Simple Real Estate Purchase Agreement Template Word

The simple purchase contract template serves to protect both the buyer and the seller. This is a form that documents an agreement so that each party ensures fair treatment during the transaction. The document template makes it easy to create a complex document. Some of the most basic details covered by the legal form are: Once a purchase contract for the sale of a residential property has been signed and is deposited in trust, participants are legally required to comply with the obligations recorded in the form. If the seller changes their mind and wants to withdraw from the deal, they may have a few options to do so: If you`re considering selling a property, the model is ideal for presenting a potential buyer with details that explain all the steps of the sale, from negotiations to the closing date of the home. The contract is also the one that the buyer can present to a seller to formalize the sale of a property. Use our real estate purchase agreement to describe an offer to purchase a property and the terms of the sale. Serious Money Deposit: A serious cash deposit is a deposit that demonstrates the good faith of the buyer and his commitment to proceed with the purchase of the property. In exchange for a serious cash deposit from the buyer, the seller withdraws ownership from the market. At the end of the purchase, the deposit will be credited to the purchase price.

If the contract is terminated in accordance with the terms of the agreement, the deposit will usually be refunded to the buyer. If the transaction takes place between family members, emotions or family problems may arise. The simple purchase agreement template allows for the creation of a legal contract that does not allow emotional or family issues to affect or alter the responsibilities of the parties within the contract. After the conclusion of the contract, one or both parties have a legal remedy if one of the parties to the contract breaks the contract. The purchase agreement is always appropriate if you are selling a property that has a prefabricated house, an old house or the purchase of a property where construction is complete. All property taxes and late adjustments are paid at closing from funds owed to the seller. All property taxes and non-outstanding adjustments will be prorated through the period. 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 contract for the purchase of a property is a legally valid contract. The contracting parties are the seller(s) and the buyer(s). The treaty is a so-called bilateral agreement between the parties. It is a legal form that binds both parties to the agreement defined in the document. It provides clear conditions when buying, exchanging or transferring any form of real estate from one party to another. The document defines the considerations within the text; This term refers to the financing on which the parties agree during the negotiation process. When the seller accepts the offer to purchase, he (and his representative) write down his signatures, dates and printed names. To put it simply, a purchase contract is a form used to make an offer for a home. It contains a number of conditions and contingencies presented to the seller of a home who accepts, rejects or opposes the price offered and/or a condition contained in the contract. If the seller agrees, the seller and the buyer sign the form and make the agreement officially “under contract”. To be effective, a purchase contract must contain several elements.

These are: Staging the property – This is another common technique used in the real estate world where a professional enters and enhances the visual aesthetics of the house by equipping the property with the following: at the fence, all documents, disclosures and funds are transferred to the respective parties. It may sound simple, but a typical closure can take anywhere from a few hours to several hours, depending on the complexity of the property. At the end of the closing, a deed will be drawn up with the name of the buyer. Post ads online – Now that you`ve taken care of the preparatory actions, it`s time to run your ads. In the early days of selling properties, owners had to advertise their apartment in a local newspaper or magazine. Thanks to the Internet, it is much easier for sellers to market their own home without the help of a real estate agent. There are different websites entirely dedicated to promoting houses for sale, the main sites being: an addendum is an additional form that can be attached to the purchase contract. It may provide the contract with additional terms that change the course of the previously agreed agreement or simply supplement it at the time of its creation.

As mentioned in the previous section, contingency can be in the form of an addendum. Here are different types of additions that can be implemented, some of which include the general contingencies listed above: if the buyer`s purchase of the property is based on whether or not they have to sell their home first, check the second (2nd) box and enter the mailing address of the property (which is to be sold), followed by the number of days from the effective date on which the property is to be sold. It displays the most basic document items. The contract for the purchase of a property may contain unique elements depending on the parameters of the agreement. One element is the promise to pay, which defines the funding parameters. There are four types of financing terms that buyers and sellers could accept: Step 12 – Additional Disclosures and Terms and Conditions – The last two (2) sections regarding the terms of the contract require that you cover the following areas of the agreement: According to Zillow`s 20192 Housing Trends Report, eighty-two percent (82%) of homebuyers have used a real estate agent or broker to support the the process of buying a home. Valuation – Any finding that the value of the property is lower than the purchase price may stop the process and require adjustments to the agreement. To accurately describe the property, the buyer must enter a description of the property for sale. For the “property type”, specify which type of property is for sale. Options include “Condominium, Duplex, Triplex, Fourplex, PUD (Planned Unit Development) and Single Family Home,” to name a few. Then enter the full address where the property is located.

In the next line, enter the “Tax Parcel Information” (also known as “Tax Card and Lot Number”). This can be found by contacting the district clerk`s office in the same county where the house is located. For the bottom two (2) lines, enter a description of the property. The description is on the document and must be copied word for word. A simple one could help avoid some of these consequences: Contingency: A contingency is a condition that must be met for the purchase to take place. If the contingency is not fulfilled, the buyer has the option to withdraw from the contract and not make the purchase. Here are some examples of common contractual events: Serious Money Deposit – This shows that the party offering to buy your home is serious and able to buy the property. The amount usually ranges from 1 to 5% of the total sale price and goes later into the buyer`s down payment once the transaction has been approved. The buyer usually protects himself with certain contingencies that ensure that the money is returned if the exchange does not take place. However, if the buyer decides to withdraw for a reason that is not protected by a contingency, the seller may have the right to withhold the funds held in trust.

The buyer is usually responsible for paying for the inspection, although he can ask the seller to pay in the purchase contract if he wishes. The price of a home inspection ranges from $200 to $496. “Going cheap” during an inspection is not recommended because any defect found by the inspector could save the buyer hundreds to tens of thousands of dollars.3 The rest of this document will focus on providing a wealth of information about 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 blank line. .