Agreement To Sell Real Estate Form Free Download
Updated February 03, 2022
A residential existent estate purchase agreement is a binding contract betwixt a buyer and seller for the buying transfer of real estate in exchange for a sales toll. The understanding outlines the terms and conditions and must be followed, unless amended, until the endmost date.
Hostage Money Deposit
It's recommended the seller requires the buyer to pay an hostage coin deposit between 1% to three% of the sales price that is not-refundable if the buyer cancels the agreement.
After payment, the seller should provide the buyer with an hostage coin receipt.
Past State
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- Louisiana
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- Washington D.C.
- Westward Virginia
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Table of Contents |
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By Type (5)
Asset Purchase Agreement – Used to buy the valuable holdings or possessions of a business organization or individual.
Download: Adobe PDF, MS Word, OpenDocument
Business Purchase Agreement – For the buying and selling of a business and all its assets and liabilities.
Download: Adobe PDF, MS Give-and-take, OpenDocument
Commercial Real Estate Buy Understanding – For any blazon of not-residential property, it's recommended to use the commercial purchase agreement.
Download: Adobe PDF, MS Word, OpenDocument
Land Buy Agreement – For the buying and selling of raw country for either commercial or residential use.
Download: Adobe PDF, MS Word, OpenDocument
Stock Purchase Agreement – Used to buy a portion or all of a business concern entity.
Download: Adobe PDF, MS Give-and-take, OpenDocument
How to Buy Existent Estate
The process begins with a buyer producing an offer through a purchase understanding. The agreement will usually comprise a price along with conditions for the sale and the seller can choose to reject or accept. If accepted, a closing will take identify where the funds will be exchanged and the buyer volition exist presented with a deed. The auction is consummate when the deed is filed in the recorder'south office under the buyer's proper name.
Step ane – Finding Homes for Sale
According to the 2017 Profile of Home Buyers and Sellers the post-obit are the best resource to find a habitation for sale
- Internet – 51% of dwelling house sales the buyer constitute the property on the cyberspace. The top iii (3) websites to find a home are Zillow.com, Realtor.com, and Trulia.com respectively.
- Real Manor Agent – xxx% of home sales that occurred the buyer establish the property through the utilise of a licensed real manor agent. There are about *iii million licensed agents in the The states (*Source). The top three (3) real estate brokerage companies are Century21, Keller Williams, and Sotheby'due south International Realty respectively.
- Other – 29% includes friends and family informing the heir-apparent, seeing a m sign, and reading the newspaper. It'due south best when you are searching for a home to have the mindset of keeping your eyes and ears open at all times.
Step 2 – Get a Pre-Qualification Letter
Unfortunately, in the world of real estate, a buyer will find that it is much easier to become into residences and become individual showings if they accept a pre-qualification alphabetic character. This is a statement from the bank that shows the heir-apparent is able to obtain financing under their electric current financial status.
In other words, a pre-qualification letter certifies the buyer is able to afford the holding. In most market conditions the buyer will have no trouble viewing whatsoever home that is for sale.
Footstep 3 – Attention Open Houses
An open firm is how a buyer "gets a feel" for the market weather in their area. It is recommended to view houses within their price range. Once an thought of what the buyer is looking for is discovered, the search can be narrowed.
Footstep four – Scheduling a Private Showing
This is completed past the heir-apparent or their amanuensis. The seller, or their amanuensis, will be contacted where the parties will run across at a specific fourth dimension at the residence. Usually, the seller and their agent volition get out the premises and give the heir-apparent 15 to twenty minutes to await around the home.
If the buyer likes the home, an offer will be made.
Stride 5 – Writing the Purchase Agreement
The buy agreement too acts as the offer letter of the alphabet. The seller will have the choice to have, reject, or submit a counter-offer. If the seller accepts, the purchase agreement will be signed and the buyer will exist required to submit their downpayment (if any).
Step vi – Review Seller's Disclosures
If an agreement is made, the seller will be required to complete and put forth disclosure forms to the heir-apparent. These forms will notify the seller of whatsoever issues or repairs needed in the home too every bit if there are any chancy substances on the belongings.
