Real Estate Contract
Real Estate Contract
This document, hereby regarded as the "Agreement," formalizes a pact that commences on the date denoted as [Date]. The parties involved in this agreement consist of an individual or entity known as [Seller's Name], who will herein and in all forthcoming contexts be known as the "Seller," and another individual or entity having the appellation [Buyer's Name], from now henceforth and all remaining instances will be mentioned, identified and referred to as the "Buyer."
1. Property Description
The Seller agrees to sell and the Buyer agrees to purchase the following property:
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Address: [Property Address]
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Legal Description: [Legal Description, if available]
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Parcel Number: [Parcel Number, if available]
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Any fixtures or personal property included in the sale: [List of fixtures and personal property]
2. Purchase Price
The Purchase Price for the Property is [Amount of Property], payable as follows: Initial deposit of [Amount] paid upon execution of this contract, with monthly installments of [Amount] paid on the [Day] of each month, for [10 months] following the execution of this contract.
3. Due Diligence
The Buyer will have the right to inspect the property upon reasonable notice to the Seller and review all documents about the Property, including but not limited to title, zoning, environmental, and similar matters.
4. Possession
Assuming that the Seller fulfills and successfully performs all of the obligations that are outlined in this Agreement, it will then be the Seller's responsibility to deliver the possession of the Property to the Buyer. This will be done during the closing process.
5. Indemnification
Each party shall indemnify, defend, and hold harmless the other from and against all liabilities, damages, and costs, including reasonable attorney’s fees, arising from the breach of this Agreement.
6. Governing Law
This Agreement, concerning all its aspects, including but not limited to, its interpretation, construction, performance, and enforcement, shall be regulated by and understood under the laws that are currently in force within the jurisdiction of the State of Illinois.
7. Entire Agreement
This Agreement and any exhibits or attachments hereto constitute the entire agreement between Seller and Buyer and supersedes all prior discussions, negotiations, and agreements, whether oral or written.
IN WITNESS WHEREOF, the parties have executed this Residential Purchase Agreement as of the date first mentioned above.
Seller: [Your Name]
Date: [Date]
Buyer: [Your Name]
Date: [Date]
