Description of Contract for Sale and Purchase of Residential Real Estate without Broker
This form is a legal agreement between a seller and a buyer for the sale of a residential lot or land without the involvement of a broker. It outlines the terms and conditions of the sale, including the property details, purchase price, and financing arrangements. The document serves to protect the interests of both parties and ensure a clear understanding of their obligations in the transaction.
Circumstances that call for this form
This contract is typically used in situations such as:
- When a homeowner wants to sell a vacant residential lot directly to a buyer.
- When both parties agree to proceed without the services of a real estate agent.
- When the buyer and seller have reached a mutual agreement on the sale terms.
Who can benefit from Contract for Sale and Purchase of Residential Real Estate without Broker
This form is intended for:
- Property sellers who wish to sell their residential land without a broker.
- Buyers looking to purchase vacant residential lots directly from the owner.
- Individuals familiar with real estate transactions who prefer a straightforward agreement.
Elements that make up this form
The contract includes several important sections, such as:
- Agreement to Sell and Purchase: Identifies the seller and buyer and describes the property.
- Sales Price: Details the purchase price and payment terms.
- Financing Provisions: Outlines any financing arrangements or contingencies.
- Property Condition: States the buyer's acceptance of the property as-is.
- Closing Details: Specifies the closing date and title transfer information.
- Default and Remedies: Describes the consequences of non-compliance by either party.
Help with completing the Contract for Sale and Purchase of Residential Real Estate without Broker
Follow these steps to fill out the contract:
- Identify the Parties: Fill in the names and addresses of the seller(s) and buyer(s).
- Describe the Property: Provide a complete description of the lot or land being sold, including lot and block numbers.
- Specify the Sales Price: Enter the total purchase price and detail any earnest money or financing arrangements.
- Outline Financing Terms: Indicate if the sale is cash, involves seller financing, or is contingent on obtaining a loan.
- Set Closing Information: Specify the closing date and any conditions related to the transfer of title.
Where this form is valid and how
This contract may include provisions that reflect the laws and regulations of the state where the property is located. It's important to ensure that the form complies with local real estate laws, including any specific disclosures or requirements that may apply in that jurisdiction.
Make changes easily with the online form
Accessing this form online offers several advantages:
- Convenience: Download and complete the form at your own pace from anywhere.
- Editability: Easily modify the document to suit your specific transaction needs.
- Legal Reliability: Use a template drafted by licensed attorneys, ensuring it meets legal standards.