- Earnest Coin Receipt – Issued to the heir-apparent afterward the escrow payment (if any) has been made.
- Lead-Base of operations Pigment Disclosure Form – A Federal requirement for whatever residence that was built prior to 1978.
- Property Disclosure Statement – Filled-in by the seller to inform the buyer of the current condition all parts of the dwelling house such as the roof (leaks), flooding, electric, plumbing, rut, etc.
Step 7 – Get the Home Inspected
No matter what the seller tells you, get the residence inspected past a certified inspector in your area. A certified inspector will be someone that volition most likely have an understanding of the bug with homes in the area and will exist able to articulate whatsoever issues on the premises.
- Notice a Certified Inspector (epa.gov) – If the residence was built prior to 1978, it may be worth it to get the belongings inspected by a lead paint specialist who can tell yous if there are whatsoever issues with the interior. The main hazard with lead pigment is that it tin chip and crack over time leaving a powdery-like substance that is extremely toxic especially to children.
Inspection Tips – Information technology is also best for the buyer to walk around the home and perform their own inspection by:
- Walking around the home looking for cracks in the foundation;
- Check the rafters for holes (due to termites) or general rotting;
- Walk the exterior premises afterwards a rainfall; and
- Pay attention to ceiling details and anything that may show past flooding, leaks, or whatsoever repair that is needed.
Step 8 – Obtain Financing
If financing was a status of the buy agreement, the buyer will take to get to a local financial establishment to employ and secure funding for their home. This is normally known every bit a "mortgage" and depending on market conditions may crave up to 20% for a downwardly payment along with other financial commitments.
- Tertiary (third) Political party Financing Annex
Appraisal – When obtaining financing, a professional known as an "appraiser" will be required to justify the toll the buyer is paying. This will give the financial institution providing financing the condolement and security they need in the chance the buyer can no longer afford the mortgage payment.
In one case financing is finalized the closing may be scheduled.
Stride 9 – Schedule & Attend the Closing
Scheduling the closing volition need to be washed with a local championship company. The title company will pull the deed and conduct a deed search and ensure that ownership to the heir-apparent is legally feasible. All documents and attorneys will be coordinating with the title visitor and later on all the due diligence is completed the closing will be scheduled.
At the closing, all documents, disclosures, and funds will be transferred to the respective parties. This may sound simple but a typical endmost tin can last from a couple to several hours depending on the complexity of the property. After the closing has concluded, a human action with the buyer's name will be produced.
Pace 10 – File the Human action
The act is the legal title to the property which states who is the owner. This will commonly be signed at the closing, equally a notary public is required in well-nigh States, and afterward can exist filed at the Registry of Deeds in the county where the property is located.
Transfer Taxes – If at that place is a existent estate transfer revenue enhancement, this is usually paid at the time of recording the act. If payment for the transfer taxes was to be split up by the buyer and seller, which is common, the payment should have been made at the endmost.
After the human activity has been filed with the county recorder the sale is consummate.
Disclosures
A disclosure is a statement or zipper to a buy agreement that reveals data about the belongings. A disclosure is usually only stated if required past local, state, or federal police force.
- Lead-Based Paint Disclosure – Federal law that requires the owner of a property constructed prior to 1978 to place if there has been any chipping, peeling, or deteriorating paint on the bounds. Due to the paint particles being hazardous to a person's health, this is a required disclosure to be attached to whatever buy agreement.
- Property Disclosure Argument – Required in every Country, although, if the Country is considered "Buyer Beware" the seller is not legally liable for the information provided.
Addendums
An annex is commonly attached to a purchase agreement to detail a contingency that is in the understanding. A contingency is a status that must be met or else the terms of the entire understanding may non be valid. Below are the almost mutual weather condition that are mentioned in purchase agreements.
