Real Estate Purchase Agreement Templates by State
What Is a Real Estate Purchase Agreement?
A Real Estate Purchase Agreement - commonly confused with a Real Estate Bill of Sale - is a legally binding contract between the seller of a home and the buyer of a home that lists the agreed-upon terms of the sale.
Alternate Names:
- Real Estate Sales Contract;
- Contract for Sale of Real Estate;
- Real Estate Purchase Contract;
- Real Estate Contract of Sale.
These agreements must be outlined in writing and signed by both parties before being notarized. The agreement protects the interests of both the buyer and the seller and helps facilitate an easy closing of the deal.
A Land Contract is a related type of agreement used when the seller grants the buyer with a real estate loan with the deed transferred only after the debt is paid in full.
Real Estate Purchase Agreement Templates by State
Each state has its own specific laws regarding the clauses necessary in a real estate purchase agreement. Although the law may vary significantly from one state to the next, every real estate contract must meet three basic requirements in order to be valid:
- There must be an exchange of money (or any other thing of value) for the property.
- The agreement must describe an offer and an acceptance of that offer.
- A legally-binding home purchase agreement must be done in writing.
If you are ready to draft your own house purchase agreement, look to our library of state-by-state templates and locally-issued forms or make a Real Estate Purchase Agreement from scratch with our form builder.
Is a Real Estate Purchase Agreement Binding?
The parties identified in a contract for the purchase and sale of a home are subject to conditions called contingencies - or contingency clauses. These clauses describe certain conditions that can allow the buyer to change the agreed-upon details or back out of the sale without any legal consequences.
There are three main types of contingency clauses:
- The subject-to-financing clause, which allows the buyer to back out of the sale if they cannot secure the loan, the desired mortgage terms or interest rates.
- The subject-to-inspection clause, which allows the buyer to change their offering price if the results of a professional inspection of the home prove the property to be worse for wear than originally described by the seller.
- The sale-of-home clause, which allows the buyer to back out of buying a new home if they are unable to sell their current home for its asking price.
If the buyer decides to back out of the sale with all contingency clauses satisfied, they will - at the very least - lose their deposit money. The buyer will also then be liable for any monetary damages the seller may suffer, including attorneys' fees and the difference in price if the seller is forced to sell the property at a lower cost.
What Does a Real Estate Purchase Agreement Look Like?
Besides some state-specific clauses, any simple Real Estate Purchase Agreement should include the following information:
- The names and signatures of both parties.
- A description of the property and included fixtures being sold.
- The rights and obligations of the parties.
- The deposit amount, insurance, and the asking price for the property.
- The financing and actions regarding the seller’s existing mortgage.
- The prospective date of closing.
- The terms of possession.
- Conflict resolution.
- An option to terminate (contingencies) - as described above.
- A lead-based paint disclosure. This clause is mandatory for all homes built before 1978 and is meant to protect the buyer from lead hazards within the home.
An agreement with the aforementioned clauses can be used for the purchase or sale of any residential property, as long as the house is ready for sale before the closing date specified in the contract. Consider consulting an agent or an experienced real estate attorney if you decide to handle the sale on your own.
What to Look for in a Real Estate Purchase Agreement?
A Real Estate Purchase Contract must meet the following basic requirements:
- The U.S. Statute of Frauds requires a real estate sales contract to be done in writing, otherwise, it will be considered non-enforceable and non-binding. A real estate rental agreement, on the other hand, may be verbal and enforceable as per the law in several U.S. states;
- The contract must be physically signed by both parties - the buyer and the seller;
- The contract must feature the full legal names of both the buyer and the seller;
- The contract must explicitly state the agreed-upon purchase price.
Documents:
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This document is used for creating a legally binding agreement for the purchase of commercial or agricultural real estate in South Dakota.
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Word
This document is an addendum to a real estate purchase contract in Utah. It is used to make additional agreements or modifications to the original contract.
