Free Real Estate Purchase Agreement Template

Take advantage of our free Real Estate Purchase Agreement template to help you complete a formal transaction of a property. Our online tool makes the process of creating your contract simple.

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Last Update July 22nd, 2024

Also Known As

Property Sale Contract

House Buying Agreement

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What Is a Real Estate Agreement?

A Real Estate Agreement is a legal document that sets the terms and conditions of the sale of a home or other type of property. 

The document is also known as a: 

  • Home Sale Contract
  • Real Estate Purchase Contract
  • Real Estate Sales Contract

In most cases, the buyer will send the form that lists the terms and conditions of the transaction, and then it is up to the seller to accept or reject the agreement.

By signing the binding contract, the other party becomes obligated to complete the sale of the property. 

The document does not finalize the transfer of the property, however, it is the first step in completing a real estate transaction.  

Take advantage of our easy-to-use Real Estate Purchase Agreement template to help you complete the document creation process.

When Is a Real Estate Purchase Agreement Needed?

If you are interested in buying any type of real estate, using this agreement will be necessary

You should use a Real Estate Purchase Agreement if any of the following apply to you: 

  • You are completing a property transaction
  • You must set the terms and conditions of the sale
  • The sale is done with a family member

You can complete a Simple Real Estate Purchase Agreement if the property’s construction is finished before the contract’s closing date. 

Who Prepares the Real Estate Purchase Agreement

In many cases, Real Estate Purchase Agreements are prepared by a real estate agent from scratch.  

If the owner of the property is the one selling, then a buyer’s agent could prepare the paperwork as a "dual agency". 

You can also take advantage of our Residential Real Estate Purchase Agreement template as a reliable foundation when drafting a document.

What To Include in a Purchase Agreement for Real Estate

Your Real Estate Purchase Agreement must include all the necessary details. Review what to include in your agreement below.

  • Information of the parties: The full names and contact details of the buyer and seller.
  • Property address: The property’s location and a legal description of the land.
  • Purchase price: The total price of the property, which includes deposits or adjustments.
  • Personal property: Property that’s included in the sale, for example, a television or beds.
  • Representations and warranties: Specific claims regarding the property’s condition.
  • Financing: The buyer could use third-party financing or seller financing, or the buyer could assume the seller’s existing mortgage.
  • Contingencies: Any actions or conditions that must be fulfilled for the contract to be created.
  • Title insurance: A form of insurance that covers any loss of value if any defects are found later on in the title.
  • Closing and possession dates: The day the legal transfer will occur and when the buyer will be given possession of the property.
  • Lead-based paint disclosure: This is an obligatory disclosure for homes constructed before 1978.

How To Write a Real Estate Purchase Agreement

It is essential to know how to fill out a Real Estate Purchase Agreement correctly if you plan to create a document yourself or for your agent. 

It is not extremely difficult to write your agreement, especially when using a template, however, you must follow all the steps below to not leave anything out. 

  1. Include the date and parties: Write the date the agreement will take place, and name the buyer(s) and the seller(s) of the property.
  2. Enter the property details: Write a description of the personal property that will be sold.
  3. Add the payment: Include how much the property will be sold for and what method of payment you will use (cash, personal check, money order, etc.), as well as what the payment schedule will be.
  4. Include the delivery date: Add the date that the personal property will be delivered to the other party.
  5. Add where to send any notices: Include the name of the seller(s) and purchaser(s), and their addresses.
  6. Mention how disputes could be settled: Provide choices of how disputes can be resolved, for example, by mediation or arbitration.
  7. Sign the document: Write the names and dates of both parties and then each can sign the document.

Empower your legal journey with LawDistrict’s Real Estate Purchase Agreement template.

Buyer Beware

Certain states do not require the seller to mention material defects in the real estate property.  

If you are purchasing property in one of these states, it does not mean you need to take a gamble. 

Take care to verify that you can get out of an agreement if conditions aren't met, such as the owner not repairing part of the property or if there has been no inspection. 

The following states qualify as “Buyer Beware” states: 

  • Alabama
  • Arkansas
  • Colorado
  • Florida
  • Indiana
  • Massachusetts
  • Missouri
  • Montana
  • New Hampshire
  • New Jersey
  • Virginia
  • West Virginia
  • Wyoming

Having the property inspected before signing any agreement will be important if you are purchasing a home in one of these states.

