Basic Real Estate Sales Contract Generator for the USA

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Key Requirements PROMPT example:

Basic Real Estate Sales Contract

"I need a Basic Real Estate Sales Contract for the purchase of a small commercial property in Texas, with specific contingencies for environmental testing and a requirement that the seller completes certain repairs before closing in March 2025."

Document background
The Basic Real Estate Sales Contract is a fundamental legal document used when transferring real property ownership in the United States. This contract type is essential for both residential and commercial property transactions, providing a structured framework for documenting the agreed-upon terms between buyer and seller. It includes critical information such as property description, purchase price, closing date, and any contingencies. The document must comply with both federal regulations and state-specific requirements, making it a crucial tool for ensuring legal compliance and protecting all parties' interests in the transaction.
Suggested Sections

1. 1. Parties: Identifies and defines the seller and buyer with full legal names and addresses

2. 2. Background: Establishes the context of the sale and basic property information

3. 3. Definitions: Defines key terms used throughout the contract

4. 4. Property Description: Detailed legal description of the property being sold, including address, boundaries, and permanent fixtures

5. 5. Purchase Price: States the agreed purchase price, payment terms, and earnest money deposit requirements

6. 6. Closing Date and Possession: Specifies the closing date, time, location, and terms of possession transfer

7. 7. Title and Due Diligence: Requirements for clear title, title insurance, and buyer's due diligence period

8. 8. Representations and Warranties: Seller's representations about the property condition and legal status

9. 9. Default and Remedies: Consequences of default by either party and available remedies

10. 10. Notices: How and where formal notices between parties should be delivered

11. 11. Governing Law: Specifies that the contract is governed by US state laws

Optional Sections

1. Financing Contingency: Terms related to buyer's ability to secure mortgage financing, including timeline and conditions

2. Inspection Contingency: Terms related to property inspection rights, timelines, and repair negotiations

3. Sale of Existing Home Contingency: Conditions the sale on buyer successfully selling their current home within specified timeframe

4. HOA Provisions: Special provisions related to Homeowners Association membership and regulations

5. Lead-Based Paint Disclosure: Required for homes built before 1978, disclosing known lead-based paint hazards

Suggested Schedules

1. Schedule A - Property Inventory: Detailed list of included fixtures, fittings, and personal property items

2. Schedule B - Property Disclosure Statement: Seller's mandatory disclosure of property condition and known defects

3. Schedule C - Title Documents: Copies of relevant title documents, certificates, and encumbrances

4. Schedule D - Property Survey: Recent survey showing property boundaries, easements, and improvements

5. Schedule E - Environmental Reports: Any environmental assessments or reports on 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

Industries

Interstate Land Sales Full Disclosure Act: Federal law requiring full disclosure of information to potential buyers in interstate land sales

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

Truth in Lending Act: Federal law requiring disclosure of credit terms and costs in real estate transactions involving financing

Real Estate Settlement Procedures Act: Federal law governing real estate settlement processes and requiring disclosure of settlement costs

Foreign Investment in Real Property Tax Act: Federal law imposing tax obligations on foreign persons selling U.S. real estate

State Property Laws: State-specific laws governing property rights, ownership, and transfer of real estate

State Real Estate Transfer Laws: State-specific requirements for transferring property ownership and recording deeds

State Recording Requirements: State-specific rules for documenting and recording real estate transactions

State Disclosure Requirements: State-specific rules about what information sellers must disclose to buyers

State Contract Laws: State-specific rules governing formation and enforcement of contracts

State Statute of Frauds: State law requiring real estate contracts to be in writing to be enforceable

Local Zoning Laws: Municipal regulations controlling property use and development

Property Tax Regulations: Local and state rules governing property tax assessment and collection

Environmental Regulations: Federal and state environmental protection laws affecting real estate transactions

Homeowners Association Rules: Private regulations affecting property use and maintenance in HOA communities

Historic Preservation Laws: Federal and state regulations protecting historically significant properties

Building Codes and Restrictions: Local and state regulations governing property construction and modification

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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