Real Estate Purchase Agreement Template - Alabama

An Alabama Real Estate Purchase Agreement is a contract between parties who wish to implement a transaction with a piece of property, which states that a purchaser acquires the vendor's right, title, and interest in that property.

Usually, the agreement involves the following sections:

1. Transaction Price. Provide the purchase price for the real estate, including an earnest money deposit and a closing balance.
2. Disclosures. Indicate that a vendor must provide to a purchaser all the required disclosures and reports, including any preliminary title report.
3. Assumption of Loan. Specify if a purchaser agrees to assume a vendor's existing mortgage, and indicate who is obliged to pay all fees associated with the mortgage transfer.
4. Vendor's Representations and Warranties. Indicate that a vendor has a full right to sell or transfer this property and will convey to a purchaser good and marketable property title.
5. Vendor's and Purchaser's Closing Costs. Specify which fees parties should pay before the transaction closing date.

The state of Alabama does not provide an official Real Estate Purchase Agreement for those looking to buy real estate. Make your own Alabama Real Estate Purchase Agreement via our online form builder or download a ready-made form through the link below.

A filled-out and notarized Lead Disclosure is required for all residences built before 1978. Additionally, according to § 6-9-142 of the state, Alabama is a "buyer beware" or "caveat emptor" state. This means that the buyer agrees to take possession of the property on an "as-is" basis. There are no guarantees made by the seller.