- Purchase Understanding Addendums
- Closing Date Extension Addendum
- Condominium Assoc. Addendum
- Earnest Money Deposit Receipt
- Escrow Holdback Agreement Addendum
- Estoppel Certificate Addendum
- Inspection Contingency Annex
- Release of Hostage Money
- Seller Financing Addendum
- Brusk Auction Annex
- Termination Letter to Purchase Agreement
- Tertiary (3rd) Party Financing Annex
Buyer Beware
Buyer beware, or "caveat emptor", is a term used when the laws in the Country exercise not require the seller to mention the material defects on the property. Therefore, the buyer is purchasing the property on an "equally-is" footing.
The post-obit States are considered buyer beware: Alabama, Arkansas, Colorado, Florida, Indiana, Massachusetts, Missouri, Montana, New Hampshire, New Jersey, Virginia, West Virginia, and Wyoming.
(Video) What is a Purchase Agreement?
How to Write a Purchase Agreement
one – Access The Desired Real Estate Template To Record A Buy Agreement
The downloadable files on this folio act equally a tool to document a Real Manor Purchase where a Residential Property volition take its ownership transferred to the Buyer upon his or her payment to the Seller of that belongings. This file can be viewed using the prototype and/or downloaded using the buttons in the caption area as an Adobe PDF, Microsoft Word (.docx), or Open Certificate Text (.odt) file. Note: Both the Buyer and the Seller must supply their initials to the bottom of pages ii through 8 as verification the data presented is accurate. 
2 – Introduce The Agreement, Seller, Buyer, And Concerned Property
The first article, "I. The Parties," shall evangelize the opening statement to this understanding. The linguistic communication has been adult to prepare the intention of both parties thus, information technology will require some data unique to the situation recorded where appropriate. Begin by supplying the Month, Two-Digit Agenda Twenty-four hours, and Ii-Digit Agenda Year when this paperwork becomes Effective using the offset ii blank lines in the get-go statement. 
Now, we will turn our attention to the private parties entering this understanding: the Seller and the Buyer. The second statement volition incorporate four bare spaces that should be used to identify the Heir-apparent. Produce the Full Name of the entity that intends to purchase the Seller's property on the bare infinite fastened to the parentheses characterization "Buyer." The next three empty spaces have been included so that we may record the "Mailing Accost Of," "City Of," and "Country Of" the reported Heir-apparent. 
The Seller should also exist defined in this portion of the Agreement. Make certain to enter the Full Proper name of the Property Possessor on the bare space labeled "Seller." Here likewise we will need to supply some additional information. Use the adjacent three spaces to enter the Mailing Address, City, and Country of the entity selling the concerned Residential Property. 
In the next commodity, "II. Legal Description," we will focus on the Residential Belongings that will be sold to the Heir-apparent. First, we must define what type of property this is. A list of checkbox items has been included for this purpose. Marker the checkbox that best defines the property being sold. You may mark the checkbox labeled "Single-Family unit Dwelling house," "Condominium," "Planned Unit Development (PUD)," "Duplex," "Triplex," "Fourplex," or "Other." Keep in mind that if you marker the "Other" box as a clarification of this property, you must supply the definition to the blank line attached to this choice. 
The next area of this article shall supply a blank space labeled "Street Accost." Furnish the exact physical location of the concerned Residential Property to this line. This should include the property's Building Number, Street/Road/Route/etc. Proper noun, any applicable Unit Number, Neighborhood/City/County, State, and Zip Code where the concerned property can be physically viewed and accessed. 
We will continue with this report by supplying its "Tax Parcel Information" on the side by side bachelor blank line. This data may be referred to as a "Parcel ID" or "Tax Map & Lot Number" depending on the county where information technology is located. If this information is not available, contact the County Recorder/Records Keeper where the property is located to obtain it. 
Any "Other Description" associated with the bounds being sold should be furnished to the final blank line in this section. 
