Air Conditioning Unit) that will be included with the Purchase of the official Property Description supplied in the previous section. Find a Certified Inspector (epa.gov) – If the residence was built prior to 1978, it may be worth it to get the property inspected by a lead paint specialist who can tell you if there are any issues with the interior. This is completed by the buyer or their agent. In some states, the Earnest Money required to enter this agreement must be placed in a Trust or Escrow. The second statement will contain four blank spaces that should be used to identify the Buyer. Article “III. Every home sale starts with a real estate purchase agreement—a contract signed by buyers and sellers with the purchase … A Real Estate Purchase Agreement is a binding agreement between the buyer and seller for the transfer of a home or other property. No matter what the seller tells you, get the residence inspected by a certified inspector in your area. A disclosure is usually only stated if required by local, state, or federal law. The process begins with a buyer producing an offer through a purchase agreement. This will usually be signed at the closing, as a notary public is required in most States, and afterward can be filed at the Registry of Deeds in the county where the property is located. Four additional checkboxes have been supplied to this choice. Earnest Money Receipt – Issued to the buyer after the escrow payment (if any) has been made. What it is: When buyers and sellers sign a purchase agreement, they must agree to an accepted form of communication during the transaction as defined by the terms under “delivery,” says Marks. DOCUMENTS FOR CLOSING: Seller’s attorney shall pr epare deed, note, mortgage, Seller’s af fidavit, any cor- ... residential real estate is required to provide the buyer with any information on … Use the next three spaces to enter the Mailing Address, City, and State of the entity selling the concerned Residential Property. IF YOU DO NOT UNDERSTAND IT, SEEK LEGAL ADVICE. BUYERS agree to pay all customary loan … 1. The Arkansas residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract that outlines the terms of a residential property deal between a buyer and a seller. If there are any “Additional Terms And Conditions” that will be applied to the Purchase Agreement defined in this paperwork but has not been documented within its contents, then, supply this information to the blank lines in the thirty-second article (“XXXII. However, this must be written into the purchase agreement. An inspection contingency (also called a “due diligence … Produce the Full Name of the entity that intends to purchase the Seller’s property on the blank space attached to the parentheses label “Buyer.” The next three empty spaces have been included so that we may record the “Mailing Address Of,” “City Of,” and “State Of” the reported Buyer. It may only be used for residential properties where construction has been completed. While the forms and wording vary across the country (LawDepot.com offers free purchase agreements for each state), there are certain words common to all that you'll want to have down, cold. What it is: Checking the home's purchase price on your contract is par for the course, but you also have to cough up some money immediately, in the form of an earnest money deposit, or EMD. If the Buyer must obtain Financing to purchase the concerned Residential Property, then mark the checkbox labeled “Bank Financing.” This selection will require you indicate the type of Financing the Buyer must obtain by marking the checkbox corresponding to the list item “Conventional Loan,” “FHA Loan (Attach Required Addendums),” “VA Loan (Attach Required Addendum),” or “Other.” If “Other” has been selected, then define the Financing Option the Buyer is obtaining on the blank line provided. What it is: "A contingency in a deal means there's something the buyer has to do for the process to go forward, like selling a property they already own," says Jimmy Branham, a real estate agent at the Keyes Company in South Florida. Now, locate Article “XVI. Written and Signed. Then, write this amount on the parentheses blank space that precedes the word “Dollars.” This statement will require you to select one of the checkbox items below it to complete it. Why? At the closing, all documents, disclosures, and funds will be transferred to the respective parties. It’s a written agreement between buyer and seller to transact real estate. Survey,” which will give the Buyer the right to obtain a Property Survey before the Closing Date. If you desire legal or tax advice, consult your attorney or tax … If you try to back out of the deal without a legitimate reason, you will forfeit your portion of the escrow money to the seller. Don't Neglect These 6 Maintenance Tasks—or Else, Debunked! What it is: The possession date is the day when buyers can move into their new home. 6 – Supply The Additional Facts Affecting The Closing Where Requested. Mark the checkbox that best defines the property being sold. Unless the buyer or seller breaches or fails to perform under the purchase agreement, it cannot be canceled unless both buyer and seller