This document is an addendum to a real estate purchase contract in Utah. It is used to gather additional information through a survey.
This document is an addendum to the real estate purchase contract for FHA/VA loans in Utah. It outlines specific terms and conditions related to obtaining a loan through the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA).
This Form is used for Residential Contracts in Texas for the sale of one to four-family properties. It is commonly used for resale transactions.
This document is a contract for buying or selling unimproved property in Texas.
This document is used for a real estate transaction in the state of Utah. It outlines the terms and conditions of the purchase agreement.
This is a formal document signed by the seller and purchaser of the real estate situated in North Carolina.
This document is used for the sale of a residential condominium unit in Texas. It outlines the terms and conditions of the sale, including the purchase price, closing date, and contingencies.
This document is used for completing a new home contract for a home that is still under construction in Texas.
This document is a contract form used in Texas for the purchase of a newly constructed home. It is used to outline the terms and conditions of the sale between the buyer and the builder.
This legally binding contract is used in the state of Alabama to record the transfer of the real estate from the seller to the buyer.
This document serves as a contract between individuals in the state of Alaska who wish to sell, convey, or transfer a piece of property.
This is a formal document signed by the seller and purchaser of the real estate situated in Arizona.
Use this contract to establish the terms and conditions of the sale and purchase of the real property in the state of Arkansas.
A California Real Estate Purchase Agreement is a formal document prepared and signed by California residents who sell and buy real estate for commercial or residential purposes.
This legally binding contract is used in the state of Colorado to record the transfer of the real estate from the seller to the buyer.
This document serves as a contract between individuals in the state of Connecticut who wish to sell, convey, or transfer a piece of property.
This is a formal document signed by the seller and purchaser of the real estate situated in Delaware.
Use this contract to establish the terms and conditions of the sale and purchase of the real property in the state of Florida.
A Georgia Real Estate Purchase Agreement is a formal document prepared and signed by Georgia residents who sell and buy real estate for commercial or residential purposes.
This legally binding contract is used in the state of Hawaii to record the transfer of the real estate from the seller to the buyer.
This document serves as a contract between individuals in the state of Idaho who wish to sell, convey, or transfer a piece of property.
This is a formal document signed by the seller and purchaser of the real estate situated in Illinois.
Use this contract to establish the terms and conditions of the sale and purchase of the real property in the state of Indiana.
An Iowa Real Estate Purchase Agreement is a formal document prepared and signed by Iowa residents who sell and buy real estate for commercial or residential purposes.
This legally binding contract is used in the state of Kansas to record the transfer of the real estate from the seller to the buyer.
This document serves as a contract between individuals in the state of Kentucky who wish to sell, convey, or transfer a piece of property.
Use this contract to establish the terms and conditions of the sale and purchase of the real property in the state of Maine.
A Maryland Real Estate Purchase Agreement is a formal document prepared and signed by Maryland residents who sell and buy real estate for commercial or residential purposes.
This legally binding contract is used in the state of Massachusetts to record the transfer of the real estate from the seller to the buyer.
This document serves as a contract between individuals in the state of Michigan who wish to sell, convey, or transfer a piece of property.
This is a formal document signed by the seller and purchaser of the real estate situated in Minnesota.
Use this contract to establish the terms and conditions of the sale and purchase of the real property in the state of Mississippi.
A Missouri Real Estate Purchase Agreement is a formal document prepared and signed by Missouri residents who sell and buy real estate for commercial or residential purposes.
This legally binding contract is used in the state of Montana to record the transfer of the real estate from the seller to the buyer.
This document serves as a contract between individuals in the state of Nebraska who wish to sell, convey, or transfer a piece of property.
This is a formal document signed by the seller and purchaser of the real estate situated in Nevada.
Use this contract to establish the terms and conditions of the sale and purchase of the real property in the state of New Hampshire.
A New Jersey Real Estate Purchase Agreement is a formal document prepared and signed by New Jersey residents who sell and buy real estate for commercial or residential purposes.
