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Agreement To Sell Real Estate Contract

Agreement To Sell Real Estate Contract Template for United States

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Key Requirements PROMPT example:

Agreement To Sell Real Estate Contract

"I need an Agreement To Sell Real Estate Contract for selling my commercial office building in Chicago, with a purchase price of $2.5 million and a closing date of March 15, 2025, including specific provisions for tenant lease transfers and building maintenance obligations until closing."

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Document background
The Agreement To Sell Real Estate Contract is a fundamental document in U.S. real estate transactions, used when transferring property ownership from seller to buyer. This contract is essential for both residential and commercial property transactions, providing a comprehensive framework that protects all parties' interests while ensuring compliance with applicable state and federal regulations. It includes crucial elements such as property description, purchase price, closing conditions, contingencies, and required disclosures. The document must adhere to state-specific real estate laws and federal requirements, making it a critical tool for establishing legally binding terms of sale.
Suggested Sections

1. Parties: Identification of seller and buyer with full legal names and addresses

2. Background: Context of the transaction and property description

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed legal description of the property being sold, including address, boundaries, and parcel numbers

5. Purchase Price: Amount and payment terms, including deposit requirements and payment schedule

6. Closing Date: Specified date for completion of the transaction and transfer of ownership

7. Title Requirements: Conditions for clear title transfer and title insurance requirements

8. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter into the agreement

9. Default and Remedies: Consequences of breach by either party and available remedies

10. Governing Law: Specification of applicable state law and jurisdiction

Optional Sections

1. Financing Contingency: Terms and conditions if purchase depends on buyer obtaining mortgage financing

2. Inspection Contingency: Terms for property inspection period and resolution of identified issues

3. Sale Contingency: Conditions if purchase depends on buyer selling their existing property

4. Lead-Based Paint Disclosure: Required for properties built before 1978, detailing known lead-based paint hazards

5. Rent-Back Agreement: Terms allowing seller to temporarily rent the property after closing

Suggested Schedules

1. Schedule A - Property Inventory: Detailed list of included fixtures, appliances, and personal property

2. Schedule B - Title Documents: Copies of relevant title documents, surveys, and property plans

3. Schedule C - Disclosure Statements: Required state and federal disclosure forms including property condition disclosure

4. Schedule D - Environmental Reports: Environmental assessment documents and related certificates

5. Schedule E - Permits and Certificates: Copies of relevant building permits, certificates of occupancy, and compliance documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Statute of Frauds: Legal requirement that real estate contracts must be in writing, contain essential terms, and be signed by all parties to be enforceable in all U.S. states

State-Specific Real Estate Laws: Various state-level property laws, disclosure requirements, local zoning regulations, and recording requirements that vary by jurisdiction

Federal Laws: Key federal regulations including Fair Housing Act, Real Estate Settlement Procedures Act (RESPA), Truth in Lending Act, and Lead-Based Paint Disclosure requirements

State Contract Laws: Basic contract law requirements including offer and acceptance, consideration, capacity to contract, and legal purpose provisions

State Real Estate License Laws: Regulations governing real estate agent/broker involvement and commission structures in property transactions

Environmental Laws: Requirements for environmental hazards disclosure, wetlands regulations, and local environmental compliance

Tax Laws: Provisions related to property taxes, transfer taxes, and capital gains implications in real estate transactions

Title Laws: Requirements for clear title, title insurance, and proper deed preparation and recording procedures

Consumer Protection Laws: Regulations covering disclosure requirements, cooling-off periods, and fraud prevention measures in real estate transactions

Building and Safety Codes: Local building code compliance requirements, certificate of occupancy regulations, and safety inspection standards

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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