Buying And Selling Real Estate Contracts Template for United States

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Key Requirements PROMPT example:

Buying And Selling Real Estate Contracts

"I need a Buying And Selling Real Estate Contract for a commercial warehouse property in California, including specific environmental assessment provisions and seller warranties regarding hazardous materials, with closing scheduled for March 2025."

Document background
Buying And Selling Real Estate Contracts are fundamental legal instruments used in the United States for property transactions between parties. These agreements are essential for documenting the complete terms of a real estate sale, protecting both buyers' and sellers' interests, and ensuring compliance with applicable federal and state regulations. The contract typically includes detailed property descriptions, financial terms, contingencies, and closing requirements. It must comply with state-specific real estate laws, federal regulations like the Fair Housing Act and RESPA, and incorporate necessary consumer protection provisions. The document serves as the definitive reference point for all aspects of the transaction, from initial agreement through closing, and may be customized based on property type, transaction complexity, and specific party requirements.
Suggested Sections

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

2. Background: Context of the transaction and brief property overview

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed legal description of the property and included fixtures/items

5. Purchase Price: Total purchase price and payment terms including deposit structure

6. Due Diligence: Buyer's inspection rights, timeframes, and process for objections

7. Title and Survey: Requirements for title insurance, survey, and resolution of title defects

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

9. Closing Conditions: Requirements that must be met before closing can occur

10. Closing Costs and Prorations: Allocation of closing costs and tax/utility prorations

11. Default and Remedies: Consequences of breach by either party

12. Notices: How and where formal communications must be sent

13. General Provisions: Standard legal provisions including governing law and integration clause

Optional Sections

1. Financing Contingency: Used when buyer's purchase is contingent on obtaining specific financing

2. Sale of Buyer's Property: Used when purchase is contingent on buyer selling their current property

3. Tenant Rights: Required when property is subject to existing leases

4. Construction Completion: Used for new construction or properties under renovation

5. Homeowners Association: Required when property is part of an HOA

6. Water Rights: Important for properties with water rights or access issues

7. Mineral Rights: Used when mineral rights are included or explicitly excluded

8. Environmental Contingency: For properties requiring environmental assessment

9. 1031 Exchange: When either party is conducting a tax-deferred exchange

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description and property boundaries

2. Schedule B - Included Personal Property: List of furniture, fixtures, and equipment included in sale

3. Schedule C - Excluded Items: List of items explicitly excluded from the sale

4. Schedule D - Due Diligence Documents: List of documents to be provided by seller

5. Schedule E - Permitted Exceptions: Accepted title exceptions and encumbrances

6. Appendix 1 - Property Disclosure Statement: Seller's disclosure of property condition and known defects

7. Appendix 2 - Environmental Reports: Environmental assessment results if applicable

8. Appendix 3 - Survey: Property survey and related certifications

9. Appendix 4 - Title Commitment: Title insurance commitment and requirements

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Banking & Financial Services

Legal Services

Construction

Property Development

Insurance

Property Management

Hospitality

Retail

Healthcare

Education

Manufacturing

Relevant Teams

Legal

Real Estate

Compliance

Risk Management

Facilities

Operations

Finance

Investment

Property Management

Asset Management

Acquisitions

Contract Administration

Relevant Roles

Real Estate Attorney

Property Manager

Real Estate Agent

Real Estate Broker

Title Officer

Escrow Officer

Corporate Counsel

Legal Operations Manager

Risk Manager

Compliance Officer

Chief Legal Officer

Facilities Manager

Asset Manager

Investment Manager

Real Estate Developer

Acquisition Manager

Contract Administrator

Real Estate Paralegal

Industries
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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