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Real Estate Purchase
Agreement
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Prepared for:
[BUYER NAME]

Prepared by:
[SELLER NAME]
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Real Estate Purchase Agreement

This Real Estate Purchase Agreement (hereinafter referred to as "Agreement") is entered on [Date]

By and between
[Buyer Name] (hereinafter referred to as "Buyer"), incorporated at [Buyer's Address]
 
and
 
[Seller Name] (hereinafter referred to as Seller), incorporated at [Seller's Address].

The Buyer and the Seller shall be collectively known as the "Parties" and individually as "Party".

WHEREAS, the Seller agrees to sell and convey the real and personal property to the Buyer who is interested to purchase the same, the details of which have been elaborated in this Agreement; and

WHEREAS, the term "Property" shall define a specific territory in the state of [State], [Country] and all business transactions and communications between the Parties shall revolve around the Property mentioned herein as per this Agreement; and

THEREFORE, in consideration of the covenants and other mutual promises and agreements contained herein, the receipt and sufficiency of which are to be acknowledged hereby, the Parties agree to the terms and conditions as outlined below.
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Terms & Conditions

1. Earnest Money Deposit

  1. The Buyer shall agree to make a payment of $[0.00] (hereinafter referred to as "Earnest Money") as consideration by [Date], [Time].
  1. The Earnest Money shall be applied to the Purchase Price at Closing and is subjected to the Buyer’s ability to perform under the terms of this Agreement.
  1. Any Earnest Money accepted shall not be necessarily placed in a separate trust or escrow account following the law of [State].

2. Purchase Price and Conditions of Payment

The purchase price shall be $[0.00] (hereinafter referred to as the "Purchase Price"). It shall be paid as per the following conditions.
  1. Cash: The purchase price shall be paid in its entirety in cash at the time of closing the sale.
  1. Cash Subject to New Mortgage
  1. The purchase price shall be paid in cash at the time of closing the sale subject, however, its the Buyer’s responsibility to obtain a first mortgage loan within [Number of Days] days after the acceptance of the Seller's offer in the amount of $[0.00], payable in not more than [Number of Installments] monthly installments, including interest at a rate not to exceed [0.00]% financing.
  1. If such financing cannot be obtained within [Deadline Date], then either Purchaser or Seller may terminate this Agreement and any earnest money deposited by Buyer will be promptly refunded. 
  1. Cash Subject to Existing Mortgage: The purchase price shall be paid in cash at the time of closing the sale after deducting the outstanding balance owing under the existing mortgage in favor of [Person Authorized], on [Date] in the original amount of $[0.00].
  1. Cash with Assumption of Existing Mortgage: The purchase price shall be paid in cash at the time of the closing of the sale after deducting from the purchase price the outstanding balance owing under the existing mortgage in favor of [Person Authorized], having a present balance of approximately $[0.00], as of [Date]. The Purchaser hereby assumes and agrees to pay under its terms and perform all of its provisions.
  1. Sale by Land Contract: The down payment to be made at the time of closing this sale shall be $[0.00] ("Down Payment") and the balance of $[0.00] shall be paid at the rate of [0.00] % per annum. 

3. Real Estate Property Disclosure

  1. Seller's Disclosure: All prices mentioned herein, and which is observable by the Buyer or known to the Seller shall be Seller's knowledge of the Purchase Price. The Seller discloses that they refrain from other factors that would affect the reputation and purchase price of the Property.
  1. Voluntary Disclosure: Prior to [Number] business days before the execution of this Agreement, the Seller shall provide the Buyer with the following disclosures/items:
  1. [Disclosures/Items]
  1. County Disclosure: For any local disclosure that the Buyer may deem necessary, the Buyer shall be responsible for satisfying such needs as per the laws of [State].

4. Survey 

  1. The Buyer may obtain a tour around the Property (hereinafter referred to as the "Survey") before the closing of the deal with the Seller (hereinafter referred to as "Closing") to assure that there are no defects, overlaps, boundary line, or acreage disputes, or other such matters.
  1. The cost of the survey shall be paid by the Buyer.
  1. Not later than [Number] business days before the Closing, the Buyer shall notify Seller of any Survey Problems which shall be deemed to be a defect in the title to the Property.
  1. The Seller shall be required to provide a remedy for such defects within [Number of Days] business days before the Closing. 
  1. If Seller does not or cannot provide a remedy for any such defect(s), Buyer may terminate this Agreement, in which case the Earnest Money shall be returned to Buyer.

5. Possession of the Property

  1. The Buyer shall be given possession of the property on [Date].
  1. The Seller shall not give any entity other than the undersigned (hereinafter referred to as "Third Party") access to the property concerned herein without mutual discussion and consent. Failing to comply with this shall hold the Buyer liable, and as a consequence of which, the Buyer shall pay the Seller a total of $[0.00] every [Frequency of Payment] until as decided by the Buyer as per the laws of [State].

6. Title

  1. The Seller shall convey title to the property by warranty deed or any equivalent documentation.
  1. Upon execution of this Agreement by the Parties, Seller will, at the shared mutual expense, order a Title Search Report and have it delivered to the Buyer. 
  1. Upon receipt of the Title Search Report, the Buyer shall have [Number] business days to notify the Seller, in writing, of any matters disclosed in the report which are unacceptable to Buyer. Failure to timely object to the report shall constitute acceptance of the Title Search Report.
  1. If the Seller does not resolve any defect discovered by the Title Search Report within [Number] days, the Buyer may terminate this Agreement, and the Earnest Money shall be returned to Buyer.

