When it comes to buying or selling real estate, a purchase and sale agreement is a crucial document that outlines the terms and conditions of the transaction. A well-written agreement can protect both parties and ensure a smooth and successful transaction.
If you are in the process of buying or selling a property, it is essential to have a good understanding of what a purchase and sale agreement is and what it should include. To help you get started, we have provided a real estate purchase and sale agreement sample.
Real Estate Purchase and Sale Agreement Sample
This agreement, dated _________, is made between _________________ (the “Seller”) and _________________ (the “Buyer”) for the purchase and sale of the property located at ____________________ (the “Property”).
1. Purchase Price
The purchase price for the Property shall be ________________ ($________) payable by the Buyer to the Seller at closing.
2. Contingencies
This Agreement is contingent upon the following conditions:
a. Financing. The Buyer shall have _________ (days) to secure financing for the purchase of the Property.
b. Inspection. The Buyer shall have _________ (days) to complete a thorough inspection of the Property and notify the Seller of any material defects.
c. Title. The Seller shall provide a clear and marketable title to the Property.
3. Closing
The closing shall take place on or before ____________ (date), at a location to be determined. The closing costs shall be split equally between the Buyer and the Seller.
4. Representations and Warranties
The Seller represents and warrants that:
a. The Seller has the legal right to sell the Property.
b. The Property is in good condition and repair, and all systems and appliances are in working order.
c. There are no liens, encumbrances, or other claims against the Property.
5. Default
In the event of a default by either party, the non-defaulting party shall have the right to terminate this Agreement and seek any other legal remedies available.
6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of ___________.
7. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements.
In Conclusion
A purchase and sale agreement is a legally binding document that outlines the terms and conditions of a real estate transaction. While this sample agreement is a good starting point, it is important to have a qualified attorney review the agreement before signing. With the right agreement in place, your real estate transaction can proceed smoothly and with minimal stress.