Real Property Sales Agreement Template for United States

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Key Requirements PROMPT example:

Real Property Sales Agreement

"I need a Real Property Sales Agreement for the purchase of a commercial warehouse in Texas, with specific provisions for environmental testing and a phased payment structure to be completed by March 2025."

Document background
The Real Property Sales Agreement serves as the primary document in real estate transactions across the United States. This contract type is essential when transferring ownership of real property, whether residential, commercial, or industrial. It includes crucial elements such as property description, purchase price, contingencies, and closing requirements, while ensuring compliance with state-specific real estate laws and federal regulations. The agreement protects both buyer and seller interests by clearly defining the terms of sale, responsibilities, and remedies in case of default.
Suggested Sections

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

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

3. Definitions: Key terms used throughout the agreement

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

5. Purchase Price: Amount and payment terms including deposit details

6. Closing: Closing date, location, and requirements

7. Title and Deed: Title requirements and transfer commitments

8. Representations and Warranties: Statements of fact by both parties regarding the property and transaction

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

10. Signatures: Execution block for all parties

Optional Sections

1. Financing Contingency: Terms related to buyer's ability to secure financing

2. Inspection Contingency: Terms related to property inspection rights

3. HOA Provisions: Terms related to homeowners association

4. Tenant Rights: Provisions regarding existing tenants

5. Environmental Matters: Environmental compliance and remediation

Suggested Schedules

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

2. Fixtures and Fittings Schedule: List of included and excluded items

3. Title Exceptions Schedule: List of title exceptions and encumbrances

4. Due Diligence Documents: Property condition reports, surveys, etc.

5. Disclosure Statements: Required state and federal disclosures

6. Existing Leases: Copies of current lease agreements if applicable

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

Interstate Land Sales Full Disclosure Act (ILSA): Federal law requiring developers to register subdivisions and provide detailed disclosures to buyers in interstate land sales

Truth in Lending Act (TILA): Federal law requiring lenders to provide standardized disclosures about credit terms and costs

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes and prohibiting kickbacks in real estate transactions

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

Americans with Disabilities Act: Federal law ensuring accessibility requirements in certain real estate properties and transactions

Foreign Investment in Real Property Tax Act (FIRPTA): Federal law requiring foreign persons to pay U.S. income tax on the gains from disposition of U.S. real estate interests

State Property Laws: State-specific laws governing property rights, ownership, and transfer requirements within the state jurisdiction

State Contract Laws: State-specific laws governing contract formation, enforcement, and remedies

State Real Estate Licensing Laws: State-specific regulations governing real estate agent and broker licensing and conduct

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

State Recording Statutes: State laws governing the recording of real estate documents and establishing priority of interests

State Environmental Laws: State-specific regulations regarding environmental protection, hazards, and compliance requirements

State Homestead Laws: State laws protecting certain amount of home equity from creditors and establishing spousal rights

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

Local Zoning Laws: Municipal regulations governing property use, development, and restrictions

HOA Rules: Homeowners Association regulations affecting property use, maintenance, and transfer requirements

Historic Preservation Requirements: Local and state regulations governing properties in historic districts or with historic designation

Building Codes: Local construction and safety standards that properties must meet

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

Title Insurance Requirements: State and lender requirements for title insurance coverage and documentation

Escrow Requirements: State and local regulations governing escrow accounts and processes in real estate transactions

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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