Article "III. Personal Property" will enable the two parties to define any Personal Property (i.east. Air Conditioning Unit of measurement) that will be included with the Purchase of the official Property Clarification supplied in the previous department. Enter any type of Personal Belongings that volition be sold with the Residential Holding on the bare lines in this section. 
three – Define The Basic Terms Of The Real Estate Buy
Now nosotros must now define the terms of this agreement that will allow the Buyer to purchase the defined Real Estate from the Seller. Beforehand, make certain that an accurate recording of this paperwork'due south the Constructive Date, the Identity of both Buyer and Seller, as well as document the Property's Description have all been supplied. If and so, then detect the fourth commodity (labeled "Four. Earnest Coin"). Employ the first blank space presented here to record the dollar corporeality the Buyer must submit to the Seller to enter this Agreement. 
The second bare space in this section will require the last Calendar Date the Heir-apparent may submit the Hostage Coin to the Seller before violating this term. Study the Calendar month and Two-Digit Agenda Day on the blank space after the phrase "…Equally Consideration Past" then the Two-Digit Calendar Yr on the blank space subsequently "xx." This report should proceed by recording the Time of Day this payment must be submitted past on the two post-obit bare spaces and marking the checkbox to "AM" or "PM" to provide the advisable suffix to this fourth dimension. 
In some states, the Earnest Money required to enter this agreement must exist placed in a Trust or Escrow. If and then, then mark the first checkbox afterward the words "Any Earnest Coin Accepted…" If non, and so marker the checkbox preceding the assuming words "Is Not." 
Next, we volition handle the actual Buy of this property. Locate the fifth article ("V. Purchase Price And Terms"). Two bare spaces have been supplied to the first statement. Both volition require the Total Purchase Amount required for the property. Begin by reporting how much the Seller must receive from the Buyer to release ownership of the property numerically on the first blank space after the Dollar Sign. And then, write this amount on the parentheses blank space that precedes the word "Dollars." This argument will require you to select i of the checkbox items beneath information technology to complete information technology. 
If the Buyer volition submit a Greenbacks Payment to purchase the Residential Holding from the Seller, then mark the outset checkbox statement. This statement will too crave you ascertain the last Calendar Date and Time when this payment must be made to be considered in compliance with the Buy Agreement. Supply this information on the bare spaces supplied in the "All Cash Offer" choice. 
If the Buyer must obtain Financing to purchase the concerned Residential Holding, then mark the checkbox labeled "Bank Financing." This option will require you indicate the type of Financing the Heir-apparent must obtain by mark the checkbox corresponding to the list item "Conventional Loan," "FHA Loan (Adhere Required Addendums)," "VA Loan (Adhere Required Addendum)," or "Other." If "Other" has been selected, then define the Financing Choice the Buyer is obtaining on the bare line provided. 
If the Buyer must obtain Financing, then locate item "C" in this pick. Record the Due Date the Seller has named when he or she must receive a Letter verifying the Buyer's Credit and power to obtain Financing are both solid in the infinite provided. You will besides have to mark the "Is" checkbox if this financing is dependent on the Heir-apparent's ability to sell a carve up property or "Is Not" if no such contingency applies. 
Item "D" will continue this subject by requiring a definition to the number of days the Seller from the above Reference Letter's Due Date to terminate this agreement by issuing a Notice in writing. The Buyer must receive such a Notice inside the number of days reported here subsequently the Heir-apparent's failure to provide a written reference on the due appointment in Item C. 
If the Seller is providing the Financing the Heir-apparent requires to buy this Reale Estate, then marker the checkbox labeled "Seller Financing." Here several items will need to be supplied with information. Produce the "Loan Corporeality" to Item "A," the "Downwardly Payment" the Heir-apparent must submit to Item "B," the Yearly "Involvement Rate" the Seller will apply to Detail "C," The Number of "Months" or "Years" this Financing is expected to run to Detail "D," and the Calendar Appointment when the Heir-apparent must supply proof of his or her power to Pay to the first two bare lines in Detail "E" and the final Calendar Date the Seller may approve of this proof to the final two blank spaces in Detail "East." 
iv – Record Any Property The Buyer Must Sell To Consummate This Purchase
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. This contingency volition demand to be defined in "Half-dozen. Auction Of Another Belongings." If there is no such property or the Heir-apparent's operation volition non be held to exist dependent on such an upshot then, marking the checkbox statement "Shall Non Exist Contingent Upon Selling Another Belongings." 
