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Real Estate Purchase Agreement template
Real Estate Purchase Agreement sample

What is Real Estate Purchase Agreement?

Real Estate Purchase Agreement For buying or selling real property, detailing the property's description, price, and contingencies.

Sample template:

Real Estate Purchase Agreement

1. Property and Purchase Price

1.1. Property Description

This Real Estate Purchase Agreement (the "Agreement") is entered into by and between the Seller, ____________________ ("Seller") and the Buyer, ____________________ ("Buyer"), together referred to as the "Parties", for the conveyance and transfer of the real property located at 2414 Peaceful Lane, Independence, Ohio, in the United States (the "Property"), which includes all rights and appurtenances, improvements, and fixtures, legally described as follows:


1.2. Purchase Price

The purchase price for the Property is ________________ United States Dollars (US $_________) (the "Purchase Price"), payable in immediately available funds by the Buyer to the Seller at the closing date.

2. Earnest Money Deposit

Upon execution of this Agreement, the Buyer shall deposit an earnest money deposit of ________________ United States Dollars (US $_________) (the "Earnest Money") with ____________________, as escrow agent (the "Escrow Agent"), as a good faith deposit which will be applied towards the Purchase Price in closing. The Earnest Money is refundable to the Buyer in accordance with the terms and conditions of any contingencies set forth in this Agreement.

3. Title and Due Diligence

3.1. Title Review

Seller shall provide Buyer with a commitment for title insurance (the "Title Commitment") from a reputable title insurance company within 10 business days of the Effective Date of this Agreement. The Buyer shall have the right to review the Title Commitment and conduct any inquiries or investigations regarding the title to the Property. The Buyer shall notify the Seller of any objections to the Title Commitment within 20 business days of receiving the Title Commitment.

3.2. Due Diligence

Within 30 business days after the Effective Date of this Agreement, the Buyer, at their own expense, shall have the right to conduct all due diligence and investigations relating to the Property, including, but not limited to, inspections, surveys, and environmental assessments. If the Buyer determines, in their sole discretion, that the Property is not satisfactory, the Buyer may terminate this Agreement by written notice to the Seller within the 30-business day period, and the Earnest Money shall be promptly refunded to the Buyer.

4. Representations and Warranties

4.1. Seller's Representations and Warranties

The Seller represents and warrants to the Buyer that:

  • the Seller is the legal owner of the Property and has the authority to sell the Property;

  • the Seller is not subject to any bankruptcy or insolvency proceedings;

  • there are no liens, assessments, or encumbrances on the Property except as disclosed in the Title Commitment;

  • all required permits, licenses, and approvals have been obtained for the Property;

  • the Property is in compliance with all applicable zoning, building, and environmental regulations and laws;

  • there are no pending or threatened litigation or disputes relating to the Property; and

  • except as otherwise provided in this Agreement, the Property is being sold "AS IS," with all faults and defects, and without any warranties, express or implied.

4.2. Buyer's Representations and Warranties

The Buyer represents and warrants to the Seller that:

  • the Buyer has the legal capacity to enter into this Agreement and to perform its obligations hereunder;

  • the Buyer has conducted an independent investigation of the Property and agrees to purchase the same based on its own investigations and not in reliance upon any information, representation, or warranty provided by the Seller;

  • the Buyer shall obtain financing for the purchase of the Property, if necessary, and shall not be in default of any financing terms at the time of closing.

5. Closing

5.1. Closing Date

The closing of the purchase and sale of the Property (the "Closing") shall occur on or before ________________, or such other date as mutually agreed upon by the Parties (the "Closing Date").

5.2. Closing Costs

Each party is responsible for their respective closing costs, including any attorney fees, escrow fees, and other miscellaneous fees and costs, except as provided in this Agreement.

6. Contingencies

This Agreement is contingent upon the following:

  • the receipt of a satisfactory Title Commitment by the Buyer;

  • the satisfactory completion of all due diligence and investigations by the Buyer;

  • the satisfaction of all contingencies provided for in this Agreement;

  • the execution and delivery of all required closing documents; and

  • the performance by each party of all of its representations, warranties, and covenants contained in this Agreement.

7. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the United States and of the State of Ohio, without regard to conflicts of law principles.

8. Entire Agreement

This Agreement, together with any exhibits, schedules, and addenda hereto, constitutes the entire agreement between the Parties with respect to the subject matter hereof, and supersedes all prior oral or written agreements, representations, and understandings between the Parties relating to the subject matter hereof.

9. Counterparts

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

10. Binding Effect

This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors, and assigns.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date first written above.

________________________ ________________________
Buyer Seller

________________________ ________________________
Buyer's Address Seller's Address

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Common Sections of a Real Estate Purchase Agreement

In this Real Estate Purchase Agreement, you will see the following sections:

  1. Property and Purchase Price
  2. Earnest Money Deposit
  3. Title and Due Diligence
  4. Representations and Warranties
  5. Closing
  6. Contingencies
  7. Governing Law
  8. Entire Agreement
  9. Counterparts
  10. Binding Effect

Analysis/Summary of each section

  1. Property and Purchase Price : This section describes the property being sold and the agreed-upon purchase price. Think of it as the "what" and "how much" of the agreement. The property is described in detail, and the purchase price is specified in US dollars.

  2. Earnest Money Deposit : This part explains that the buyer will make a deposit (earnest money) as a sign of good faith. It's like a security deposit to show they're serious about buying the property. The deposit will be applied towards the purchase price at closing and is refundable under certain conditions.

  3. Title and Due Diligence : This section outlines the process for reviewing the property's title and conducting due diligence. It's like a background check on the property to ensure there are no hidden issues. The buyer has the right to review the title commitment and conduct investigations, and they can terminate the agreement if they find any unsatisfactory issues.

  4. Representations and Warranties : This part lists the promises and guarantees made by both the seller and the buyer. It's like a list of assurances that each party is who they say they are and can do what they say they can do. The seller promises things like legal ownership and compliance with regulations, while the buyer promises they have the legal capacity to enter the agreement and will obtain financing if necessary.

  5. Closing : This section describes the closing process, including the closing date and each party's responsibility for closing costs. It's like the finish line of the agreement, where the property is officially transferred from the seller to the buyer, and all fees and costs are settled.

  6. Contingencies : This part lists the conditions that must be met for the agreement to proceed. It's like a safety net for both parties, ensuring that certain requirements are satisfied before the deal is finalized. These contingencies include things like a satisfactory title commitment, completion of due diligence, and execution of required closing documents.

  7. Governing Law : This section states that the agreement will be governed by the laws of the United States and the State of Ohio. It's like the rulebook that will be used to interpret and enforce the agreement, ensuring that any disputes are resolved according to the appropriate laws.

  8. Entire Agreement : This part clarifies that the agreement, along with any exhibits and addenda, is the complete and final agreement between the parties. It's like a statement that this document is the final word on the subject and supersedes any previous agreements or understandings.

  9. Counterparts : This section explains that the agreement can be signed in multiple copies, each considered an original. It's like having multiple identical copies of the agreement, all equally valid and enforceable.

  10. Binding Effect : This part states that the agreement is binding on both parties and their successors and assigns. It's like a promise that the agreement will continue to be enforceable even if the parties or their circumstances change.

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