agree. This may sound simple but a typical closing can last from a couple to several hours depending on the complexity of the property. Produce the “Loan Amount” to Item “A,” the “Down Payment” the Buyer must submit to Item “B,” the Yearly “Interest Rate” the Seller will apply to Item “C,” The Number of “Months” or “Years” this Financing is expected to run to Item “D,” and the Calendar Date when the Buyer must supply proof of his or her ability to Pay to the first two blank lines in Item “E” and the last Calendar Date the Seller may approve of this proof to the last two blank spaces in Item “E.”, 4 – Record Any Property The Buyer Must Sell To Complete This Purchase. A real estate purchase agreement is the contract in which the seller of the home agrees on the terms of sale with the home buyer. What it is: The settlement date, or “closing,” is the day when all involved parties meet to make the sale official. A disclosure is a statement or attachment to a purchase agreement that reveals information about the property. A certified inspector will be someone that will most likely have an understanding of the issues with homes in the area and will be able to articulate any issues on the premises. This will give the financial institution providing financing the comfort and security they need in the chance the buyer can no longer afford the mortgage payment. This task will be handled in “XXXIV. Any “Other Description” associated with the premises being sold should be furnished to the final blank line in this section. Enter any type of Personal Property that will be sold with the Residential Property on the blank lines in this section. The law requires that both the parties involved should have the legal power to sell, purchase or otherwise enter into an agreement of any kind, regarding the said property. In today’s day and age, email is generally an acceptable method of communication, but some people (say, older buyers or sellers) still prefer snail mail when receiving important documents, like the release of a home inspection contingency. 9. Our support agents are standing by to assist you. In a nut shell, a real estate purchase agreement will lay down the personal particulars of both parties, details of the property, terms of the sale and who should pay for what. A real estate purchase agreement template is a convenient resource for use when making the legal purchase of a property. If you do not understand any part of it, please seek competent advice before signing.) How do I write a Real Estate Purchase Agreement? The purchase agreement (Download) also acts as the offer letter. If the appraisal reveals the property is in need of “Lender-Required Repairs” or the property is less than the appraised value, then mark the second checkbox and record the Number of Business Days that shall allow for the Renegotiation of this contract on the blank space just before the words “Business Days.” If a negotiation is not possible then the contents of this paperwork will terminate and become void. Make sure to enter the Full Name of the Property Owner on the blank space labeled “Seller.” Here too we will need to supply some additional information. Now, we will turn our attention to the individual parties entering this agreement: the Seller and the Buyer. A residential real estate purchase agreement is a binding contract between a seller and buyer for the ownership transfer of real property. Below are the most common conditions that are mentioned in purchase agreements. That being said, "Many buyers want to make the smallest deposit possible, to limit their risk of loss," says Bruce Ailion of Re/Max Town and Country in Atlanta. For instance, if both the Buyer and the Seller have agreed to participate in covering the Closing Costs then mark the checkbox labeled “Both Parties.” The Calendar Date and the Time of Day when this Residential Property Sale must be completed will be reported in Article “IX. There are several different categories of standard listing agreements, but any agreement can be modified to fit a specific situation. You may mark the checkbox labeled “Single-Family Home,” “Condominium,” “Planned Unit Development (PUD),” “Duplex,” “Triplex,” “Fourplex,” or “Other.” Keep in mind that if you mark the “Other” box as a description of this property, you must supply the definition to the blank line attached to this choice. The agreement will usually contain a price along with conditions for the sale and the seller can choose to reject or accept. Real Estate Assignment Contract. Stock Purchase Agreement – Used to buy a portion or all of a business entity. If documents aren’t delivered properly, it could delay or even void the contract. These forms will notify the seller of any issues or repairs needed in the home as well as if there are any hazardous substances on the property. Usually, the seller and their agent will leave the premises and give the buyer 15 to 20 minutes to look around the home. In the next article, “II. Every home sale starts with a real estate purchase agreement—a legally binding contract signed by home buyers and sellers that confirms that they agree upon a certain purchase price, closing date, and other terms. One way to make