Residential Property Purchase Agreement Generator for the USA

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Key Requirements PROMPT example:

Residential Property Purchase Agreement

"I need a Residential Property Purchase Agreement for a single-family home in California, with specific contingencies for financing and property inspection, and the sale needs to close by March 15, 2025."

Document background
The Residential Property Purchase Agreement is a fundamental legal document used when transferring ownership of residential real estate in the United States. This agreement is essential for protecting both buyer and seller interests by clearly defining the terms of sale, including property description, purchase price, contingencies, and closing requirements. It must comply with federal regulations such as RESPA and TILA, as well as state-specific real estate laws. The document is typically used in both private sales and transactions involving real estate professionals, and serves as the primary contract governing the entire transaction process.
Suggested Sections

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

2. Background: Context of the transaction and property identification

3. Definitions: Key terms used throughout the agreement

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

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

6. Closing Date: Specified date for completion of the transaction and related closing requirements

7. Title and Deed: Requirements for clear title and deed transfer, including title insurance provisions

8. Representations and Warranties: Statements of fact by both parties regarding property condition and authority to sell/buy

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

10. Governing Law: Specification of applicable state law and jurisdiction

Optional Sections

1. Financing Contingency: Conditions related to buyer obtaining mortgage financing, including timeline and requirements

2. Inspection Contingency: Terms for property inspection, buyer's rights, and timeline for objections and remedies

3. HOA Provisions: Terms related to homeowners association, including fees, rules, and required documentation

4. Lead-Based Paint Disclosure: Required for homes built before 1978, includes federal disclosure requirements

5. Sale of Existing Home Contingency: Conditions relating to buyer's need to sell their current residence

Suggested Schedules

1. Schedule A - Property Disclosure Statement: Seller's mandatory disclosure of property condition and known issues

2. Schedule B - Inventory of Fixtures and Fittings: Detailed list of items included and excluded from the sale

3. Schedule C - Title Documents: Copies of relevant title documentation and search results

4. Schedule D - Environmental Reports: Environmental assessment documents and related disclosures

5. Schedule E - Property Survey: Current survey of the property showing 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

Clauses
Industries

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardizing the manner in which costs associated with borrowing are calculated and disclosed

Real Estate Settlement Procedures Act (RESPA): Federal law requiring lenders, mortgage brokers, and servicers to provide disclosures regarding real estate transactions and settlement services

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

Interstate Land Sales Full Disclosure Act: Federal law protecting consumers from fraud and abuse in the sale of unimproved parcels of land

Lead-Based Paint Hazard Reduction Act: Federal law requiring disclosure of known information on lead-based paint and hazards before the sale of residential properties built before 1978

Americans with Disabilities Act: Federal law ensuring equal access and prohibiting discrimination against individuals with disabilities in various contexts including certain real estate transactions

State Property Laws: State-specific laws governing property rights, transfers, and real estate transactions within the particular state's jurisdiction

State Real Estate Licensing Laws: State-specific regulations governing the licensing and conduct of real estate professionals

State Disclosure Requirements: State-mandated disclosures about property conditions, defects, and other material facts that must be provided to buyers

State Recording Requirements: State-specific rules for recording real estate documents and maintaining public records of property ownership

State Environmental Regulations: State-specific environmental protection laws affecting real estate transactions and property use

Local Zoning Laws: Municipal or county regulations governing property use, development, and modifications within specific zones or areas

Building Codes: Local regulations establishing minimum standards for construction, modifications, and property maintenance

Statute of Frauds: Legal requirement that real estate contracts must be in writing to be enforceable

Title Requirements: Laws and regulations governing property ownership verification, title searches, and title insurance

Mortgage Regulations: Federal and state laws governing real estate financing, mortgage lending, and loan servicing

Escrow Requirements: Laws and regulations governing the handling of funds and documents by third parties during real estate transactions

Real Estate Agent Regulations: Laws governing the duties, responsibilities, and conduct of real estate agents and brokers in property 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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