Real Estate Purchase Agreement Addendums and Disclosures

Every state has different requirements regarding disclosures. Understanding the different addendums and disclosures can help save you money if you aren’t disclosed information regarding the condition of the property you are purchasing. 

Review the following addendums and disclosures to make a smart purchase of a property. 

  • Purchase Agreement Termination Letter: Indicates that the Real Estate Purchase Agreement is no longer binding if it is terminated.
  • Inspection Contingency:The purchasing party can determine if there are any major problems with the property. If there are any defects with the real estate, the parties can negotiate to fix/credit the issue, or the buyer can pull out of the contract.
  • Closing Date Extension:This addendum is used when both parties agree to extend the closing date.
  • Release of Earnest Money: A form that both parties sign for the Buyer to release the earnest money deposit to the Seller.
  • Earnest Holdback Agreement: Outlines rules for money that is pending to be released or being withheld by the title or escrow company until the selling party finishes their duties.
  • Third-Party Financing: Mentions the conditions of a loan and makes the contract contingent upon the loan being approved by the party lending the money.
  • Seller Financing: This occurs when the seller finances the sale and the price is payable over time.
  • Short Sale:This takes place when a seller must pay back more money than what the property is worth.
  • Property Disclosure Statement: Required in the majority of states, apart from Buyer Beware states, the seller must disclose any issues or defects on the property.
  • Lead-Based Paint Disclosure: In each state, a lead-based paint hazard must be disclosed if the home was constructed before 1978.

Real Estate Purchase Agreement Sample

To help you write your document, you can take a look at the example of a Real Estate Purchase Agreement that we have provided below. 

Review the sample below to understand how to outline your document correctly.

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Real Estate Purchase Agreement Sample

Other Real Estate Documents

There are similar legal documents that may be of help to you during a real estate transaction. 

Review these documents to ensure that any property purchase that you undergo is done legally and with as little difficulty as possible. 

Browse LawDistrict’s legal library which contains information and templates.

FAQs About Real Estate Purchase Agreements

To clear up any doubts you may have regarding Real Estate Purchase Agreements, we have answered some of the most common questions on the subject. 

Take a look at the responses to further understand how to create your document.

When Does a Real Estate Purchase Agreement Expire?

An offer for a seller to sign an agreement could expire by a certain date.

When creating your Real Estate Purchase Agreement, you can set a due date. If the seller doesn’t agree to it by that date, then the offer will have expired. 

You can also add the exact time it will expire on the due date.

Where Can I Get a Real Estate Purchase Agreement?

If you plan on having a Real Estate Purchase Agreement created from scratch, then you can go to a real estate agent.

You can also create your very own document by using our Real Estate Purchase Agreement template as a reliable reference.

Once your document has been created, you can have it reviewed by a real estate professional, such as a lawyer or agent, to ensure it is ready to use.

Is a Real Estate Purchase Agreement Binding?

Yes, a Real Estate Purchase Agreement is binding. There are consequences for a party who backs out of the agreement if they signed a contract. These consequences could include paying a fee, for example. 

This type of agreement does not need to be signed in front of a notary or witnesses in most cases, although it would not be a bad idea to do so.

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Real Estate Purchase Agreement Sample

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REAL ESTATE PURCHASE AGREEMENT
THIS REAL ESTATE PURCHASE AND SALE AGREEMENT (the "Agreement") is made on this the ________ day of ________________, ________ (the "Execution Date")

BY AND BETWEEN:
The Purchaser, _________, with a permanent address at _________

(individually and collectively, the "Purchaser")
-AND-

The Seller, _________, with a permanent address at _________

(individually and collectively, the "Seller")
CONVEYANCE OF THE PROPERTY

1. The Seller agrees to sell and convey to the Purchaser (individually the "Party" and collectively the "Parties") and the Purchaser agrees to purchase from the Seller, upon the terms and conditions hereinafter set forth, the property situated at _________, and all right, title, and interest of the Seller in and to the property with the following legal description: _________________________________________________________________________________.

The property herein described includes all of the following:

(a) All that certain lot, piece, or parcel of land located in the address mentioned above and as described in this Agreement (the "Land").

(b) All buildings and improvements located on the Land and all the Seller's right, title, and interest in and to any and all fixtures attached thereto (collectively, "Improvements").

(c) All equipment, machinery, apparatus, appliances, and other articles of personal property located on and used in connection with the operation of the Improvements (collectively, "Personal Property").