your bid stand out is to offer a slightly higher EMD (think 4% to 5%) to catch the seller’s attention, says Washington, D.C., metro real estate agent Robyn Porter. The undersigned hereby agrees to pay a brokerage fee of $_____ to _____, broker, in accordance with the existing listing contract. A Purchase and Sale (P&S) agreement is the document received after mutual acceptance on an offer, which states the final sale price and all terms of the purchase. Once an idea of what the buyer is looking for is discovered, the search can be narrowed. If this information is not available, contact the County Recorder/Records Keeper where the property is located to obtain it. If an acceptable solution is not produced within this time frame, this Purchase Agreement will automatically Terminate, and the Earnest Money paid by the Buyer must be returned to him or her (in full). However, if you decide not to buy the house for any what-if that is not included in the agreement, the seller can keep the earnest money. Offer Expiration,” then utilize the blank lines presented here to name the final Calendar Date and Time when this agreement must be signed or be considered void. Buyer and Seller, however, may agree to alter or delete its provisions or to use a different form. This Purchase Agreement is contingent upon the BUYERS obtaining a written commitment for a first real estate mortgage for ____ % of the purchase price with interest on the promissory note secured thereby of not more than _____ % amortized over a term of not less than _____ years. The amount of the deposit is negotiable between both parties, but is usually about 1% to 2% of the purchase price. That's the cash buyers commit to completing the sale to show sellers they're serious. An addendum is commonly attached to a purchase agreement to detail a contingency that is in the agreement.    The second blank space in this section will require the last Calendar Date the Buyer may submit the Earnest Money to the Seller before violating this term. Inspection Contingency. Oklahoma Real Estate Commission / Contract Forms and Related Addenda Uniform Contract and Related Addenda with Interactive Form Fields Compatible Software - In order to save the changes you make to these documents you will need either Adobe Acrobat Reader DC or Adobe Acrobat Pro DC. You must indicate if this is “AM” or “PM” by checking either the first checkbox or second checkbox (respectively). If the buyer likes the home, an offer will be made. It looks like Cookies are disabled in your browser. Name, any applicable Unit Number, Neighborhood/City/County, State, and Zip Code where the concerned property can be physically viewed and accessed. PURCHASE AGREEMENT THIS IS A LEGALLY BINDING CONTRACT BETWEEN PURCHASER AND SELLER. And learning the market includes knowing … The downloadable files on this page act as a tool to document a Real Estate Purchase where a Residential Property will have its ownership transferred to the Buyer upon his or her payment to the Seller of that property. 5 Reasons You’ll Want a Veteran-Friendly Real Estate Agent, Bundle Up! Mark one of these checkboxes to indicate who will be responsible for paying the Closing Costs of this purchase. Basic coverage starts at about $300 and goes up to $600 for more comprehensive plans. 3 – Define The Basic Terms Of The Real Estate Purchase. A purchase and sale agreement is a compulsory legal document to have when a buyer and seller are entering into a real estate transaction. Both will require the Full Purchase Amount required for the property. All rights reserved. If payment for the transfer taxes was to be split by the buyer and seller, which is common, the payment should have been made at the closing. If there are more than two Buyer’s, make sure their Signatures are supplied by either using an editing program to add more lines or providing a clearly labeled attachment with the required Signatures. According to standard real estate contract law, here are some of the penalties you may face. Signature.” Only the Seller of the property, the Buyer of the property, and the Agent handling their transaction may satisfy this section. There will be enough blank lines for up to two Agent’s to supply these items. 3) Accurately state the purchase price, or lease rate. Some of these articles will also require attention. Report the Month and Two-Digit Calendar Day on the blank space after the phrase “…As Consideration By” then the Two-Digit Calendar Year on the blank space after “20.” This report should continue by recording the Time of Day this payment must be submitted by on the two following blank spaces and marking the checkbox to “AM” or “PM” to provide the appropriate suffix to this time. The seller will have the choice to accept, reject, or submit a counter-offer. If the seller accepts, the purchase agreement will be signed and the buyer will be required to submit their downpayment (if any). You will also have to mark the “Is” checkbox if this financing is dependent on the Buyer’s ability to sell a separate property or “Is Not” if no such contingency applies. This is a statement from the bank that shows the buyer is able to obtain financing under their current