Use our real estate purchase agreement to describe an offer to purchase a property and the terms of the sale. If the buyer likes the house, an offer is made. In some cases, the buyer`s ability to meet the conditions listed here depends on whether or not they sell a property they own. This eventuality should be included in “VI. Sale of another property”. If there is no such property or if the buyer`s performance is not contingent on such an event, select the check box statement “Must not depend on the sale of another property”. If the buyer is counting on the sale of their property to complete this agreement, enable the “Should depend on the sale of another property” check box statement and enter the buyer`s mailing address, city, and property status in the first three empty fields. The number of “days from the effective date” allocated to the Buyer (to achieve this goal) must be recorded in the last empty field of this Statement. A contract for the purchase of a residential property is a binding contract between a seller and a buyer for the transfer of ownership of a property. The agreement describes the terms, such as the sale price and any contingencies prior to the closing date. It is recommended that the seller require the buyer to make a serious cash deposit between 1% and 3% of the sale price, which is not refundable if the buyer terminates the contract.

The most common contingency is that the buyer receives financing from a local financial institution. Sometimes a buyer pays for the property in cash. In most cases, however, the buyer will need additional financing to determine the total purchase price. Here are the three common financing methods used in real estate purchase contracts: Commercial Real Estate Purchase Agreement – For any type of non-residential property, it is recommended to use the commercial purchase agreement. _____Counteroffer: Seller will submit to Buyer for acceptance the terms of Buyer`s offer, subject to any exceptions or modifications set forth in the attached Addendum. The downloadable files on this page serve as a tool to document a real estate purchase, in which ownership of a residential property is transferred to the buyer after it has been paid to the seller of that property. This file can be viewed with the image and/or downloaded in Adobe PDF, Microsoft Word (.docx) or document text (.odt) format using the buttons in the subtitle area. Note: Buyer and seller must provide initials at the bottom of pages 2 to 8 to verify the accuracy of the information presented. If you do not have a real estate purchase agreement, you and the other party to the contract do not have a clear understanding of your rights, the potential risks and the economic impact of these potential risks.

Without an agreement, it will be much more difficult to negotiate the extent of each party`s liability and enforce your legal rights. The rest of this document will focus on providing a wealth of information on the terms of this agreement. It is strongly recommended that both parties have sufficient time to review this information responsibly. Some of these items also require special attention. The first of these is “X. Survey”, which gives the buyer the right to receive a real estate survey before the closing date. The first space in this section defines the last day this is allowed by asking how many days before closing such an action must be completed before it is no longer allowed. So, if the seller does not allow a survey when completion is in three days, enter the number “3”. If the buyer expects the seller to correct the defects up to a certain number of days before closing, note how many days before closing, if all of these remedies are to be affected by the seller in the second white line. We will perform a similar task in “XII Title”. Start by recording the number of days the buyer has after receiving the title search report to object (in writing) to questions they deem unacceptable in the first white line. Then, in the second empty field, enter the number of days from the date the buyer`s objections are received that the seller is allowed to address and resolve the issues reported in the title search report.

In “XIII. Condition of ownership”, we must define the last calendar date on which the buyer can deliver Professional for inspection of the premises. Indicate the date and time of the schedule at which all inspections generated by the buyer must be carried out and the empty lines contained in the paragraph marked “Therefore, the buyer must retain the right…” Next, document the calendar date and time of the day the buyer must have submitted all property inspection reports that contain issues that the seller must correct before the fence can be completed, up to the empty fields in the paragraph statement that read with the words “After all inspections have been completed…” Finally, this section indicates the number of “business days” after receiving such a report from the seller, which allows for an agreement to resolve any buyer`s issues created by the inspection report. If no acceptable solution is found within this period, this purchase contract ends automatically and the serious money paid by the buyer must be returned to him (in full). A purchase contract is signed before a property or money is exchanged. This is an agreement between the parties to carry out a future transaction and documents the details of that transaction. After years of watching House Hunters on HGTV, it`s finally your turn to find the perfect home. Or you bought a dilapidated house, put your money and sweat into the repair, and now you`re ready to put it up for sale. Either way, once you`ve found the perfect home or buyer, you need to make sure you have a written agreement to make sure everything goes smoothly until completion, and you`ll know what to do if there are hiccups along the way. Escrow: Escrow is a neutral third party responsible for holding funds during the purchase transaction. Serious cash deposits are usually deposited in trust.

Escrow offers protection to both parties, while contractual risks are still open. For example, a buyer could deposit their serious money deposit into the escrow account until a home inspection is complete, and make sure that if there are problems with the inspection and the buyer decides not to proceed with the contract, he or she will recover the serious money deposit from the receiver. The purchase (download) contract also acts as a letter of offer. The seller has the choice to accept, reject or submit a counter-offer. If the seller agrees, the purchase contract is signed and the buyer must pay his deposit (if any). _____Acceptance of the Offer to Purchase: The Seller accepts the aforementioned Offer under the above conditions and agrees to transfer ownership to the Buyer. It is also important to keep records of the property you are selling for tax and accounting purposes. The sale of real estate can affect your tax return. The Internal Revenue Service (IRS) requires you to report all other income, including income from the “exchange and exchange of goods.” A tax lawyer or auditor can give you more information about how selling real estate can affect your tax return. The first article, “I.

The Contracting Parties shall make the declaration initiating this Agreement. The wording is designed to determine the intent of both parties, so it needs certain situation-specific information that can be recorded. Start by specifying the month, two-digit calendar day, and two-digit calendar year when these documents take effect by using the first two empty lines of the first statement. .