(d) The fixtures and improvements located on the property and all associated rights, privileges, and appurtenances. Lastly, the property also includes any permits, easements, and cooperative and association memberships (the "Property").
AGREEMENT TO PURCHASE THE PROPERTY

2. The Seller agrees to sell and convey to the Purchaser and the Purchaser agrees to purchase, from the Seller, the Property.
PURCHASE PRICE

3. The purchase price shall be paid in cash at closing. There shall be no financing contingency on such payment for the Property. The purchase price for the property (the "Purchase Price") shall be in the following amount: $_________.
EARNEST MONEY DEPOSIT

4. The Purchaser shall deposit $_________ as earnest money at ____________________ with ____________________ acting as escrow agent (the "Escrow Agent"), on or before ________ day of ________________, ________. If the Purchaser does not deposit the earnest money amount as required under this clause, such failure shall result in the Purchaser being in default under this Agreement.
TITLE GUARANTY POLICY OR TITLE INSURANCE

5. The Seller shall provide the Purchaser, at its own expense and if the Purchaser so chooses, with a title guaranty policy guaranteeing good title to the Property or an owner's policy of title insurance issued from a reputable title company (the "Title Company"). The Title Policy shall cover the total amount of the Purchase Price and dated as of the Closing Date when the sale of the Property becomes final, and the Purchaser takes possession.

The Title Policy will be subject to the following exceptions (collectively, the "Title Exceptions"): building and zoning ordinances; standard utility easements; standard riparian matters; common restrictive covenants relating to platted subdivision; oil, gas, and mineral rights; taxes, mortgages, or deeds of trust and assessments which the Purchaser shall be assuming; discrepancies in regard to shortages in area or boundary lines; and any liens that the Purchaser may have created as part of the financing for the purchase of the property.

TITLE POLICY COMMITMENT

6. The Seller shall provide at its own expense or cause to be furnished to the Purchaser a commitment to issue the Title Policy requested by the Purchaser (the "Commitment"), including copies of restrictive covenants and documents evidencing exceptions in the Commitment (the "Exception Documents"). These documents, however, shall not include the standard printed exceptions. The Seller hereby authorizes the Title Company to deliver the Commitment and Exception Documents to the Purchaser's address as provided in this Agreement.
PROPERTY SURVEY

7. Before the Closing Date, the Seller shall provide the Purchaser and the Title Company with the Seller's existing property survey. The Seller shall also submit an affidavit to the Purchaser and the Title Company, affirming the survey's approval. The survey must have been completed within the past year. In the event that the Title Company or the Purchaser's lender does not approve the survey, a new survey shall be obtained. The cost of the new survey shall be shared equally between the Purchaser and the Seller, and it must be obtained at least seven days before the Closing Date.
OBJECTIONS AND CURE

8. The Purchaser shall have the right to submit a written objection within 10 days after receiving the Commitment and Exception Documents regarding any defects, exceptions, or encumbrances to the title that may make the title unmarketable, not including the Title Exceptions.

9. Except for the requirements in the Commitment that are not waived, failure by the Purchaser to provide a written objection within the allowed time will constitute a waiver on the part of the Purchaser to object. Any timely objections by either the Purchaser or any third-party lender must be cured by the Seller at the Seller's expense before closing. The Closing Date will be delayed as necessary. If the objections are not cured, this Real Estate Purchase Agreement shall terminate, and the earnest money will be refunded to the Purchaser within ten days, unless the Purchaser has waived the objections in writing and elected to close the sale, accepting the title with the existing defect.
REAL PROPERTY DISCLOSURE
SELLER'S DISCLOSURE

10. The Seller does not know of any material facts that would affect the value of the Property, except those observable by the Purchaser or any known to the Seller, which are disclosed in this Agreement and the attached addenda.
STATUTORY/VOLUNTARY DISCLOSURES

11. The Seller shall be responsible for furnishing the Purchaser with the following disclosures and items as soon as practicable before the signing of this Agreement:
a. Lead-Based Paint Disclosure and a copy of the pamphlet titled "Protect Your Family From Lead in Your Home" from the EPA.
LEAD WARNING STATEMENT AND DISCLOSURE

12. Every Purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The Seller of any interest in residential real property is required to provide the Purchaser with any information on lead-based paint hazards from risk assessments or inspections in the Seller's possession and notify the Purchaser of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.