financial status. Mark the “Lead-Based Paint Disclosure Form” checkbox if a Lead-Paint Disclosure will be attached. Because they spell out crucial info such as how much money you're paying, when you pay it, under what conditions you can back out of the deal, and more. All documents and attorneys will be coordinating with the title company and after all the due diligence is completed the closing will be scheduled. This statement will also require you define the last Calendar Date and Time when this payment must be made to be considered in compliance with the Purchase Agreement. In other words, a pre-qualification letter certifies the buyer is able to afford the property. The buyer will propose the conditions of the contract, including their offer price, which the seller will then either agree to, reject or negotiate. A contingency is a condition that must be met or else the terms of the entire agreement may not be valid. A real estate purchase agreement is a binding agreement where the seller and the buyer agree and commit to the terms of the sale of a piece of real property. This includes the specifics of the property, the purchase price, the downpayment, the payment terms and other terms and contingencies that the parties agree on. Closing.” Document the Month and Two-Digit Calendar Day of this Closing on the first blank line, the Two-Digit Calendar Year of the Closing on the second blank space, then the Time of Day for this Closing on the next two blank spaces. Inspection Tips – It is also best for the buyer to walk around the home and perform their own inspection by: If financing was a condition of the purchase agreement, the buyer will have to go to a local financial institution to apply and secure funding for their home. Lead-Based Paint Disclosure – Federal law that requires the owner of a property constructed prior to 1978 to identify if there has been any chipping, peeling, or deteriorating paint on the premises. Download. What it is: Escrow is a secure holding area where important items (like the earnest money check and contracts) are kept safe until the deal is closed and the house officially changes hands. Walking around the home looking for cracks in the foundation; Check the rafters for holes (due to termites) or general rotting; Walk the outside premises after a rainfall; and. We shall accomplish this by marking one of three checkboxes (“Buyer,” “Seller,” and “Both Parties”) presented in the statement in this section. 1 – Access The Desired Real Estate Template To Record A Purchase Agreement. Locate the fifth article (“V. Read our stress-free guide to getting a mortgage, What's Tarek El Moussa Up To? Disclosures” so that we may indicate the status of such attachments. The next area of this article shall supply a blank space labeled “Street Address.” Furnish the exact physical location of the concerned Residential Property to this line. The Buyer must record the Date of Signature on the “Date” line, then sign the “Buyer’s Signature” line and print his or her Name on the “Print Name” line below his or her Signature. Create a high quality document online now! An open house is how a buyer “gets a feel” for the market conditions in their area. Appraisal – When obtaining financing, a professional known as an “appraiser” will be required to justify the price the buyer is paying. The next article (“VII. Why it matters: When choosing a settlement date, make sure you’re giving yourself ample time to fulfill the home inspection, appraisal, and any other contingencies. For the best experience, please enable cookies when using our site. Two blank spaces have been supplied to the first statement. If there are additional Addendums, then supply the title of each one on a separate line and mark the checkbox corresponding to that line. This real estate contract is usually used in a … PARTIES TO CONTRACT - PROPERTY. Why it matters: Many home sellers will offer to pay for the first year of a buyer's home warranty to entice buyers to bite, especially if the appliances in the house are old and/or it's a buyer’s market. Seller disclosures. If it is a purchase agreement, the purchase price should include any financing contingencies, the earnest money deposit, and whether that is refundable. Buyer beware, or “caveat emptor”, is a term used when the laws in the State do not require the seller to mention the material defects on the property. The title company will pull the deed and conduct a deed search and ensure that ownership to the buyer is legally feasible. A real estate purchase agreement is an essential step in the real estate process that outlines prices and terms for real estate transactions. The most common contingency is for the buyer to obtain financing from a local financial institution. Contingencies can also include a home appraisal, home inspection and mortgage approval. Lead-Base Paint Disclosure Form – A Federal requirement for any residence that was built prior to 1978. In “XIII. If accepted, a closing will take place where the funds will be exchanged and the buyer will be presented with a deed. The agreement outlines the terms, such as the sales price and any contingencies leading up to the closing date. The caveat: If you