7. Condition of Property

  1. The Seller agrees to maintain the Property in its current condition, subject to ordinary wear and tear, from the time this Agreement comes into effect until the Closing.
  1. The Buyer recognizes that the Seller, along with any licensed real estate agent(s) involved in this transaction, makes no claims as to the validity of any property disclosure information.
  1. The Buyer is required to perform their inspections, tests, and investigations to verify any information provided by the Seller. Afterward, the Buyer shall submit copies of all tests and reports to the Seller at no cost.
  1. If the Buyer fails to have the Property inspected or does not provide the Seller with written notice of the new disclosures on the Property, under this Agreement, Buyer hereby accepts the Property in its current condition and as described in any disclosure forms presented by the Seller.
  1. In the event improvements on the Property are destroyed, compromised, or materially damaged before Closing, the Agreement may be terminated by the Buyer.

8. Indemnification 

Neither the Seller nor their licensed real estate agent shall be bound to any representation or warranty of any kind relating in any way to the Property or its condition, quality or quantity, except as specifically outlined in this Agreement or any property disclosure, which contains representations of the Seller only, and which is based upon the best of the Seller’s knowledge. 

9. Risk of Loss 

  1. The risk of loss by destruction or damage to the property by fire or otherwise before the closing of the sale is that of Seller.
  1. If all or a substantial portion of the improvements on the property are destroyed or damaged before the closing and transfer of title this agreement shall be voidable at Buyer’s option and in the event Buyer elects to avoid this agreement the earnest money deposited shall be promptly refunded.

10. Seller Representation

  1. The Seller represents and warrants that there will be no assessments or security interests on behalf of the Seller against the Property herein.
  1. The Seller expressly makes representations that are elaborated in this Agreement.
  1. The Buyer may immediately opt to terminate this Agreement if the Seller's representation is untrue. The Buyer shall receive their Earnest Money immediately within [Number] business days after the termination.

11. Taxes, Assessments, and Adjustments 

  1. Real Estate Taxes accrued against the property shall be prorated through the date of closing the sale and Seller shall pay all taxes allocated to the property through that date of acceptance of this offer to purchase.
  1. Rents, if any, shall be prorated through the date of closing and all rent deposits shall be transferred to Buyer.
  1. Existing casualty insurance shall be canceled/prorated through the date of closing. 

12. Required Documents

Before the Closing, the Parties agree to authorize all necessary documents, in good faith, to record the transaction under the conditions required by the recorder, title company, lender, or any other public or private entity. 
The documents required are:
[Mention the documents]

13. Termination

  1. In the event this Agreement is terminated, as provided in this Agreement, absent of default, any Earnest Money shall be returned to the Buyer, in full, within [Number of Days] business days with all parties being relieved of their obligations as set forth herein.
  1. Upon termination of this agreement, the Seller shall cease reproducing, advertising, marketing, and distributing any material or information pertaining to the Buyer immediately.

14. Arbitration

In the event of any dispute arising in and out of this Agreement between the Parties, it shall be resolved by Arbitration. There shall be [Number of Arbitrators] Arbitrators which shall be appointed by [Party Name]. The venue of Arbitration shall be [Venue/Location of Arbitration] and Seat shall be [State]. The Arbitrators' decision shall be final and will be binding on both the Parties.

15. Miscellaneous

  1. Notice: Any all notices to the parties, physical or digital, shall be made to the respective parties through their certified mailing address or email as is mentioned in the Agreement herein strictly in [language], refraining from any use of a lewd language.
  1. Governing Law: The Agreement and all the terms contained herein shall be governed by and construed as per the laws of [State].
  1. Severability: In the event that any provision in this Agreement is held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Agreement and all other provisions will remain in full force and effect.
  1. Force Majeure:  If either Party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes, equipment or transmission failure or damage reasonably beyond its control, or other causes, the Parties shall not be liable for damages to each other for any damages resulting from such failure to perform or otherwise from such causes.
  1. Assignment: This Agreement herein is binding upon the Parties and all other affiliates of the Parties undersigned. The Buyer shall refrain from assigning this Agreement, partially or as a whole, to the Seller without mutual written consent.
  1. Amendments: No modification or waiver of the provisions of this Agreement shall be valid or binding on either Party unless in writing and signed by both Parties.
  1. Inclination: The Parties must acknowledge that this Agreement hereinafter is solely for the benefit of the Parties undersigned and serves no inclination to any Party, nor is intended to confer any rights or remedies in favor of any person, party, or affiliate, other than the Parties duly undersigned and their members.
  1. Legal and Binding Agreement: This Agreement is legal and binding between the Parties as stated above. This Agreement may be entered into and is legal and binding in the [State/Court/Region]. The Parties each represent that they have the authority to enter into this Agreement.
  1. Entire Agreement: This Agreement and other annexures, therefore, constitute the entire agreement between the Parties concerning the subject matter hereof and thus, supersedes all prior agreements, purchases, understandings, and negotiations, written or phonated, between the Parties.

Acceptance & Signature

IN WITNESS THEREOF, Both Parties shall provide their acceptance by signing below:
[Buyer Name]

[Seller Name]
Signature
Assign signer 1
Name
Assign signer 1
Date
Assign signer 1
Signature
Assign signer 2
Name
Assign signer 2
Date
Assign signer 2
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Free Real Estate Purchase Agreement Templates

Real-Estate purchase involves lot of background checks and cross-checks. We make your work easy with this legally vetted real-estate purchase template that compiles all the necessary terms and conditions you will need, for making an offer.