If the Heir-apparent will depend upon the sale of his or her property to fulfill this agreement so, mark the checkbox statement "Shall Be Contingent Upon Selling Another Holding" then, enter the Mailing Address, City, and State of the Heir-apparent'southward property on the first three bare spaces. The Number of "Days From The Constructive Date" the Buyer is allotted (to achieve this goal) volition take to be recorded on the final bare infinite in this statement. 
5 – Discuss Factors Relevant To The Closing Of This Purchase
The next commodity ("Seven. Closing Costs") volition solidify who will be responsible for covering the expenses associated with Endmost a Residential Belongings Sale (i.due east. Taxes, County Fees, etc.). We shall accomplish this by mark one of iii checkboxes ("Buyer," "Seller," and "Both Parties") presented in the argument in this department. Marker 1 of these checkboxes to bespeak who will be responsible for paying the Endmost Costs of this purchase. For instance, if both the Heir-apparent and the Seller have agreed to participate in roofing the Closing Costs then mark the checkbox labeled "Both Parties." 
The Calendar Date and the Time of Day when this Residential Property Auction must exist completed will be reported in Article "IX. Endmost." Certificate the Calendar month and Two-Digit Calendar Day of this Endmost on the first bare line, the Two-Digit Calendar Yr of the Closing on the second blank infinite, and then the Time of Day for this Endmost on the side by side 2 blank spaces. You must signal if this is "AM" or "PM" by checking either the starting time checkbox or second checkbox (respectively). 
vi – Supply The Boosted Facts Affecting The Closing Where Requested
The remainder of this document will focus on delivering a wealth of information regarding the terms of this understanding. It is strongly recommended that both parties be given ample time to review this information in a responsible fashion. Some of these manufactures volition likewise require attending. The beginning of which "X. Survey," which will give the Buyer the right to obtain a Property Survey before the Closing Date. The first blank infinite in this section will define the last 24-hour interval this will be immune by requesting how many Days earlier the Closing such an activity must be completed before it is no longer allowed. Thus, if the Seller will not allow a Survey done when the Closing is three days away, enter the number "3." 
If the Buyer volition wait the Seller to remedy any defects past a certain number of days before the Closing, and then record how many days before the Closing when all such remedies must exist affected by the Seller on the second blank line. 
We will have a similar task in "XII. Title." Begin by recording the Number of Days the Buyer has later on receiving the Championship Search Report to object (in writing) to matters that he or she considers unacceptable on the offset blank line. 
And then, on the second blank space, fill up in the Number Of Days from the Receipt Date of Buyer Objections that the Seller is allowed to accost, and cure problems reported on the Title Search Report. 
In "Thirteen. Holding Condition," we must define the last Calendar Engagement when the Heir-apparent may consign Professional to inspect the premises. Report the Calendar Date and Time when all such Buyer-Generated Inspections must be complete and no more will be allowed to the blank lines supplied to the paragraph kickoff with "Therefore, Buyer Shall Hold The Right…" 
Next, document the Calendar Engagement and Time of Solar day when Buyer must have presented all Property Inspection Reports containing issues the Seller must right before the Closing may be completed to the blank spaces in the paragraph statement starting with the words "Afterward All Inspections Are Completed…" 
Finally, this area will call for the Number of "Concern Days" after such a Report is received by the Seller that volition allow an agreement to rectify any issues the Buyer has that take been produced by the Inspection Report. If an acceptable solution is not produced inside this fourth dimension frame, this Purchase Agreement will automatically Finish, and the Earnest Money paid by the Buyer must be returned to him or her (in total). 
Commodity "15 Appraisal" will seek a definition to the Buyer obligations upon the Residential Property's Appraisal. If the agreed-upon Purchase Cost shall not be dependent upon the appraised value of the property, then mark the start checkbox. 
