Residential Real Estate Sale Contract

Instructions & Checklist

Residential Real Estate Sale Contract

This package contains (1) Instructions and Checklist for Residential Real Estate Sale Contract; (2) Information about Residential Real Estate Sale Contract; (3) Residential Real Estate Sale Contract (including Earnest Money Receipt); (4) Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards.

 This agreement is for transactions that do not involve a Broker and where the Buyer is obtaining a new loan and/or assuming an existing loan.

 When signed by one party, this signed contract constitutes a formal offer. The contract allows the person making the offer to designate a time and date by which the contract must be signed and returned before it expires. Once the contract is signed by both parties, it creates a binding obligation to purchase the property.

 Each party should sign two copies of the final draft of the contract. Each party should receive one copy with the original signatures of all parties.

 The parties to the contract must be aware of the various deadlines contained in the contract, relating to various acts (i.e. obtaining financing, inspections, title matters etc.)

 If the property is built before 1978 property (i.e. pre-1978 property), federal law requires that Sellers and Buyers (and their Agents) sign the “Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards”. Federal law requires Seller to keep the signed copy of the “Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards” for a minimum of three years as proof of compliance with the rules. A copy of the “Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards” form is included in this package.

 These forms contain the basic terms and language that should be included in similar agreements. The law in some states require a seller to make additional written disclosures, including disclosures about the condition of the house, the neighborhood, environmental disclosures and any other known problems. Some cities and other municipalities may also have specific disclosure requirements that need to be included.. Check with a real estate agent or attorney in your area to determine what additional disclosures, if any, are required in your state or locality. If not required by law, a Buyer may still request the disclosures and try to make them part of the contract.

 These forms are not intended and are not a substitute for legal advice. Laws vary from time to time and from state to state. These forms should only be a starting point for you and should not be used or signed without consulting an attorney first to make sure it fits your particular situation. The Buyer and the Seller should consult with an attorney and a tax professional to make sure that all legal and tax consequences of this Contract are fully explained and understood. An attorney should also be consulted whenever a document is negotiated with another party.

 The purchase and use of these forms is subject to the Disclaimers and Terms of Use found at findlegalforms.com

Information

Residential Real Estate Sale Contract

Whenever any real estate property is sold, a written agreement should be used to document the transaction and to set forth the terms between the Seller and the Buyer.

The Residential Real Estate Sale Contract form can be used by a buyer and a seller of a free-standing residential home. Another type of form is required for the sale of condominiums, cooperative apartments, farmland and other special kinds of property. This contract does not address water rights (which may be important for oceanfront or lakefront property) or easements and rights of "ingress and egress" (i.e. when the property used to access the house (which is being sold) is owned by someone else).

The agreement provides for the traditional terms between a seller and buyer, including financing contingencies, surveys, pest and other inspections, title matters and more. This agreement is for transactions that do not involve a Broker and where the Buyer is obtaining a new loan and/or assuming an existing loan.

Generally, this type of contract is prepared by the buyer and presented as a formal offer. However, the seller may initiate the preparation of the contract as well.

The agreement allows the person making the offer to designate a time and date by which the contract must be signed and returned before it expires.

The law in some states requires a seller to make additional written disclosures, including disclosures about the condition of the house and any known problems. Check with a real estate agent or attorney in your area to determine what additional disclosures, if any, are required in your state. In some of these states, a seller may still be required to make the disclosure, even if the property is sold "as is" If not required by law, a Buyer may still request the disclosures and try to make them part of the contract.. To find out if your state has any mandatory disclosure laws, you can check with a local real estate broker or attorney, or call your state’s attorney general’s office. Most states with mandatory disclosure laws have created state approved forms that can be used to make the disclosure.

Since this agreement may be a little different than the types of real estate sale contracts your local agents and lenders may be used to seeing, you may want to check with a local agent or lender if the use of another form will create a problem.

Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can pose health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women. Before selling pre-1978 housing, Sellers must disclose the presence of known lead-based paint and/or lead-based paint hazards in the dwelling. Buyers must also receive a federally approved pamphlet on lead poisoning prevention. An Environmental Protection Agency's pamphlet entitled "Protect Your Family From Lead In Your Home." can be found at: http://www.epa.gov/opptintr/lead/pyfcameraeng.pdf and at http://www.hud.gov/offices/lead/outreach/leapame.pdf and. Additional information can also be found on the EPA site at: http://www.epa.gov. Please note that the state where the property is located may also have its own laws and regulations regarding lead paint.

This information and these forms are not intended as and are not a substitute for legal advice. Laws vary from time to time and from state to state. These forms should only be a starting point for you and should not be used or signed without consulting an attorney first to make sure it fits your particular situation. You should also consult with an attorney and a tax professional to make sure that all legal and tax consequences of this agreement are fully explained and understood. An attorney should also be consulted whenever a document is negotiated with another party.