back out of the transaction for any reason or contingency outlined in the purchase agreement, you get your earnest money back (more on contingencies next). Real estate investing can actually be as simple in concept as playing a board game but that is only when you understand both the benefits and risks it involves. If the agreed-upon Purchase Price shall not be dependent upon the appraised value of the property, then mark the first checkbox. Commercial Real Estate Purchase Agreement – For any type of non-residential property, it’s recommended to use the commercial purchase agreement. It is strongly recommended that both parties be given ample time to review this information in a responsible manner. Winter’s Home-Buying Game Has Changed. Why it matters: The possession date is negotiable, and it can affect the strength of your offer. Another title for this important legal document includes the Agreement to Purchase Real Estate. REAL ESTATE PURCHASE CONTRACT This is a legally binding Real Estate Purchase Contract (“REPC”). If more room is required, then you may continue on a titled attachment that is named in “Article XXXI Disclosure.”, 7 – This Agreement Can Only Be Executed Through The Party Signatures. If there will be no accompanying Disclosers, then mark the first checkbox (“There Are No Attached Addendums Or Disclosures…”).  If Addendums/Disclosures are attached, then mark the second checkbox and tend to the list below it. If the Buyer must obtain Financing, then locate item “C” in this choice. The first of which “X. The remainder of this document will focus on delivering a wealth of information regarding the terms of this agreement. If you don’t meet your obligations to the purchase agreement by the settlement date, you could be considered “in default” and potentially lose your deposit, says Washington, D.C.-based real estate agent Katie Wethman. The Seller should also be defined in this portion of the Agreement. Every element of the sale is covered, from earnest money requirements to well disclosures. The Closing.” Document the final Calendar Date when this Sale must be successfully recorded using the two blank spaces between the term “…Be Recorded On” and the words “…Or Earlier By Mutual Agreement (“Closing”). The deed is the legal title to the property which states who is the owner. Closing Costs”) will solidify who will be responsible for covering the expenses associated with Closing a Residential Property Sale (i.e. Generally though, 30 to 45 days is the most common time frame. Record the Due Date the Seller has named when he or she must receive a Letter verifying the Buyer’s Credit and ability to obtain Financing are both solid in the space provided. Beforehand, make sure that an accurate recording of this paperwork’s the Effective Date, the Identity of both Buyer and Seller, as well as document the Property’s Description have all been supplied. Buyers and sellers typically negotiate a settlement date that is mutually agreeable. This is one of the most important contingencies in a real estate transaction. Financing. Required Seller Disclosures in Arkansas. Why it matters: Your buyer’s agent must abide by the terms of the delivery when communicating with the listing agent or seller. Please be aware that our agents are not licensed attorneys and cannot address legal questions. The first blank space in this section will define the last Day this will be allowed by requesting how many Days before the Closing such an action must be completed before it is no longer allowed. After the deed has been filed with the county recorder the sale is complete. In some cases, the Buyer’s ability to meet the terms listed here will depend upon his or her selling a property he or she owns. Enough space has been supplied so that two Seller’s may sign and date this document, however, if there are more make sure to add more lines or supply a titled attachment with the required Signatures. It is recommended to view houses within their price range. This information may be referred to as a “Parcel ID” or “Tax Map & Lot Number” depending on the county where it is located. This real estate purchase contract is subject to the final inspection and approval of the Buyer in writing on or before _____. Unfortunately, in the world of real estate, a buyer will find that it is much easier to get into residences and get private showings if they have a pre-qualification letter. Why it matters: The purchase agreement states whether the buyer or seller (or both) pays escrow—with the fee for this service typically totaling about 1% to 2% of the cost of the home. Scheduling the closing will need to be done with a local title company. Supply this information on the blank spaces supplied in the “All Cash Offer” choice. Sale Of Another Property.” If there is no such property or the Buyer’s performance will not be held to be dependent on such an event then, mark the checkbox statement “Shall Not Be Contingent Upon Selling Another Property.”  