The Seller will disclose all known lead hazards in the attached lead disclosure, as well as furnish to the Purchaser a copy of the pamphlet titled "Protect Your Family From Lead in Your Home" from the EPA and any available report on lead in relation to the Property. The Purchaser, at its sole cost, will be given at least ten days to inspect the Property in relation to lead hazards. This ten-day period may be lengthened, shortened, or waived by mutual written consent of the Parties.
COUNTY DISCLOSURE

13. The Seller is responsible for satisfying any local disclosure requirements before signing this Agreement. Please consult the local county department in which the Property is situated and/or a local real estate attorney to ensure compliance has been met.
PROPERTY ACCESS AND INSPECTION

14. The Purchaser may select inspectors and pest controllers licensed to practice within the State of Alabama or any lawful agent authorized to make inspections to inspect the Property. The Purchaser shall assume the costs of selecting such inspectors and pest controllers. Further, the Purchaser shall deliver to the Seller, within ten days following the inspection report, a written notice of any defects, including a copy of the inspection report. The Seller shall permit the Purchaser or its agents to have access to the Property for the purpose of inspection at all reasonable times. Lastly, the Purchaser shall pay for turning on existing utilities.
PROPERTY CONDITION

15. The Purchaser accepts the Property in its current state and condition without any further work, repairs, treatments, or improvements. However, this does not include the following specific work, repairs, treatments, and improvements that the Seller will perform at its sole cost: Paint the entire interior of the house.
WARRANTIES

16. The Seller makes no express warranties aside from those expressly described in this Agreement or the attached addenda. Following the closing of this Real Estate Purchase Agreement, the Seller shall assign all warranties of the manufacturer that are assignable to the Purchaser.
LENDER REQUIRED REPAIRS

17. Unless the Parties agree to it in writing, they are not obligated to pay for any lender-required repairs or remediation. If any repairs exceed five percent, the Purchaser's lender has the sole option to terminate the agreement. If the Parties do not reach an agreement regarding the lender-required repairs or remediation, this Real Estate Purchase Agreement shall terminate. Further, the earnest money shall be refunded to the Purchaser within ten days of the receipt of the written notice.
COMPLETION OF REPAIRS AND IMPROVEMENTS

18. Unless otherwise agreed by the Parties, the Seller shall complete all agreed work, repairs, treatments, and improvements (the "Work") before the Closing Date. Only licensed professionals may perform the work for such tasks, and all required permits and regulations must be obtained and observed. Any transferable warranties received by the Seller for completed work will be transferred to the Purchaser at closing. The Purchaser may choose to complete the Work if the Seller does not complete the Work before the Closing Date. In this case, the Purchaser shall have a claim for the reimbursement for the Work will be entitled to claim reimbursement for the Work performed.
CLOSING

19. The Closing Date shall be within seven days after any objections have been revealed from the Commitment or Survey have been cured or before _________, whichever date is later. Failure to close the sale on the Closing Date by either Party will give the non-defaulting party the right to pursue any default remedies provided in this Agreement.
20. Following the closing, the Seller shall execute and deliver a general warranty deed showing title to the Property to the Purchaser with no further exceptions to the title of the Property except the Title Exceptions. The Seller shall also furnish a current tax statement that shows that their Property has no delinquent taxes.
21. The Purchaser shall pay the Purchase Price in good funds acceptable to the Escrow Agent.
22. All notices, statements, certificates, affidavits, releases, loan documents, and any other required documents under this Agreement, the Commitment, or by applicable law, necessary for the closing of the sale or the issuance of the Title Policy, shall be promptly executed and delivered by both the Seller and the Purchaser.
23. All covenants, representations, and warranties made in this Agreement shall remain valid and enforceable beyond the closing date.
POSSESSION
24. Upon proper funding at closing, the Seller shall deliver possession of the Property to the Purchaser in its current or required state, ordinary wear and tear excepted. In the absence of an authorized written lease agreement, if either the Purchaser has possession prior to closing or the Seller has possession after closing, a tenancy at sufferance relationship shall be established between the Parties. Both Parties are advised to consult their respective insurance agents to ensure adequate coverage is in place during the transfer of ownership and possession.
SETTLEMENT AND OTHER EXPENSES

