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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."
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
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
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
Business Day
Buyer
Closing
Closing Date
Deed
Deposit
Due Diligence Period
Earnest Money
Effective Date
Encumbrances
Escrow Agent
Fixtures
Good Faith Estimate
Hazard Insurance
HOA
HUD-1 Statement
Improvements
Inspection Period
Lender
Mortgage
Party/Parties
Personal Property
Property
Purchase Price
Real Estate Taxes
Real Property
Seller
Settlement Statement
Title
Title Company
Title Insurance
Title Search
Transfer Tax
Utilities
Deposit and Escrow
Property Description
Title and Conveyance
Contingencies
Due Diligence
Representations and Warranties
Property Inspection
Financing
Closing and Settlement
Property Condition
Risk of Loss
Default and Remedies
Property Access
Disclosures
Prorations and Adjustments
Assignment
Agency Disclosure
Notices
Governing Law
Dispute Resolution
Force Majeure
Survival
Severability
Entire Agreement
Property Insurance
Title Insurance
Environmental Matters
Fixtures and Personal Property
Homeowners Association
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