Real Estate Sales Agreements are used by property owners when selling their real estate or land. These agreements include those for cash, seller financing or when an individual assumes an existing loan. Many real estate sales agreements necessitate that the buyer sign a promissory note as well.
Real Estate Sale Agreement
Date of Sale: ______________________________________________
Owner and Purchaser hereby agree that the Owner shall sell and the Purchaser shall buy the following described property upon the terms and conditions hereinafter set forth.
Property Description: Owner does sell to Purchaser and Purchaser does purchase from Owner, all of the following described real estate and or property (hereinafter "Property") known as and / or located at Lot No.: ______, Block No.: _________, Section: _______________, Subdivision: ____________, ______________________________________(Street Address) in the City of ____________________, County of ___________________________, State of __________, _______ (Zip Code) together with the improvements thereon, and all rights and appurtenances thereto belonging.
Purchase Price: The purchase price is ___________ Dollars ($ _______________________).
Payment Terms: Purchaser shall make the payment of the purchase price as follows: _______________________________________________________________________________________________________________________
Deposit / Earnest Money: Upon execution of this Contract by both parties, Purchaser shall deposit $_________________ as earnest money with ________________ (Escrow Agent’s Name).
Permanently Attached Fixtures: Included in the purchase price are all permanently attached fixtures, including all smoke detectors.
Pro-rations and Adjustments: Taxes, insurance, interest, homeowner's association fees, rents, including water rent and ground rent and other expenses and revenue of said property shall be prorated as of the day of Closing.
Closing / Settlement: This Contract shall be settled / closed and the deed shall be delivered on or before the _____ day of __________________, 20_____. Closing shall be held at the office of _______________________________________. The fee for Closing shall be paid by _____ Purchaser ______ Owner ______ Equally Shared
Closing Costs: Except where otherwise agreed to in this Contract, Purchaser agrees to pay allClosing costs and charges.
Post-closing Documents: Owner shall deliver to Purchaser within a reasonable period after the Closing all original contracts and leases that are in the possession of Owner, or under Owner’s control.
Utilities: Prior to the Closing date, Purchaser shall notify each of the utility companies which provide services to the property of the scheduled transfer of the property on the Closing date
Transfer and Recording Charges: Unless otherwise provided by an addendum to this Contract, the costs of state and local transfer and recordation taxes.
Purchaser's Duties and Responsibilities: Purchaser understands and agrees that Purchaser shall be in default and Owner may elect by written notice to Purchaser, to terminate this Contract.
Owner's Duties and Responsibilities: At the date of Closing of this Contract, Owner agrees to have complied with all violation notices or requirements issued or noted by any governmental authority, or actions in any court on account thereof.
Condition of Property and Possession: At the time of Closing, Owner shall deliver possession of the Property and shall deliver the Property be clean and in substantially the same condition as existed on the date of Contract Acceptance.
Walk-through: Within _______ hours before Closing, Purchaser or Purchaser’s Agent shall have the right to inspect the Property to verify that the same is in substantially the same condition in which it existed on the Date of Acceptance of this Contract, ordinary wear and tear excepted, and that any corrections or repairs agreed to by Owner have been completed.
Warranties Transfer: At Closing, Owner shall transfer to Purchaser any interest Owner may have in any manufacturer’s warranties, service contracts, and other guarantees and/or warranties which are transferable to Purchaser.
Default: Purchaser and Owner are required and agree to make full Closing in accordance with the terms of this Contract and acknowledge that failure to do so constitutes a breach hereof.
Deed: Owner agrees and guarantees to convey or cause to be conveyed to Purchaser or Purchaser’s designated grantee, good and merchantable title to the Property by a sufficient warranty deed or quit claim deed of Owner.
SIGNED, ACCEPTED, AND AGREED TO on __ day of _________, 20__(“effective date”) by the undersigned parties, who acknowledge that they have read and understand this Agreement and the Attachments to it and they execute this legal document voluntarily and of their own free will.