As the real estate market continues to boom, more and more people are buying and selling properties. If you`re looking to sell your property, a real estate sales agreement is crucial. This agreement is a legally binding document that outlines the terms and conditions of the sale. It protects both the buyer and the seller and ensures a smooth transaction. In this article, we`ll discuss a simple real estate sales agreement template that you can use for your sale.
First, let`s discuss what a real estate sales agreement should include. The agreement should clearly outline the property being sold, the purchase price, and the payment terms. It should also include details on any contingencies, such as financing or inspections. Additionally, it should include the names of the buyer and seller, as well as any other relevant parties.
Now, let`s take a look at a simple real estate sales agreement template:
Real Estate Sales Agreement
This agreement (“Agreement”) is entered into on [Date] by and between [Seller`s Name] (the “Seller”), and [Buyer`s Name] (the “Buyer”).
Property Being Sold
The Seller agrees to sell and the Buyer agrees to purchase the following property located at [Address] (the “Property”).
Purchase Price
The purchase price for the Property is [Purchase Price]. The Buyer agrees to pay the purchase price in the following manner: [Payment Terms]. The Seller agrees to accept the purchase price and to deliver a clear title to the Property to the Buyer.
Contingencies
The sale of the Property is contingent upon the Buyer obtaining financing in the amount of [Financing Amount] on or before [Financing Deadline]. The Buyer shall make a good faith effort to obtain such financing. If the Buyer is unable to obtain financing, this Agreement shall be null and void, and any earnest money paid by the Buyer shall be returned to the Buyer.
Inspections
The Buyer shall have [Inspection Period] to inspect the Property. If, during the inspection period, the Buyer discovers any defects or issues with the Property, the Buyer may request that the Seller make repairs or provide a credit to the Buyer in an amount not to exceed [Credit Amount]. If the Seller agrees to make the repairs or provide the credit, the sale of the Property shall proceed. If the Seller does not agree to make the repairs or provide the credit, this Agreement shall be null and void, and any earnest money paid by the Buyer shall be returned to the Buyer.
Closing
Closing shall take place on or before [Closing Date]. The Seller shall provide the Buyer with a clear title to the Property, free of any liens or encumbrances. The Buyer shall pay all closing costs associated with the sale of the Property.
Governing Law
This Agreement shall be governed by and interpreted in accordance with the laws of the State of [State].
Entire Agreement
This Agreement contains the entire agreement between the parties and supersedes any prior agreements or understandings, whether written or oral.
In conclusion, a real estate sales agreement is an essential document for any property sale. Use the above simple real estate sales agreement template to ensure that your sale is legally binding and protected. Best of luck with your property sale!