If the Buyer will depend upon the sale of his or her property to fulfill this agreement then, mark the checkbox statement “Shall Be Contingent Upon Selling Another Property” then, enter the Mailing Address, City, and State of the Buyer’s property on the first three blank spaces. Additional Terms And Conditions”). Sometimes home buyers take possession of the home on the day of closing, and sometimes they agree to wait days or weeks after closing. This file can be viewed using the image and/or downloaded using the buttons in the caption area as an Adobe PDF, Microsoft Word (.docx), or Open Document Text (.odt) file. The agreement template contains all the important clauses as well as the terms and conditions of the agreement to avoid any possible misunderstanding later. Real Estate Purchase Contract If you are ready to buy or sell a property, then this is it - The all-important contract that you will need to seal the deal. Most purchase agreements are canceled due to the following: If termination is agreed upon by the buyer and seller, most real estate agents will require both to authorize a termination letter before releasing any escrowed funds. Why it matters: Contingencies protect you by giving you the ability to back out of the sale if something goes wrong, typically without losing your earnest money deposit, says Kathleen Marks, a real estate agent with United Real Estate in Asheville, NC. The agreement outlines the terms, such as the sales price and any contingencies leading up to the closing date. This should include the property’s Building Number, Street/Road/Route/etc. Here’s How To Win. Personal Property” will enable the two parties to define any Personal Property (i.e. AGREEMENT TO SELL REAL ESTATE ... 13. Earnest Money”). ©1995-2020 National Association of REALTORS® and Move, Inc. All rights reserved.realtor.com® is the official site of the National Association of REALTORS® and is operated by Move, Inc., a subsidiary of News Corp. Daniel Bortz has written for the New York Times, Washington Post, Money magazine, Consumer Reports, Entrepreneur magazine, and more. realestate.utah.gov. In most market conditions the buyer will have no problem viewing any home that is for sale. A Real Estate Purchase and Sale Agreement is a written contract made between a buyer and seller to sell property at a future date (closing date) under specific terms. Why it matters: In an aggressive seller's market, many homes receive multiple offers. Due to the paint particles being hazardous to a person’s health, this is a required disclosure to be attached to any purchase agreement. 2 – Introduce The Agreement, Seller, Buyer, And Concerned Property. The first article, “I. After the closing has concluded, a deed with the buyer’s name will be produced. Home Buyers Reveal: 'What I Wish I Had Known Before Buying My First Home', Selling Your Home? First, we must define what type of property this is. If the Seller has not signed this paperwork by the Calendar Date reported here, all Earnest Money given must be returned to the Buyer and these terms will be considered revoked by the Seller.  In many cases, Disclosures will have to be made. If the Buyer will submit a Cash Payment to purchase the Residential Property from the Seller, then mark the first checkbox statement. He has had a passion for real estate for over ten … Click Follow Search to get alerts on new listings. A list of checkbox items has been included for this purpose. Once an offer is accepted, the money is typically held by the seller's broker or a title company, to be used as a credit toward the buyer’s down payment and closing costs. Taxes, County Fees, etc.). Pay attention to ceiling details and anything that may show past flooding, leaks, or any repair that is needed. We will continue with this report by supplying its “Tax Parcel Information” on the next available blank line. A residential real estate purchase agreement is a binding contract between a seller and buyer for the ownership transfer of real property. © 2020 Electronic Forms LLC. We will have a similar task in “XII. A purchase and sale agreement is a real estate contract. 7 SoCal Properties Recently Sold by the HGTV Star, 10 COVID-19 Christmas Tree Ornaments To Top Off This Ridiculous Year, QB Drew Brees Looks to Unload His Amazing Kauai Condo, Have You Served? The buyer agrees to pay an agreed-upon amount for the property. The main hazard with lead paint is that it can chip and crack over time leaving a powdery-like substance that is extremely toxic especially to children. Real Estate Purchase Contract. If it is a lease, the contract should include any negotiated “free rent” or “rent abatement.” … TIME IS OF THE ESSENCE:Time is of the essence of this Sale and Purchase Agreement. This contingency will need to be defined in “VI. The language has been developed to set the intention of both parties thus, it will require some information unique to the situation recorded where appropriate. Sellers are required by law to disclose certain problems with … If this Agreement is terminated through its own terms or absenteeism then record the Number of Days from the Termination Date where Earnest Money, submitted by the Buyer, must be returned to the Buyer.  The State where the Residential Property is located, and this Agreement shall be enforced should be produced on the blank space in section “XXIV. 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