25. Unless both Parties agree otherwise in writing, the Seller (the "Seller's Expenses") shall be responsible for paying the following expenses at or prior to closing:

a. All existing liens; prepayment penalties; recording fees; lender, tax statements or certificates; preparation of deed; half of escrow fee; title expense, and any other expenses payable by the Seller under this Agreement must be released or discharged accordingly.
26. The Purchaser shall pay for the following expenses (the "Purchaser's Expenses") must be paid at or prior to the closing:
a. The Purchaser shall be responsible for loan origination, discount, buy-down, and commitment fees.

b. The Purchaser shall also bear all expenses related or incident to any loan, including but not limited to, appraisal fees, application fees, credit reports, loan document preparation fees, recording fees on notes and mortgages or deeds of trust, as well as recording fees on the deed, financing statements, inspection fees, half of the escrow fees, all prepaid items including flood and hazard insurance premiums, documentary stamp tax, and all other expenses necessary for the Purchaser to perform their obligations under this Agreement. All such expenses must be released or discharged accordingly.
27. The Purchaser shall be responsible for any Private Mortgage Insurance Premium (PMI), the VA Loan Funding Fee, or the FHA Mortgage Insurance Premium (MIP) as required by the lender.
28. This notwithstanding, it is important to note that the Purchaser shall not be liable for any charges and fees that are expressly prohibited by FHA and VA financing or other governmental loan program regulations.
29. If either Party pays for any expense and such expense exceeds the amount expressly stated in this Agreement, the Party responsible for the said exceeding amount may terminate this Real Estate Purchase Agreement unless the other Party agrees to pay the excess amount.
PRORATIONS

30. At the closing Date, the following items shall be prorated and adjusted: any taxes due for the current year, association fees, maintenance fees, assessments, dues, heating tank fuel, utility charges, and rents of the Property. In the event that the tax rate for the current year is not known, the Parties will calculate the proration based on the tax rate from the previous year plus an additional five percent at closing. Further, in the event that the tax rate for the previous year is also unknown, then the Escrow Agent will estimate the prorated amount and hold back sufficient funds. The prorated amount will be adjusted once the new tax statements become available. The Purchaser must pay their share of the prorated taxes for the current year if the taxes are not paid before or at the closing.
RISK OF LOSS

31. The Seller assumes all risk of loss to the Property or its improvements, including but not limited to, physical damage or destruction to the Property, or loss caused by eminent domain, until the Closing Date. In the event that any part of the Property is damaged or destroyed after the Effective Date but prior to closing, the Seller is obligated to restore the Property to its previous condition as soon as possible before the Closing Date, with reasonable delays excepted. However, if unforeseeable factors beyond the control of the Seller prevent the restoration of the Property, the Purchaser may elect one of the following options:
a. Terminate this Agreement, and the earnest money will be promptly refunded to the Purchaser within ten days;

b. Extend the Closing Date as necessary to allow for the restoration of the Property;

c. Proceed with the closing, accepting the Property in its damaged state. In this case, all insurance proceeds will be assigned from the Seller to the Purchaser, and the Purchaser will receive an amount equal to the deductible under the Seller's insurance policy.
The Seller's responsibilities outlined in this clause are distinct and separate from any other obligations of the Seller as specified under the Property Condition section.
REMEDIES ON DEFAULT

32. In the event of the Purchaser's failure to comply with the provisions of this Agreement, the Seller may take the following actions:
a. Pursue specific performance of the Agreement;

b. Seek any other legal remedies available;

c. Opt for a combination of the aforementioned remedies; or

d. Consider the earnest money as forfeited, treated as liquidated damages, and the sole remedy for the Seller.
33. If, due to circumstances beyond the Seller's control, the Seller fails to make any non-casualty repairs or deliver the Commitment or survey as required, the Purchaser may choose one of the following options:
a. Extend the performance time and the Closing Date as necessary; or

b. Terminate this Agreement, with the earnest money refunded to the Purchaser within ten days, serving as the sole remedy.
34. In the event of the Seller's failure to comply with the provisions of this Agreement, the Purchaser may exercise the following choices:
a. Seek specific performance of the Agreement;

b. Pursue other legal remedies available;

c. Opt for a combination of the aforementioned remedies; or

d. Consider this Agreement as terminated and receive the earnest money within ten days of cancellation.
ESCROW

