Real Estate Purchase Agreement

Real Estate Purchase Agreement

A purchase and sales agreement defines all the important terms in a real estate transaction between a buyer and seller. Use it to buy or sell property, a home, or even vacant land. Quickly solidify the parties’ intentions and bring the deal through to closing.

Our template includes buyer and seller information, property location, purchase price, closing date, mortgage and escrow terms, and more.
Use this document for any real estate purchase and sales
  • Checkmark Home purchase and sales
  • Checkmark Land purchase and sales
  • Checkmark Corporate purchase and sales

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How to complete your real estate purchase:

Review and Sign

1
Review and Sign

You should review your completed agreement in detail and make any needed edits prior to signing. While many states only require a single notary to act as a witness, you must use two witnesses for agreements concerning properties in Connecticut, Florida, Louisiana, and South Carolina. Some lenders may still require additional witnesses. Witnesses must be at least 18 years old, hold no interest in the transaction, and have no blood relation to the parties. Note that if a seller’s spouse is not also joining the agreement as a seller, then the spouse must sign an acknowledgment agreeing not to make any claim of ownership to the property after the sale.

Open Escrow

2
Open Escrow
The parties will need to hire an escrow agent to manage the transaction. An escrow agent acts as a neutral third party to facilitate the buying process, including exchanging and holding funds, gathering signatures, dispersing documents, and certifying that the parties’ obligations are fulfilled.

Complete Obligations

3
Complete Party Obligations

Standard party obligations include providing the following items:

  • Title policy
  • Appraisal
  • Property inspections
  • Seller disclosures (e.g. lead paint disclosure)
  • Property repairs and updates
  • Required permits
  • Other buyer or seller contingencies (e.g. prior home sale, financing, etc.)

Close Transaction

4
Close Escrow ("Closing")
During closing, the seller transfers funds to the buyer and signs over the title. Then the parties sign any remaining escrow documents. The title company will normally then record the deed at the county land recorder’s office and inform all parties when this is completed.

Move Out

5
Move Out
The last step is for the seller to exit the property on or before the agreed move-out date. This may need to be coordinated with the buyer’s moving plans and should be started well in advance.
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Help Guide

Table of contents

A real estate purchase agreement helps you state all of the important details, including the full names of the parties, the location of the property, the purchase price, the closing date, mortgage and escrow specifications, and any other specific promises of the parties.

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