This real estate purchase agreement template has 8 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our real estate purchase agreement template:
REAL ESTATE PURCHASE AGREEMENT This Real Estate Purchase Agreement (the "Agreement") is effective [DATE], BETWEEN: [SELLER NAME], (the "Seller") an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [PURCHASER NAME], (the "Purchaser") an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] Collectively, the Seller and Purchaser shall be referred to as the "Parties." WHEREAS, the Seller is the owner of the real property located at [ADDRESS OF PROPERTY] (hereinafter referred to as the "Property") and the Purchaser is interested in buying the Property from the Seller pursuant to the following terms and conditions. WHEREAS, in consideration of and as a condition of the Seller selling the Property and the Purchaser purchasing the Property and other valuable consideration, the receipt and sufficiency of which are acknowledged here; NOW, THEREFORE, the Parties agree as follows: PROPERTY The Property is situated at [SPECIFY ADDRESS] and the legal description of the Property is as follows: [SPECIFY LEGAL DESCRIPTION OF PROPERTY] which includes with it but is not limited to permits, easements, and cooperative and association memberships (the "Property"). The Seller agrees to sell and convey to the Purchaser and the Purchaser agrees to purchase the Property from the Seller. The Seller shall release possession, occupancy, existing keys and/or means to operate all locks, mailbox, security system/alarms and all common area facilities to the Purchaser on the Closing Date. The Seller agrees that all the existing fixtures on the Premises, and any existing personal property including but not limited to light fixtures, fireplace, ceiling fans, lighting, and storage sheds shall be included in this sale and shall be transferred with no monetary value, and free and clear of all liens or encumbrances. PAYMENT OF PURCHASE PRICE The Purchaser agrees to pay to the Seller [SPECIFY AMOUNT] for the Property. At the time of signing of the Agreement, the Purchaser shall make the payment of [SPECIFY PERCENTAGE] % of the total amount. The remaining amount shall be transferred to the Seller on the Closing Date. The Purchaser is entitled to pay the amount by any of the following modes: [SPECIFY MODES OF PAYMENT]. TITLE INSURANCE The Seller shall furnish to the Purchaser an owner's policy of title insurance (the "Title Insurance") from [SPECIFY INSURANCE COMPANY] (the "Title Company") in an amount of the Sales Price dated as of the date that the sale of the Property becomes final, and the Purchaser takes possession, which insures and indemnifies the Purchaser against loss, as stipulated under the provisions of the Title Policy, subject to exceptions contained therein. TITLE COMMITMENT At the Seller's sole cost, the Seller will furnish or cause to be furnished to the Purchaser a commitment for the Title Insurance and copies of restrictive covenants and documents evidencing the exceptions in the Commitment. DISCLOSURES BY THE SELLER The Seller shall send disclosures to the Purchaser, within 28 days of signing of this Agreement, in which he shall disclose the details of the Property under various categories. The categories include: Boundaries. Changes made to the Property (extensions, alterations). Shared areas with neighbors, formal and informal agreements. Disputes or complaints (made by or about the Seller). Occupiers (who live at the Property). Guarantees and warranties affecting the Property. Environmental matters. The relevant issues disclosed to the Purchaser shall include, but are not limited to the following: Any disputes with neighbors that have resulted in written exchanges, or police or local authority involvement. Whether the neighbors have any anti-social behavior orders. Planning permission on the Property that is pending, granted or denied. Problems with pests, current or historic. Flooding issues, current or historic. Structural issues. Whether there is a flight path nearby or one planned. Whether there is a motorway within view or one planned. A previous sale falling through due to bad survey results on the Property. The neighborhood having high levels of crime. A violent death that occurred at the Property. Notwithstanding anything contained in the foregoing provisions, the Seller shall disclose all such information which would materially affect the Purchaser's consent to purchase the Property. WARRANTY BY THE SELLER The Seller has full power and authority to enter into and perform this Agreement in accordance with its terms; The individuals executing this Agreement on behalf of the Seller are authorized to do so and, upon execution hereof, this Agreement shall be binding upon and enforceable against the Seller; The Seller has no actual knowledge of any impending lawsuits with respect to the Property; The Seller represents and warrants that there will be no liens, assessments, or security interests from third parties against the Property on the Closing Date; The Seller warrants and shall maintain and repair the Premises so that at the time of possession, all the heating, cooling, mechanical, plumbing and electrical systems, and built-in appliances shall be in working condition; The Seller warrants that the Premises, including all additional existing personal property included in the sale, will be in substantially the same condition, except the changes caused by reasonable wear and tear or irresistible force, as on the date of acceptance of the Agreement; The Seller warrants that no damage would be caused to the Property, by any improvement work being carried out by the Seller in the Property, to substantially reduce its value or damage it in a way to make its enjoyment difficult. WARRANTY BY THE PURCHASER The Purchaser has full power and authority to enter into and perform this Agreement in accordance with its terms; and Any individual executing this Agreement on behalf of the Purchaser is authorized to do so, and, upon execution hereof, this Agreement shall be binding upon and enforceable against the Purchaser. INDEMNIFICATION The Seller will bear all the risk of loss to the Property or its improvements, which includes but is not limited to physical damage or destruction to the Property, or loss caused by eminent domain, until the Closing Date. If prior to the Closing Date, the Property is damaged or destroyed, the Seller will restore the Property to its previous condition as soon as possible before the Closing Date. The Seller agrees to defend, indemnify, and hold the Purchaser harmless from and against all claims, liabilities, obligations, costs, expenses, and reasonable attorney's fees arising out of or related to: Any breach or inaccuracy of representation or warranty of the Seller made in this Agreement; Any failure by the Seller to perform any covenant required to be performed by it under this Agreement; Any liability or obligation of any third party assumed by the Seller in accordance with the terms of this Agreement; Use of the Property before the Closing Date. PRORATION The Seller and the Purchaser agree to proration of the following items: Title Insurance and Closing Fee: The Seller shall pay all costs of the Title Commitment and the premium as applicable under law. Recording Costs: The Purchaser shall pay the cost of the deed and all other documents. Real Estate Taxes and Special Assessments: All real estate property taxes, levies and assessments as of the Closing