35. The Parties hereby agree that the Escrow Agent is not:
a. It is a neutral party and not a party to this Agreement, and shall not assume any liabilities arising from the performance or nonperformance of either the Purchaser or the Seller. The Escrow Agent's liability will only arise in cases of gross negligence or willful breach of the terms of this Agreement;

b. It shall not be held liable for the loss of earnest money resulting from the failure of any financial institution where the earnest money has been deposited, unless the said institution is acting as an Escrow Agent;

c. It shall not be liable for any interest accrued on the earnest money.
36. Following the closing of this Real Estate Purchase Agreement, the excess of the earnest money shall be refunded back to the Purchaser and the rest must be applied in the following order:

a. any cash down payment; and

b. Purchaser's Expenses.
37. The Escrow Agent is obligated to provide prior notification to the other Party before releasing any funds to the requesting Party during the course of this Agreement.
38. Notice from the Escrow Agent to either Party will be considered effective upon deposit at any US Postal Service offices or mailboxes with the receipt requested, as long as the notice bears adequate postage and contains the correct mailing address of the Party as specified in this Agreement. Any objection to the demand for earnest money will be considered effective upon receipt by the Escrow Agent.
SELLER REPRESENTATIONS

39. The Seller hereby represents and warrants that, as of the Closing Date, there shall be no liens, assessments, or security interests from third parties against the Property that will not be fully satisfied from the proceeds of the sale. The Seller's representations and warranties are limited to those expressly provided in this Agreement. In the event that the Seller's representations are found to be untrue on the Closing Date, the Purchaser shall have the right to terminate this Agreement, and the earnest money shall be refunded to the Purchaser within ten days.
FEDERAL TAX REQUIREMENTS

40. The Purchaser shall be responsible for withholding ten percent of the gross Purchase Price from the sales proceeds, as required by applicable tax law if the Seller is classified as a 'foreign person' under the relevant law. The Purchaser shall then submit the withheld amount to the Internal Revenue Service along with the necessary tax forms. However, the Seller may be exempted from this requirement if they provide the Purchaser with a duly executed affidavit stating either of the following:
a. The Seller is not considered a 'foreign person' under the applicable law and provides their United States taxpayer identification number.

b. The Purchase Price is below $300,000.00, and the Property will be utilized as the Purchaser's residence.
NOTICES

41. All notices required under this Agreement must be in writing and signed by the respective Party or its authorized agent. Such notices will be deemed effective when sent via one of the following methods: (a) mailed with the return receipt requested, (b) hand-delivered, or (c) transmitted by email to the following addresses:
TO THE PURCHASER AT:

Name: _________
Address: _________
Telephone: _________
Email: _________
TO THE SELLER AT:

Name: _________
Address: _________
Telephone: _________
Email: _________
ADDENDA
42. The following addenda shall also constitute a part of this Real Estate Purchase Agreement:
a. Third Party Financing Condition Addendum.
ASSIGNABILITY

43. The Purchaser shall not assign this Agreement without obtaining the prior written consent of the Seller. This Agreement shall be binding upon and inure to the benefit of the respective heirs, executors, administrators, successors, personal representatives, and assigns, as the case may be, of both the Seller and the Purchaser.
EFFECTIVE DATE

44. The effective date of this Agreement (the "Effective Date") shall be the latter of the date on which the Purchaser executed this Agreement and the date on which the Seller executed this Agreement.
GOVERNING LAW

45.The Parties agree that this Agreement shall be governed by and construed in accordance with the laws of the State of Alabama, without regard to the jurisdiction in which any action or special proceeding may be instituted or what any prior choice of forum clause may establish.
SPOUSAL INTERESTS

46. The real estate transaction resulting from this Real Estate Purchase Agreement has received the consent of each married Seller. Further, each married Seller agrees to sign and deliver all manner of documents requested by the Title Company, including deeds and other documents necessary to provide evidence of such consent, as well as facilitate the transfer to the Purchaser of any dower, homestead, elective share, community property, or any other rights which the spouse may have in or to the Property.
SEVERABILITY

47. In the event of any conflict between the provisions of this Agreement and the applicable legislation of the State of Alabama (the "Act"), the Act shall take precedence, and the conflicting provisions of the Agreement shall be amended or deleted as necessary to comply with the Act. Additionally, any provisions required by the Act shall be deemed incorporated into this Agreement.
48. In the event that any terms or provisions of this Agreement are deemed invalid or unenforceable by a court of competent jurisdiction, the remaining provisions of this Agreement shall remain unaffected. Each unaffected term and provision of this Agreement shall be considered valid and enforceable to the fullest extent permitted by law.
NO BROKER OR AGENT

