When you`re selling your house, one of the most important things you`ll need is a contract. A contract is a legally binding document that establishes the terms and conditions of the sale. It`s important to have a clear and concise contract so that both parties understand what`s expected of them. Here`s an example of a contract for selling a house.
Seller agrees to sell and buyer agrees to purchase the real property located at [insert address here] (the “Property”) on the terms and subject to the conditions set forth in this Contract.
Purchase Price: The purchase price of the Property will be [insert purchase price here]. This purchase price will be paid in the form of cash or certified funds, wire transfer, or any other form of payment agreed upon by both parties. The purchase price will be paid in full at the closing of the sale.
Closing Date and Place: The closing of the sale will take place on or before [insert date here], at a location mutually agreed upon by both parties.
Title: Seller represents and warrants that he/she holds the title to the Property free and clear of all liens and encumbrances. Seller agrees to convey the Property to Buyer by warranty deed. Buyer shall have the right to inspect title to the Property and approve or object to any matters affecting title.
Property Condition: The Property will be conveyed to Buyer in its present condition. Buyer acknowledges that he/she has inspected the Property or waived the right to do so. Seller makes no warranties or representations as to the condition of the Property or its fitness for any particular purpose.
Prorations: Real estate taxes, assessments, and other expenses related to the Property will be prorated as of the date of closing.
Closing Costs: The customary closing costs associated with the sale of real estate will be paid by the party responsible for paying such costs in the jurisdiction where the Property is located.
Default and Remedies: If either party fails to perform any obligation under this Contract, the non-breaching party may pursue any and all remedies available at law or in equity, including but not limited to specific performance, damages, and attorney`s fees.
Amendment: This Contract may not be amended or modified except in writing signed by both parties.
Governing Law and Jurisdiction: This Contract will be governed by and construed in accordance with the laws of the state where the Property is located. Any disputes arising from this Contract will be resolved in the courts of the state where the Property is located.
Entire Agreement: This Contract constitutes the entire agreement between the parties and supersedes all prior proposals, negotiations, representations, and agreements. This Contract may not be assigned by either party without the prior written consent of the other party.
In conclusion, having a clear and concise contract is crucial for selling a house. This example contract covers important aspects such as the purchase price, closing date and place, title, property condition, prorations, closing costs, default and remedies, amendment, governing law and jurisdiction, and entire agreement. It`s important to consult with a qualified real estate attorney to ensure that the contract meets all local, state, and federal laws and regulations.