An Alabama residential purchase and sale agreement allows a buyer and seller to enter into a legally binding contract for real property. The main terms of the agreement will consist of a purchase price, downpayment, and the financing terms (if any). The parties may also allow the agreement to be conditional, for example, upon the buyer being able to sell their home, the buyer to receive financing or any other agreed-upon terms. Once the form has been signed by both parties, each shall have the duty of specific performance to complete their end of the deal in order to facilitate a closing.
Buyer Beware (§ 6-9-142) – Alabama is a “buyer beware” or “caveat emptor” State which means that the buyer agrees to take possession of the property on an “as-is” basis. There are no guarantees made by the seller.
Table of Contents
Realtor Version
Birmingham Assoc. of Realtors – Adobe PDF
Required Disclosures
Lead-Based Paint Disclosure – Only for residences that were built before 1978. This information should be available at the County’s Revenue Office.
Seller’s Property Disclosure Statement – Not required but recommended to be completed by the Seller to inform the Buyer of any pertinent information about the property.
Commercial Property
Commercial Purchase Agreement – Use for buying and selling commercial property.
Download: Adobe PDF, MS Word, OpenDocument