Real Estate Sellers Agreement Template for United States

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Key Requirements PROMPT example:

Real Estate Sellers Agreement

"I need a Real Estate Sellers Agreement for selling my commercial property in downtown Miami to a corporate buyer, with specific provisions for tenant transitions and a delayed closing date of March 2025."

Document background
The Real Estate Sellers Agreement serves as the primary document governing property sales transactions in the United States. This agreement is essential when any real estate property is being transferred from one party to another, whether residential or commercial. It includes crucial elements such as property description, purchase price, closing terms, contingencies, and representations about the property's condition. The document must adhere to federal regulations including the Fair Housing Act and RESPA, while also complying with state-specific real estate laws and local ordinances. The agreement protects both parties' interests by clearly defining their rights, responsibilities, and remedies.
Suggested Sections

1. Parties: Identification and details of seller and buyer

2. Background: Context of the sale and property description

3. Definitions: Key terms used throughout the agreement

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

5. Purchase Price: Amount and payment terms, including deposit requirements and payment schedule

6. Closing Terms: Timing and conditions for closing, including closing date and delivery of possession

7. Representations and Warranties: Seller's statements about the property condition, title, and authority to sell

8. Covenants: Ongoing obligations of the parties until closing

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

10. Governing Law: Jurisdiction and applicable law governing the agreement

Optional Sections

1. Financing Contingency: Terms and conditions related to buyer's obligation to obtain financing

2. Home Inspection Contingency: Buyer's right to inspect property and terminate based on findings

3. Sale of Existing Home Contingency: Conditions related to buyer's need to sell their current property

4. FIRPTA Provisions: Required provisions if seller is a foreign person under FIRPTA

Suggested Schedules

1. Schedule A - Property Disclosure Statement: Detailed disclosure of property condition and known issues

2. Schedule B - Title Documents: Property ownership and encumbrance documentation

3. Schedule C - Inventory of Fixtures and Fittings: List of items included/excluded from sale

4. Schedule D - Lead-Based Paint Disclosure: Required disclosure for properties built before 1978

5. Schedule E - Property Survey: Current survey of the property boundaries and improvements

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
Industries

Fair Housing Act: Title VIII of Civil Rights Act of 1968 - Prohibits discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

RESPA: Real Estate Settlement Procedures Act - Governs real estate settlement processes and requires disclosure of certain settlement costs

TILA: Truth in Lending Act - Requires disclosure of credit terms and costs in real estate transactions

FIRPTA: Foreign Investment in Real Property Tax Act - Applies to transactions where the seller is a foreign person, requiring specific tax withholding and reporting

State Real Estate Laws: State-specific legislation governing property rights, transfer requirements, disclosure requirements, and licensing requirements

State Contract Laws: State-specific contract legislation including Statute of Frauds requirements and rules for contract formation and enforcement

Local Regulations: Municipal and county-level requirements including zoning laws, property transfer requirements, and local tax regulations

Lead-Based Paint Disclosure: Federal requirement for disclosure of lead-based paint hazards in properties built before 1978

State Disclosure Requirements: State-mandated disclosures about property condition, defects, and other material facts that could affect property value

Broker Regulations: State and federal regulations governing real estate broker conduct, commissions, and responsibilities

Title Insurance Requirements: State-specific requirements for title insurance and title search procedures

Recording Requirements: State and local requirements for recording property transfers and related documents with appropriate government offices

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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