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Printable Real Estate Purchase Agreement Document

A Real Estate Purchase Agreement is a legally binding document that outlines the terms and conditions of a property sale between a buyer and a seller. This form details crucial information such as the purchase price, closing date, and any contingencies that may apply. Understanding this agreement is essential for both parties to ensure a smooth transaction.

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Form Sample

Real Estate Purchase Agreement

This Real Estate Purchase Agreement (the "Agreement") is made and entered into on this ___ day of __________, 20__, by and between:

Seller: _______________________________________
Address: ___________________________________________
City, State, Zip: ____________________________________

Buyer: _______________________________________
Address: ___________________________________________
City, State, Zip: ____________________________________

References to state laws in this Agreement pertain to the laws of the state of ________________.

1. Property Description

The Seller agrees to sell, and the Buyer agrees to purchase, the property located at:

_______________________________________________

_______________________________________________

2. Purchase Price

The total purchase price for the Property shall be: $____________________.

3. Earnest Money Deposit

The Buyer shall provide an earnest money deposit of $____________________ within ___ days of the effective date of this Agreement. This deposit will be held in escrow by:

__________________________________________________.

4. Financing

This Agreement is contingent upon the Buyer securing financing as follows:

  • Loan Amount: $____________________
  • Lender: __________________________
  • Type of Loan: ______________________

5. Closing Date

The closing of the sale contemplated by this Agreement shall occur on or before the ___ day of __________, 20__.

6. Conditions Precedent

The following conditions must be satisfied before closing:

  1. The Property must pass inspection by a qualified inspector of Buyer’s choice.
  2. Title must be clear of all encumbrances except as agreed herein.

7. Acknowledgments

Both parties acknowledge that:

  • This Agreement binds both the Seller and the Buyer to its terms.
  • No verbal agreements have been made outside of this written Agreement.

8. Signatures

By signing below, both parties agree to the terms and conditions set forth in this Agreement.

_____________________________
Seller Signature

_____________________________
Buyer Signature

Date: _______________________

Misconceptions

There are several misconceptions about the Real Estate Purchase Agreement form that can lead to confusion for buyers and sellers. Here are five common misunderstandings:

  • It is a legally binding contract immediately upon signing. Many believe that the agreement is binding as soon as both parties sign it. However, it often requires additional steps, such as acceptance of contingencies or financing, before becoming fully enforceable.
  • All terms are negotiable. While many aspects of the agreement can be negotiated, some terms may be standard or dictated by local laws. Buyers and sellers should be aware of which terms they can modify.
  • It guarantees a successful closing. Signing the agreement does not guarantee that the sale will close. Issues like financing problems, inspection findings, or title issues can still prevent the transaction from completing.
  • Only the buyer needs to sign. Both the buyer and the seller must sign the agreement for it to be valid. Each party’s acceptance is crucial to the contract's enforceability.
  • It does not require legal advice. Some think they can complete the agreement without consulting a legal professional. However, seeking legal advice can help ensure that the terms are understood and that rights are protected.

Understanding these misconceptions can help individuals navigate the real estate process more effectively.

Key takeaways

When filling out and using the Real Estate Purchase Agreement form, it is essential to understand several key aspects. These takeaways will help ensure a smooth transaction.

  • Read the entire agreement carefully. Understanding every clause is crucial. Misinterpretations can lead to disputes later on.
  • Provide accurate information. Ensure that all details, including buyer and seller names, property address, and purchase price, are correct.
  • Include contingencies. These are conditions that must be met for the sale to proceed. Common contingencies include financing and home inspection.
  • Specify the closing date. Clearly state when the transfer of ownership will occur. This helps both parties plan accordingly.
  • Consult with professionals. It is wise to seek advice from real estate agents or attorneys. Their expertise can prevent costly mistakes.
  • Keep a copy for your records. After signing, retain a copy of the agreement. This document serves as a reference throughout the transaction.

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