Residential Purchase and Sale Agreement

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Most purchase agreements include land, although, a Property such as a condominium or apartment would not.

Property Address


Also known as the Mailing Address

Legal Description

A Legal Description of the Property is considered the Tax Map/Lot Number, Parcel Identification Number, Deed Book and Page Numbers, etc.

Personal Property

Personal Property is anything that is "removable" such as a washer, dryer, furniture, refrigerator, microwave, etc.

Fixtures

Fixture examples include heating systems, satellite dishes, ovens, blinds, etc.  

A fixture is something that is "screwed in" or "made part" of the property. For example, dishwashers, toilets, and sinks would be considered fixtures. 

Other Information

Such as land area (acreage), easements, deed restrictions, etc.

The Buyer

Buyer (Business Entity Name)

A business entity is known as a Company (L.L.C.), Corporation, Partnership (including limited), Trust, or any other type of association recognized by the State.  

Buyer (Individual)

Buyer's Mailing Address

This is the address to be used for any notices.

The Seller

Seller (Business Entity)

Seller (Individual)

Seller's Mailing Address

Purchase Price

All real estate agreements require the buyer and seller to enter the purchase price in numerical and text formats.
$
Dollars

Do NOT write the word "Dollars"

Earnest Money Deposit

This is also known as the "Down Payment" or "Consideration". This is provided in the event the Buyer does not perform on this Agreement, the Seller will be entitled to these funds unless this Agreement is contingent upon something else such as financing, selling another home, etc. 
$

Trust / Escrow Account

If there is a real estate agent involved in the transaction, depending on State law, it may be required for the deposit to be placed in a Trust or Escrow Account. This will ensure the funds will not be mismanaged or commingled by the Seller or their Agent. 

Buyer Financing

Select 'Yes' if the Buyer will need a loan or mortgage in order to purchase the Property.

Cash Offer


The Buyer is proposing a Cash Offer. The Seller will need to be given evidence of the available funds by a specific date.

Standard Financing

This is recommended. The Buyer will usually be required to show a Pre-Qualification Letter to the Seller within 15 days of this Agreement being signed.

Seller Financing

Also known as "Owner Financing." This is where the Seller of the Property acts as the bank and loans the Buyer the money to purchase the Property. Payments are made to the Seller in the same structure as a conventional mortgage with payments made every month.

$(commonly 20% of the Purchase Price)
$(commonly 80% of the Purchase Price)
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Seller's Approval

If not, the Buyer will be required to provide documentation to the Seller in the form of tax returns, proof of income, investments, etc. Afterward, the Seller will be required to approve the Buyer by a specific date.

Deed Type

Sale of Another Property

In some cases, the Buyer may only be able to purchase the Property if they can sell another property by a specific date. This will provide added risk to the Buyer's availability to purchase the Property. Usually, Sellers in this position will demand a higher purchase price, especially, if there are other offers presented to the Seller.

Date Required to be Sold

Select when the potential Buyer is required to sell their Other Property before this Agreement terminates.

Closing Costs

Closing Costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges.

The Closing

The Closing is when the Buyer transfers the money to the Seller and the Seller transfers the Property to the Buyer. Otherwise known as the "Transaction Date".

Mineral Rights

These are rights under the soil such as water, gas, oil, or any type of mineral rights.


Survey Problems

Days

Title Search Report

In all Property transactions, an official lookup of the title will need to be completed known as the Title Search Report. After it's completed, the Buyer is usually given a time-frame to review it such as five (5) days. 
Days

Title Defects

Days

Inspections

Defects

Days
For example, if a leak is found in the roof, the Buyer and Seller will have the above time-frame to re-negotiate the terms. If the Buyer and Seller cannot come to an Agreement, the contract becomes void and the Earnest Money is returned to the Buyer.

Appraisal

In cases where the Buyer is needing financing from a bank to purchase the Property, a common condition is that the Property will need to "appraise" for equal or more than the value of the Purchase Price.
Days
If the Property does not appraise to the value of the purchase price, this Agreement will need to be re-negotiated or the Earnest Money must be returned to the Buyer.

Offer Expiration Date

This is just an Offer until it is signed by the Buyer and Seller.

Lead-Based Paint Disclosure

Required under federal law that any property built prior to 1978 needs to have the lead-based paint disclosure form attached to this Agreement.

Attachments

Check 'Yes' if there are ANY attachments that will be added to this Agreement.

Additional Terms & Conditions

This is your last chance to enter anything in this Agreement that has not been already mentioned.

Real Estate Agents

Also known as Realtors®, Brokers, and Transaction Agents.

Agent Name(s)

Enter the name of the real estate company the agent is from.

Effective Date

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