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As Is Residential Contract For Sale And Purchase Fillable

As Is Residential Contract For Sale And Purchase Fillable Template for United States

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Key Requirements PROMPT example:

As Is Residential Contract For Sale And Purchase Fillable

"I need an As Is Residential Contract For Sale And Purchase Fillable for a foreclosed property in Florida that I'm purchasing for $450,000, with a closing date of March 15, 2025, and I need to include special provisions for an extended 30-day inspection period due to potential structural issues."

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Document background
The As Is Residential Contract For Sale And Purchase Fillable is a crucial document in U.S. residential real estate transactions where buyers wish to purchase properties in their existing condition. This contract type is particularly useful in situations involving estate sales, foreclosures, or when sellers are unable or unwilling to make repairs. It provides comprehensive protection for both parties by clearly stating the property is sold without warranties, while still maintaining standard provisions for title insurance, property inspection periods, and financing contingencies. The document complies with both federal regulations and state-specific requirements, making it a standard tool in residential real estate transactions across the United States.
Suggested Sections

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

2. Background: Brief context of the transaction and property details

3. Definitions: Key terms used throughout the contract

4. Property Description: Detailed legal description of the property being sold

5. Purchase Price: Amount and payment terms

6. As Is Clause: Statement that property is being sold in current condition

7. Closing and Possession: Closing date, location, and possession terms

8. Title and Insurance: Requirements for clear title and insurance obligations

Optional Sections

1. Financing Contingency: Optional section containing terms for buyer's financing requirements when mortgage financing is needed

2. Lead-Based Paint Disclosure: Federal required disclosure section for properties built before 1978

3. HOA/Condo Association: Section covering terms related to homeowners associations for properties within HOA/condo communities

4. Short Sale Provisions: Special terms section for properties being sold as short sale

Suggested Schedules

1. Property Disclosure Statement: Schedule containing seller's disclosure of property condition and known defects

2. Personal Property Inventory: Schedule listing included and excluded personal property items

3. Title Exceptions: Schedule detailing list of title exceptions and encumbrances

4. Environmental Reports: Schedule containing any environmental assessments or reports

5. Property Survey: Schedule containing current survey of the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Property
Purchase Price
Closing Date
Closing
Deposit
Effective Date
Escrow Agent
Force Majeure
Material Defect
Inspection Period
Personal Property
Real Property
Settlement Statement
Title Commitment
Title Insurance
Title Search
As Is Condition
Business Day
Deed
Due Diligence Documents
Earnest Money
Environmental Hazards
Fixtures
Good Faith
Improvements
Liens
Marketable Title
Permitted Exceptions
Property Taxes
Purchase Agreement
Recording Fees
Special Assessments
Survey
Transfer Tax
Utilities
Industries

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardized calculation of financing costs in real estate transactions

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

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

Lead-Based Paint Hazard Reduction Act: Federal law requiring disclosure of known lead-based paint hazards in properties built before 1978

Interstate Land Sales Full Disclosure Act: Federal law protecting consumers from fraud and abuse in the sale of real estate lots

State Property Laws: State-specific laws governing real property rights, transfers, and obligations within the specific jurisdiction

State Real Estate Licensing Laws: State-specific regulations governing real estate professional licensing and conduct requirements

State Contract Laws: State-specific laws governing formation and enforcement of contracts, including real estate contracts

State Disclosure Requirements: State-specific mandatory disclosures about property condition, defects, and history

State Consumer Protection Laws: State-specific laws protecting consumers in real estate transactions from unfair or deceptive practices

Seller Disclosure Requirements: Legal obligation to disclose material defects, known hazards, previous repairs, and environmental issues

Real Estate Transfer Laws: Requirements for proper deed execution, recording procedures, and transfer tax obligations

Title Requirements: Legal requirements for title search, insurance, and resolution of liens and encumbrances

Financing Provisions: Legal requirements regarding mortgage contingencies and appraisal requirements in real estate contracts

Property Inspection Rights: Legal requirements regarding inspection periods, property access, and termination rights based on inspection findings

Closing Requirements: Legal requirements for closing cost allocation, required documentation, and settlement procedures

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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