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Free Real Estate Purchase Contract FormAre you looking for a dependable contract to purchase real estate? Then our free real estate purchase contract template will help you save both time and money.Before Using Our Contract to Purchase Real Estate, You Should Know These FactsProperty Description - This is the blank where you will insert everything that comes with the property sale. In a contract to purchase real estate, a standard property description looks something like this: "All heating and cooling fixtures and equipment, plumbing and bathroom fixtures, doors, windows, built-in appliances, draperies, blinds, fencing, outdoor plants and other permanently attached items on the premises." Earnest Money - Also known as a good faith deposit, earnest money is the buyer's way of telling the seller, "Look here, I'm dead serious about buying your property. In fact, let me show you the money." Since there is often no hard and fast rule on the amount of earnest money, it can vary wildly from a token one dollar up to thousands of dollars. It is usually held in a real estate broker's trust account until the property changes hands. Once the deal is closed, this earnest money is often rolled forward to pay off the down payment or closing costs. Closing Costs - Unfortunately buying or selling real estate doesn't just involve the purchase price. You will have to face a horde of closing costs, including title costs, recording fees, inspection fees, survey fees, appraisal fees, property taxes, insurance costs, attorney fees and broker commission. While certain closing costs are usually paid by one party (such as buyer paying appraisal fees and seller paying title costs), closing costs are never set in stone. That's what makes real estate fun and why you should always state who is paying for which closing costs in your real estate purchase contracts. * While we work hard to make sure that our forms are helpful and updated, you must edit them according to your own needs and local real estate law. Always seek legal help when in doubt. Real Estate Purchase Contract1. THE PARTIES: The Seller ______________________________ hereby agrees to sell the Property to the Buyer ______________________________ and the Buyer agrees to buy the Property from the Seller. 2. THE PROPERTY: Street Address: ________________________________________________________________ Property Description: ____________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ 3. PURCHASE PRICE: The Buyer agrees to pay the total purchase price of $ _______________ which is payable as follows: Earnest money deposit $ _______________ Balance due at closing $ _______________ 4. EARNEST MONEY: The earnest money will be deposited in a broker's trust account and applied to the purchase price at closing. If the Buyer fails to perform, the earnest money will be paid to the Seller. If the Seller fails to perform, the earnest money will be returned to the Buyer. 5. FINANCING: If the Buyer requires a new mortgage loan to finance this purchase, the application for this mortgage will be made with a lender acceptable to the Buyer. If the mortgage application is not approved within _____ days from the acceptance date of this contract, both Buyer and Seller has the right to terminate the contract. In this case, the earnest money will be returned to the Buyer. 6. CLOSING: Closing will be held on or before _______________ and the title deed will be transferred to the Buyer. The Seller agrees to transfer the title free of any liens, judgment and other encumbrances. At closing, the Buyer shall pay the following costs: ___________________________________ ______________________________________________________________________________ At closing, the Seller shall pay the following costs: ___________________________________ ______________________________________________________________________________ 7. PRORATIONS: All taxes, loan interest, insurance and rents shall be prorated between the Buyer and Seller as of the closing date. 8. PROPERTY INSPECTION: The Seller is responsible for the operable condition of the fixtures, fittings and built-in appliances of the Property at the time of closing. This real estate purchase contract is subject to the final inspection and approval of the Buyer in writing on or before _______________. 9. ACCESS The Buyer shall be given access to the Property to show partners, contractors, inspectors, lenders or prospective tenants before closing. 10. ADDITIONAL TERMS AND CONDITIONS: ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ Buyer Name: ______________________________ Buyer Signature: ______________________________ Date: _______________ Seller Name: ______________________________ Seller Signature: ______________________________ Date: _______________ Return from Real Estate Purchase Contract to Real Estate Purchase Agreement Forms
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