Contract Template for United States

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Key Requirements PROMPT example:

"I need a Simple Real Estate Purchase Contract for buying a single-family home in Florida, with a purchase price of $450,000 and closing date of March 15, 2025, including both inspection and financing contingencies."

Document background

The Simple Real Estate Purchase Contract serves as a fundamental legal instrument in U.S. property transactions. This document is typically used when parties seek a straightforward approach to documenting the sale of residential real estate. It incorporates essential elements required by state and federal laws, including property description, purchase price, closing terms, and standard contingencies. The contract is designed to be clear and accessible while maintaining legal enforceability. It's particularly suitable for traditional home sales where complex commercial terms are not required, though it can be modified to accommodate various transaction-specific needs.

Suggested Sections

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background: Brief context of the transaction and property being sold

3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Closing Date

4. Property Description: Legal description of the property being sold including address and boundary details

5. Purchase Price: Amount and payment terms including deposit and balance due at closing

6. Closing Date: Date when the transaction will be completed and title transferred

7. Title Transfer: Terms of transferring property title and requirements for clear title

8. Representations and Warranties: Standard promises by both parties regarding property condition and authority to sell/buy

9. Signatures: Execution block for all parties with notarization requirements

Optional Sections

1. Financing Contingency: Terms and conditions if purchase depends on buyer obtaining mortgage financing

2. Inspection Contingency: Terms for property inspection rights and procedures for addressing issues found

3. Sale of Existing Home Contingency: Conditions related to buyer needing to sell their current property before closing

4. Environmental Contingency: Terms related to environmental testing and remediation requirements

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of property including lot size and boundaries

2. Schedule B - Included Items: List of fixtures and items included in the sale price

3. Schedule C - Excluded Items: List of items specifically excluded from the sale

4. Schedule D - Disclosure Statement: Required property condition disclosures as per state law

5. Schedule E - Title Exceptions: List of any liens, encumbrances or restrictions on the property

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
Business Day

Effective Date

Clauses

Relevant Industries

Real Estate
Construction
Banking
Insurance

Relevant Teams

Real Estate
Legal
Finance
Operations
Compliance

Relevant Roles

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

Industries

Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized disclosures about terms and costs associated with real estate transactions

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring specific disclosures and prohibiting certain practices in real estate transactions

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

Interstate Land Sales Full Disclosure Act: Federal law requiring developers to provide detailed information about their projects to potential buyers in interstate land sales

Foreign Investment in Real Property Tax Act (FIRPTA): Federal law requiring foreign persons to pay taxes on the disposition of U.S. real property interests

State Property Laws: State-specific laws governing property rights, transfers, and regulations that vary by jurisdiction

State Real Estate Licensing Laws: State-specific requirements for real estate professionals involved in property transactions

State Disclosure Requirements: State-mandated disclosures about property condition, defects, and other material facts that must be provided to buyers

State Recording Requirements: State-specific rules for documenting and recording real estate transactions in public records

Statute of Frauds: Common law principle requiring real estate contracts to be in writing to be legally enforceable

Contract Formation Requirements: Legal principles governing offer, acceptance, and consideration in contract formation

Local Zoning Laws: Municipal or county regulations governing property use, development, and restrictions

Property Tax Laws: Federal, state, and local laws governing taxation of real property and property transfers

Environmental Regulations: Federal and state laws governing environmental protection, hazards, and compliance in real estate transactions

HOA Rules: Homeowners Association regulations and restrictions that may affect property use and transfer

Title Requirements: Legal requirements for establishing, transferring, and recording clear title to real property

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Let's create your Simple Real Estate Purchase Contract

Authors

Alex Denne

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