49. Neither Party has any obligations for the payment of broker fees under this Agreement. The Parties confirm that no real estate brokers or agents were engaged or procured for their services in connection with this Agreement or any part of the sale agreement before the execution of this Agreement. In the event that either Party did retain a broker or agent, the Party responsible for employing such broker or agent shall bear the sole liability for any costs associated with their services.
AGREEMENT OF PARTIES
50. This document constitutes the complete and exclusive agreement between the Parties, and it may not be contradicted by any evidence of prior, contemporaneous, or subsequent oral agreements. The provisions contained in this Agreement cannot be altered or modified except by the mutual written consent of both Parties, signed and delivered.
CONSULT AN ATTORNEY

51. Prior to executing this Agreement, the Seller and the Purchaser are advised to seek the counsel of an attorney if any aspect of the Agreement is not fully understood. Furthermore, the Seller and the Purchaser mutually agree to inform each other about the contact information of their respective attorneys, if any, who are handling this real estate transaction.
GENERAL PROVISIONS

52. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Additionally, facsimile signatures on this Agreement shall be considered legally binding and treated as if they were original signatures.
53. All monetary amounts referenced in this Agreement shall be deemed to be in US dollars, and all payments required to be made pursuant to this Agreement shall be made in US dollars unless the Parties mutually agree otherwise in writing.
54. The headings in this Agreement are included solely for the convenience of the Parties and shall not be used in the interpretation of this Agreement. Words in the singular shall be deemed to include the plural, and vice versa. Additionally, words in the masculine gender shall be deemed to include the feminine gender, and vice versa. Furthermore, words referring to persons shall be interpreted to include firms and corporations, and vice versa.
55. Time is of the essence in this Agreement. For the purpose of calculating relevant time periods, every calendar day, except Saturday, Sunday, or U.S. national holidays, shall be considered a business day. Performance of any obligations or deadlines falling on a Saturday, Sunday, or a national holiday shall be due on the next business day.

A business day shall be considered concluded at five p.m. local time in the time zone where the Property is situated.
EXECUTED by _________ on the _______ day of ___________, 20____.


_____________________________
Witness: _________________
_____________________________
_________
EXECUTED by _________ on the _______ day of ___________, 20____.


_____________________________
Witness: _________________
_____________________________
_________
RECEIPT

The Receipt of $_________ as earnest money in the form of __________________ is hereby acknowledged on this _______ day of ______________, _______.
Name: ____________________
Address: ____________________
Phone: ____________________
Email: ____________________
REAL ESTATE AGREEMENT CHECKLIST
This list serves as a reminder to the Parties of some of the items and common issues that need to be kept in mind during the completion and execution of this Real Estate Purchase Agreement (the "Agreement"). Please take the time to go through the checklist and identify the items that need to be provided to the Parties.

1. Before the signing of this Agreement, the Seller should:

• Provide any required Seller Disclosures or optional disclosures to the Purchaser;
• Complete the Seller's Disclosure of Lead-Based Paint and/or Lead-Based paint Hazards and provide the finished copy to the Purchaser;

• Furnish a copy of the Pamphlet: Protect Your Family from Lead in Your Home to the Purchaser. The pamphlet can be downloaded from the EPA website at http://www.epa.gov/lead/pubs/leadprot.htm; and
• Ensure both the Seller and the Purchaser have read through and understand the Agreement and any necessary addenda. Note that there may be additional disclosures under the Real Property Disclosure section of the Agreement.
2. The Parties have to initial or sign on each page at the bottom part of this Agreement after thoroughly reading it.

3. Make sure that the Parties have signed the Real Estate Purchase Agreement in front of a witness who is an independent party to the transaction. The Purchaser and the Seller can sign in front of different witnesses. However, they do not have to be in front of the same witnesses or in the same place. Each witness needs to sign as a witness on the execution (last) page.

4. If any terms of this Real Estate Purchase Agreement are changed, the Parties should initial near the changes to reflect their acceptance of the new terms and conditions. However, the witness does not need to initial the changes.
SELLER'S DISCLOSURE OF LEAD-BASED PAINT AND/OR LEAD-BASED PAINT HAZARDS

This statement applies to the Property at _________ with the legal description of _________________________________________________________________________________, Alabama.
Lead Warning Statement

Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The Seller of any interest in residential real property is required to provide the Purchaser with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the Purchaser of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.
Seller's Disclosure

a. Presence of lead-based paint and/or lead-based paint hazards (check (i) or (ii) below):

     i. _____ Known lead-based paint and/or lead-based paint hazards are present in the housing (explain).

