Standard Real Estate Purchase And Sale Agreement Template for United States

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Key Requirements PROMPT example:

Standard Real Estate Purchase And Sale Agreement

"I need a Standard Real Estate Purchase And Sale Agreement for a commercial property purchase in California, with specific contingencies for environmental assessments and tenant rights, planned closing date March 15, 2025."

Document background

The Standard Real Estate Purchase And Sale Agreement is a fundamental document in U.S. real estate transactions, used when transferring property ownership from seller to buyer. This agreement serves as the primary contract documenting the terms of sale, including property details, purchase price, closing conditions, and contingencies. It incorporates requirements from federal legislation such as RESPA and state-specific property laws, while providing protection for both parties. The document is essential for both residential and commercial transactions, and can be customized to address specific conditions or requirements of the sale.

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 being sold, including legal description and address

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

6. Closing Date and Process: Specified date for completion of the transaction and closing procedures

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

8. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter into the agreement

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

10. Notices: How and where formal communications between parties should be delivered

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

Optional Sections

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

2. Inspection Contingency: Terms for property inspection, timeframe for completion, and buyer's rights based on findings

3. Sale of Existing Home Contingency: Conditions related to buyer selling current property before completing purchase

4. Homeowners Association Provisions: Terms related to HOA membership, fees, and regulations when property is part of an HOA

5. Lead-Based Paint Disclosure: Required for properties built before 1978, including acknowledgments and warnings

Suggested Schedules

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

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

3. Schedule C - Title Search Results: Documentation of property ownership history and any encumbrances

4. Schedule D - Environmental Reports: Results of environmental assessments and related disclosures

5. Schedule E - Property Survey: Current survey showing 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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Residential Real Estate
Commercial Real Estate
Investment Real Estate

Relevant Teams

Legal
Real Estate
Finance
Operations

Relevant Roles

Real Estate Agent
Real Estate Attorney
Property Manager
Title Officer
Real Estate Broker
Escrow Officer

Industries

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms in real estate transactions and protecting consumers against unfair lending practices

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring specific disclosures about real estate transactions and prohibiting kickbacks

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 requiring developers to provide detailed information to buyers about out-of-state land purchases

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

State Property Laws: State-specific regulations governing property rights, transfers, and ownership requirements within the state's jurisdiction

State Real Estate Licensing Laws: State-specific requirements for real estate professionals and transaction procedures

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

State Recording and Title Laws: State regulations governing the recording of deeds, maintenance of property records, and title requirements

Local Zoning Ordinances: Municipal or county regulations controlling land use, building specifications, and property development

HOA Regulations: Rules and restrictions imposed by Homeowners Associations affecting property use and transfer

Lead-Based Paint Disclosure: Federal requirement to disclose known information about lead-based paint hazards for properties built before 1978

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

Property Tax Laws: Federal, state, and local laws governing the assessment and collection of property taxes

Environmental Regulations: Federal and state laws governing environmental protection, wetlands, hazardous materials, and environmental impact assessments

Find the exact document you need

Buyers Sellers Agreement

A U.S.-governed legal agreement establishing terms and conditions between buyers and sellers for the transfer of goods or services.

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Standard Real Estate Purchase And Sale Agreement

Authors

Alex Denne

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