Home Sale Contract
This Home Sale Contract ("Contract") is entered into as of [Date], between [Your Name], residing at [Your Company Address] ("Seller"), and [Buyer's Name], residing at [Buyer's Address] ("Buyer").
1. Property
Seller agrees to sell and Buyer agrees to purchase the following real property located at [Property Address]:
Property Description: A charming single-family home with 3 bedrooms, 2 bathrooms, a spacious backyard, and a two-car garage.
2. Purchase Price
The total purchase price for the Property shall be One hundred fifty thousand Dollars ($150,000), payable as follows:
Earnest Money Deposit: Buyer shall pay an earnest money deposit of Five thousand Dollars ($5,000.00) to be held in escrow by [Escrow Agent] upon execution of this Contract.
Remaining Balance: The remaining balance of the purchase price shall be paid by the Buyer to the Seller in full by certified check or wire transfer at the closing of the sale.
3. Closing Date
The closing of the sale shall take place on or before [Closing Date], at a location mutually agreed upon by the parties.
4. Contingencies:
This Contract is contingent upon the following:
Financing: Buyer obtaining approval for a mortgage loan of at least One hundred twenty thousand Dollars ($120,000.00) at an interest rate not to exceed 4.5%.
Home Inspection: Buyer has the right to conduct a professional inspection of the Property within 10 days of the effective date of this Contract.
5. Seller's Representations and Warranties
Seller represents and warrants that:
The seller is the lawful owner of the Property and has the right to sell it.
The Property is free and clear of any liens, encumbrances, or legal claims.
There are no pending legal actions or disputes affecting the Property.
Seller will provide clear and marketable title to the Property at closing.
6. Buyer's Representations and Warranties
Buyer represents and warrants that:
Buyer has the financial means to fulfill their obligations under this Contract.
Buyer has not been declared bankrupt or subject to any legal proceedings that would impair their ability to purchase the Property.
Buyer has not entered into any other contracts to purchase real estate that would conflict with this Contract.
7. Closing Costs
Seller shall be responsible for Title insurance, property taxes up to the closing date, and real estate commission, and the Buyer shall be responsible for the Appraisal fee, lender's origination fee, and homeowner's insurance premium. Any other closing costs shall be split equally between Seller and Buyer.
8. Default
If either party fails to fulfill their obligations under this Contract, the non-defaulting party may pursue all available legal remedies, including specific performance or damages.
9. Governing Law
This Contract shall be governed by the laws of [State/Country], without regard to its conflict of laws principles.
10. Entire Contract
This Contract constitutes the entire agreement between the parties concerning the sale of the Property and supersedes all prior agreements and understandings, whether written or oral.
IN WITNESS WHEREOF, the parties have executed this Contract as of the date first above written.
[Buyer's Name]
[Date Signed]
[Your Name]
[Date Signed]
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