_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________

     ii. _____ Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing.

b. Records and reports available to the seller (check (i) or (ii) below):

     i. _____ Seller has provided the Purchaser with all available records and reports pertaining to lead-based paint and/or lead-based paint hazards in the housing (list documents below).
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________

     ii. _____ Seller has no reports or records pertaining to lead-based paint and/or lead-based paint hazards in the housing.

Purchaser's Acknowledgment (initial)

c. _____ Purchaser has received copies of all information listed above.

d. _____ Purchaser has received the pamphlet Protect Your Family from Lead in Your Home.

e. Purchaser has (check (i) or (ii) below):

     i. _____ received a 10-day opportunity (or mutually agreed upon period) to conduct a risk assessment or inspection for the presence of lead based paint and/or lead-based paint hazards; or

     ii. _____ waived the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards.

Agent's Acknowledgment (initial)

f. _____ Agent has informed the seller of the seller's obligations under 42 U.S.C. 4852(d) and is aware of his/her responsibility to ensure compliance.

Certification of Accuracy

The following parties have reviewed the information above and certify, to the best of their knowledge, that the information they have provided is true and accurate.

_____________________________
Date
_____________________________
Signature of Seller

_____________________________
Date
_____________________________
Signature of Purchaser

_____________________________
Date
_____________________________
Agent

_____________________________
Date
_____________________________
Agent
THIRD PARTY FINANCING CONDITION ADDENDUM
This Third Party Financing Condition Addendum is hereby made part of a Real Estate Purchase Agreement (the "Agreement") between _________, individually and collectively the "Purchaser" and _________, individually and collectively the "Seller" concerning the Property located at _________.
INSTRUCTIONS TO THE PURCHASER AND THE SELLER:
a. Fill in the blank areas and check off the applicable boxes accordingly.

b. Complete and sign a copy of this form prior to the closing of the Real Estate Sales Agreement.

The Purchaser must promptly, and with every reasonable effort, apply for the financing described in this addendum. Upon the lender determining the financial requirements of the Purchaser are satisfactory (e.g. Purchaser's items relating to assets, income, and credit history), financial approval will be deemed valid. If the Purchaser cannot obtain adequate financing within thirty days of the Effective Date of the Agreement, the Purchaser must furnish a written notice to the Seller, upon which, either party may cancel the Agreement and the earnest money will be refunded to the Purchaser within ten days. If a written notice and cancellation are not furnished to the Seller at the designated time, the Agreement will no longer be subject to the Purchaser being able to acquire the financing described in this addendum. Time is of the essence and strict compliance within the time frame stipulated is required.
Each note must be secured by mortgages or deeds of trust. The financing conditions are as follows:
_____ General Financing

a. The principal amount of the first mortgage (excluding any PMI premium) valued at $__________ is payable in full in ______ month(s). For the first ______ month(s), the interest rate is not to exceed ______% per annum and the loan origination, discount, buy-down and commitment fees (the "Loan Fees") are not to exceed ______% of the loan.

b. The principal amount of the second mortgage (excluding any PMI premium) valued at $__________ is payable in full in ______ month(s). For the first ______ month(s), the interest rate is not to exceed ______% per annum and the loan origination, discount, buy-down and commitment fees (the "Loan Fees") are not to exceed ______% of the loan.
_____ FHA Financing

The FHA-insured loan, excluding any MIP, valued at $__________ is payable in full in ______ month(s). For the first ______ month(s), the interest rate is not to exceed ______% per annum and the loan origination, discount, buy-down, and commitment fees (the "Loan Fees") are not to exceed ______% of the loan.

It is expressly agreed that, notwithstanding any other provision of this contract, the Purchaser shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless a written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement Lender setting forth the appraised value of the Property of not less than $__________. The Purchaser shall have the privilege and option of proceeding with the consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value or the condition of the Property. The Purchaser should satisfy himself/herself that the price and the condition of the Property are acceptable.

_____________________________
Date
_____________________________
Signature of Seller

_____________________________
Date
_____________________________
Signature of Purchaser
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