If the appraisal reveals the property is in need of "Lender-Required Repairs" or the holding is less than the appraised value, then mark the second checkbox and record the Number of Business organization Days that shall permit for the Renegotiation of this contract on the blank space just before the words "Business Days." If a negotiation is not possible so the contents of this paperwork volition cease and go void.
At present, locate Article "XVI. The Closing." Document the concluding Agenda Date when this Auction must be successfully recorded using the two bare spaces between the term "…Be Recorded On" and the words "…Or Earlier By Mutual Agreement ("Endmost"). If this Agreement is terminated through its own terms or absenteeism and so tape 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 exist enforced should be produced on the blank space in section "XXIV. Governing Police."
This paperwork will besides proper name a specific Expiration Engagement to its terms. Observe "XXVIII. Offer Expiration," so utilize the blank lines presented hither to proper name the final Calendar Engagement and Time when this agreement must exist signed or be considered void. If the Seller has non signed this paperwork by the Calendar Date reported hither, all Hostage Money given must be returned to the Heir-apparent and these terms will be considered revoked by the Seller. 
In many cases, Disclosures volition have to be made. Whatsoever Disclosures accompanying the completed paperwork must be properly documented. Several checkbox statements have been supplied to Article "XXXI. Disclosures" and so that nosotros may indicate the status of such attachments. If at that place will be no accompanying Disclosers, then mark the kickoff checkbox ("In that location Are No Attached Addendums Or Disclosures…"). 
If Addendums/Disclosures are attached, then marker the second checkbox and tend to the list below it. Four additional checkboxes have been supplied to this selection. Mark the "Lead-Based Pigment Disclosure Form" checkbox if a Lead-Paint Disclosure will be fastened. If at that place are additional Addendums, then supply the title of each one on a carve up line and mark the checkbox corresponding to that line. 
If there are any "Additional Terms And Conditions" that will exist applied to the Purchase Agreement defined in this paperwork only has not been documented within its contents, then, supply this data to the blank lines in the 30-second commodity ("XXXII. Boosted Terms And Conditions"). If more than room is required, then you may keep on a titled zipper that is named in "Article XXXI Disclosure." 
7 – This Understanding Tin Just Be Executed Through The Party Signatures
This paperwork tin can only exist executed, and its terms placed in Effect through the Dated Signature of the Heir-apparent, the Seller, and the Agent. This task will be handled in "XXXIV. Signature." Merely the Seller of the belongings, the Heir-apparent of the property, and the Agent treatment their transaction may satisfy this section.
The Seller's Signature area will be the beginning available. Plenty space has been supplied so that two Seller's may sign and date this document, nonetheless, if in that location are more make sure to add more lines or supply a titled attachment with the required Signatures. Each Seller must record the Calendar Date of Signing, Sign his or her Name, and Print his or her Proper noun using the lines labeled "Date," "Seller'southward Signature," and "Print Proper noun." 
The area following this has been reserved for the Buyer Signature. The Heir-apparent must record the Engagement of Signature on the "Date" line, then sign the "Buyer'south Signature" line and impress his or her Proper name on the "Impress Proper noun" line beneath his or her Signature. If there are more than ii Buyer's, make sure their Signatures are supplied past either using an editing plan to add more lines or providing a conspicuously labeled attachment with the required Signatures. 
The final area will have the Calendar "Date" of Signing, the "Amanuensis's Signature," and the printed Name of the Amanuensis. There will exist enough bare lines for up to two Amanuensis's to supply these items. If there are more than two Agents, and then an attachment with these additional signatures must accompany this document. 
How to Stop a Buy Agreement
Unless the buyer or seller breaches or fails to perform under the buy agreement, it cannot exist canceled unless both heir-apparent and seller concord. Most purchase agreements are canceled due to the post-obit:
- Failure to Pay a Deposit
- Material Defects (found during edifice inspection)
- Counterfoil during the Contingency Menses
- Failure to Obtain Financing
- Mutual Understanding
If termination is agreed upon by the buyer and seller, most real estate agents volition require both to authorize a termination letter before releasing any escrowed funds.
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