Real Property Sales Contract Template for United States

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Key Requirements PROMPT example:

Real Property Sales Contract

"I need a Real Property Sales Contract for purchasing a commercial warehouse property in Texas, with a purchase price of $2.5 million and specific environmental inspection contingencies, planned to close by March 2025."

Document background

The Real Property Sales Contract serves as the foundational document for real estate transactions in the United States. This contract type is essential when transferring ownership of real property, whether residential, commercial, or undeveloped land. It includes crucial elements such as property description, purchase price, closing requirements, and contingencies. The document must adhere to both federal regulations and state-specific requirements, including the Statute of Frauds, which requires real estate contracts to be in writing. It provides legal protection for both buyers and sellers while ensuring all aspects of the transaction are clearly documented and agreed upon.

Suggested Sections

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

2. Background/Recitals: Brief context of the transaction and property being sold

3. Definitions: Key terms used throughout the contract

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

5. Purchase Price: Amount and payment terms including deposits and financing conditions

6. Closing: Date, location, and requirements for closing the transaction

7. Title and Deed: Requirements for clear title and type of deed to be conveyed

8. Representations and Warranties: Standard statements about property condition and ownership

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

10. Signatures: Execution block for all parties

Optional Sections

1. Inspection Period: Terms for property inspection period and buyer's rights to conduct due diligence

2. Financing Contingency: Conditions related to buyer obtaining financing and mortgage approval requirements

3. Property Maintenance: Requirements for maintaining property condition between contract execution and closing

4. Personal Property: Specific items included or excluded from the sale

Suggested Schedules

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

2. Personal Property Schedule: Itemized list of included/excluded items in the sale

3. Disclosure Statements: Required state and federal disclosures including property condition reports

4. Title Exceptions: List of title exceptions and encumbrances affecting the property

5. Environmental Reports: Environmental assessment results and related documentation

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Banking and Finance
Construction
Property Development

Relevant Teams

Legal
Real Estate
Finance
Compliance
Operations

Relevant Roles

Real Estate Agent
Property Manager
Real Estate Attorney
Title Officer
Mortgage Loan Officer

Industries

Interstate Land Sales Full Disclosure Act: Federal law requiring developers to provide detailed information about their land development projects to potential buyers

Truth in Lending Act: Federal law requiring lenders to provide standardized information about credit terms and costs

Real Estate Settlement Procedures Act: Federal law governing real estate settlement processes and requiring specific disclosures for federally related mortgage loans

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 are met in certain real estate transactions

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

State Real Estate Licensing Laws: State-specific regulations governing real estate professionals and transactions

State Consumer Protection Laws: State-specific laws protecting consumers in real estate transactions

State Recording Statutes: Laws governing the recording of real estate documents and determining priority of interests

State Title Insurance Requirements: State-specific regulations regarding title insurance and property ownership verification

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

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

Contract Law Fundamentals: Basic principles of contract formation including offer, acceptance, consideration, and capacity

Local Zoning Laws: Municipal regulations governing property use and development

Environmental Regulations: Federal and state laws governing environmental protection and hazards in real estate

Property Tax Laws: Local and state laws governing property taxation and assessment

HOA/Covenant Restrictions: Private restrictions on property use and maintenance through homeowners associations and deed covenants

Building Codes: Local and state regulations governing construction and building safety standards

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

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Let's create your Real Property Sales Contract

Authors

Alex Denne

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