Residential Purchase and Sale Agreement

A residential purchase and sale agreement is a contract between a buyer that offers to purchase a property from a seller for an agreed price.

The type of Property being purchased can be described as:

Does the Property include Land?

Yes No

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

Property Address

Property's Street Address

Street Address

Address Line 2

City

State

ZIP Code

Also known as the Mailing Address

Legal Description

Do you know the Legal Description of the Property?

Yes No

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

Enter the Legal Description

Personal Property

Will the Buyer be obtaining any of the Seller's Personal Property?

Yes No

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

List ALL Personal Property:

Fixtures

Will the Seller be keeping any of the Fixtures on the Property?

Yes No

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

Enter the Fixtures:

Other Information

Is there any other information you would like to add about the Property?

Yes No

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

Write

The Buyer

Who is the Buyer?

Individual(s) a Business Entity

How many Individuals?

Buyer (Business Entity Name)

Business Entity's 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.

Who is Signing on behalf of the Business Entity?

First

Last

Write

Buyer (Individual)

Individual's Name

First

Last

2nd Individual's Name

First

Last

3rd Individual's Name

First

Last

4th Individual's Name

First

Last

5th Individual's Name

First

Last

6th Individual's Name

First

Last

7th Individual's Name

First

Last

8th Individual's Name

First

Last

9th Individual's Name

First

Last

10th Individual's Name

First

Last

Buyer's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

The Seller

Do you know the Seller's Name(s) and Mailing Address?

Yes No

Who is the Seller?

a Business Entity Individual(s)

How many Individuals?

Seller (Business Entity)

Business Entity Name

Who is Signing on behalf of the Business Entity?

First

Last

Write

Seller (Individual)

Individual's Name

First

Last

2nd Individual's Name

First

Last

3rd Individual's Name

First

Last

4th Individual's Name

First

Last

5th Individual's Name

First

Last

6th Individual's Name

First

Last

7th Individual's Name

First

Last

8th Individual's Name

First

Last

9th Individual's Name

First

Last

10th Individual's Name

First

Last

Seller's Mailing Address

Is the Seller's Mailing Address the SAME as the Property Address?

Yes No

Seller's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Purchase Price

Purchase Price $(US Dollars)

Earnest Money Deposit

Will there be an Earnest Money Deposit?

Yes No

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.

Enter the Amount ($) $

The Buyer will have to pay the Earnest Money by

Time

AM PM

Trust / Escrow Account

Will the Earnest Money be placed in a Trust or Escrow Account?

Yes No I don't know

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

Will this Agreement be contingent upon the Buyer receiving financing?

Yes No

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

What type of Financing will the Buyer be needing?

Buyer agrees to get financing through:

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.

Buyer must provide PROOF to the Seller they can purchase the Property by

Time

AM PM

Standard Financing

Does the Buyer need to prove they can obtain financing BEFORE the Closing?

Yes No

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.

When will the Buyer be required to prove they can obtain financing?

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.

Down Payment $(commonly 20% of the Purchase Price)

Loan Amount $(commonly 80% of the Purchase Price)

Interest Rate (%) per Annum %

Term (Length of Loan)

Months Years

Seller's Approval

Has the Buyer already been approved by the Seller for Financing?

Yes No

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.

Seller must approve the Buyer by

Time

AM PM

Deed Type

Type of Deed

Sale of Another Property

Is this Agreement contingent on the Buyer selling their Property first?

Yes No

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.

What is the Buyer's Property Address?

Street Address

Address Line 2

City

State

ZIP Code

Date Required to be Sold

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

When is the Buyer's Property required to sell by?

If the Buyer's Property does not sell, the Earnest Money shall be returned to

the Buyer the Seller

Closing Costs

Who will be responsible for the Closing Costs?

Both Parties (shared equally) Buyer Seller

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".

When is the LAST DAY the Closing must occur?

Time

AM PM

Mineral Rights

Will the Seller be keeping any Mineral Rights to the Property?

Yes No

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

What type of Mineral Rights will the Seller be retaining?

All Rights Specific Rights

Seller will be retaining the following mineral rights:

Survey Problems

Survey problems must be presented to the Seller on or before

How long will the Seller have to remediate any Survey Problems? Days

Title Search Report

How many days will the Buyer have to review the Title Search Report? Days

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.

Title Defects

If defects are found in the Title, how many Days will the Seller have to correct it? Days

Inspections

When does the Buyer's INSPECTION PERIOD end?

If no inspection period, enter today's date.

Defects

When is the Last Day the Buyer can report DEFECTS on the Property?

If Defects are found, how long will the Buyer and Seller have to re-negotiate? 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

Is this Agreement contingent on the Property appraising to equal or more value than the Purchase Price?

Yes No

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.

If the Property does not appraise, how long will the re-negotiation period be? 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.

When must BOTH the Buyer and Seller sign this Agreement?

Time

AM PM

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.

Was the Property built before 1978?

Yes No I don't know

The brochure "Protect Your Family from Lead in Your Home" must be given to the Buyer

I Agree

Download - Protect Your Family from Lead in Your Home

Attachments

Are there any other Disclosures or Addendums to be attached to this Agreement?

Yes No

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

Name of Attachment

Add another?

Yes No

Name of Attachment

Add another?

Yes No

Name of Attachment

Add another?

Yes No

Name of Attachment

Add another?

Yes No

Name of Attachment

Add another?

Yes No

Name of Attachment

Add another?

Yes No

Name of Attachment

Add another?

Yes No

Name of Attachment

Add another?

Yes No

Name of Attachment

Add another?

Yes No

Name of Attachment

Additional Terms & Conditions

Are there any other Terms or Conditions?

Yes No

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

Write

Real Estate Agents

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

Were any Real Estate Agents used in this transaction?

Yes Yes, but don't want to name in this Agreement No

How many?

1 2

Agent Name(s)

Real Estate Agent's Name

First

Last

Real Estate Company

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

Real Estate Agent's Name

First

Last

Real Estate Company

Effective Date

Effective Date of this Agreement