Residential Real Estate Sale Contract
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Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
Residential Real Estate Sale Contract for use in all states. Can be used when selling or buying a free-standing residential home.
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The Residential Real Estate Sale Contract form is designed for use by a buyer and a seller of a free-standing residential home. The agreement provides for the traditional terms between a seller and buyer, including purchase price, financing contingencies, surveys, pest and other inspections, title matters and more. This contract is for use in transactions that do not involve a Broker and where the Buyer is obtaining a new loan or is 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.
These are just some of the important provisions included in this [STATE] Residential Real Estate Sale Contract:
- Parties: Identifies the Seller and Buyer involved in the transaction;
- Property to be Sold: Specific property being sold, including a legal description;
- Price and Payment: The price for the property and when and how payments are to be made;
- Earnest Money and Other Deposits: How the earnest money is to be kept and handled ;
- Contingencies: Allows certain contingencies with regard to the property;
- Removal Of Contingencies: What happens if contingencies are not removed;
- Time For Acceptance And Effective Date: Time by which offer needs to be executed by both parties;
- Condition of the Property: Defines the condition of the property
- Inspection: Mechanical, Pest and other inspections ;
- Radon and Lead Paint Disclosure: Disclosure about Radon testing and Lead Paints;
- Utilities: How utilities will be handles;
- Casualty Loss: Defined who bears the risk of loss;
- Title: Transfer of title from seller to buyer;
- Existing Mortgages: Seller shall furnish to Buyer a statement from all mortgagee(s);
- Professional Survey Engineering Plans And Studies: Whether a survey shall be made and the furnishing of all plans;
- Delivery Of Deed: When and how the Deed will be transferred;
- Closing And Possession of Property: Time and manner of closing and when possession occurs;
- Restrictions, Easements, Limitations: The various easements, restrictions and limitations of the property - if any;
- Obligations at Closing: Seller's and Buyer's obligation at closing;
- Closing costs: checklist for who is responsible for which closing costs;
- Defaults And Remedies: What happens in case of defaults and the remedies thereto;
- Disputes: Sets forth how disputes may be settled
- Residential Real Estate Sale Contract Instructions and Checklist
- Information about Residential Real Estate Sale Contract
- [STATE] Residential Real Estate Sale Contract
- Earnest Money Receipt
- Disclosure Of Information On Lead-Based Paint Or Lead-Based Paint Hazards.
Residential Real Estate Sale Contract
Product Details
| Product | Residential Real Estate Sale Contract |
| Country | United States |
| Pages | 23 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF WordPerfect Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | New Loan or Loan Assumption Real Estate Sale Contract |
| Product number | #17290 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
A Residential Real Estate Sale Contract is a legally binding document that outlines the terms and conditions of the sale of a residential property between a buyer and a seller. It details aspects such as purchase price, contingencies, and the responsibilities of both parties.
This contract should be used whenever a buyer and seller agree to the sale of a free-standing residential home without the involvement of a broker. It is essential for documenting the transaction and ensuring that all legal requirements are met.
If contingencies outlined in the contract are not met, the contract may become void, or the buyer may have the right to withdraw from the transaction. The specific consequences will depend on the terms agreed upon in the contract.
Yes, the contract can be modified as long as both parties agree to the changes and document them in writing. It is advisable to consult with a legal professional to ensure that any modifications comply with state laws.
Earnest money serves as a deposit made by the buyer to demonstrate their commitment to purchasing the property. It is typically held in escrow and can be applied to the purchase price at closing or forfeited if the buyer backs out without a valid reason.
Is This Form Right For You?
Use This Form If:
- Individuals who are looking to purchase a free-standing residential home can utilize this contract to ensure that all terms of the sale are clearly documented. This written agreement protects both the buyer and seller by outlining the responsibilities and expectations of each party.
- Situations requiring a formal agreement for the sale of a residential property will benefit from this contract. It serves as a legally enforceable document that details the purchase price, payment methods, and any contingencies that may apply.
- For those selling a home without the involvement of a broker, this contract provides a comprehensive framework to facilitate the transaction. It ensures that all necessary disclosures and agreements regarding the property's condition and title are addressed.
- Buyers assuming an existing loan can use this contract to outline the terms of their purchase while ensuring compliance with any existing mortgage obligations. This is essential for protecting the buyer's interests and clarifying the seller's responsibilities.
- Real estate investors looking to streamline their transactions can leverage this contract to simplify the buying and selling process of residential properties. The detailed provisions help mitigate risks associated with property transactions.
Do Not Use If:
- – This form is not appropriate for transactions involving commercial properties, as it is specifically designed for residential real estate sales. Commercial transactions have different legal requirements and considerations.
- – If the sale involves a real estate broker, this contract may not be suitable. Broker transactions typically require specific forms and agreements that comply with brokerage regulations.
- – In cases where the buyer is not obtaining financing or assuming an existing loan, this contract may not be necessary. Alternative agreements may be more appropriate for cash transactions.
- – If the property being sold is part of an estate or involves multiple heirs, this contract may not adequately address the complexities of such transactions. Legal guidance is recommended in these situations.
- – For properties that require extensive repairs or are sold 'as-is', additional disclosures and agreements may be necessary to protect both parties. This contract may not cover all the required legal protections.
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