Real Estate Purchase Agreement

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Settlement Expenses

Maximum amount Seller to pay towards prohibited Buyer's expenses:

(e.g. 2,000.00, 3,500.00)

Certain costs associated with loans, such as FHA (Federal Housing Administration) or VA (Veterans Administration) loans, cannot be paid by the Buyer. (e.g. Release of liens, recording fees, release of seller's loan liability etc.) Please list the maximum amount the Seller is willing to pay towards those expenses.

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Closing and Possession

Closing Date:

Seller to provide possession to Buyer:

Upon closing and funding Before funding with a temp lease

Click here to purchase a temporary lease.

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Mediation/Arbitration

Unresolved disputes go to mediation before arbitration?

Yes No Do Not Specify

Cost of Mediation/Arbitration will be paid by:

Seller Buyer Equally shared

If mediation fails, the parties will proceed to arbitration.

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Attorney Fees

Payment of legal costs / attorney fees:

Unsuccessful Party Do Not Specify

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Option to Terminate

Buyer has option to terminate contract after signing?

Yes No

Fee for this right to terminate:

(e.g. 450.00)

Number of days that the Buyer can terminate contract after the Execution Date and/or after the end of any statutory right to terminate:

(e.g. seven, ten business days)

Option Fee to be credited to Sales Price at closing?

Yes No

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Additional Clauses

Do you want to include any additional terms or information?

Yes No

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Frequently Asked Questions

What is the Closing Date?

What is the Closing Date?

Closing (also referred to as completion or settlement) is the final step in executing a real estate transaction. The closing date is set during the negotiation phase, and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.

What is the difference between mediation and arbitration?

What is the difference between mediation and arbitration?

Arbitration is like the court process as parties still provide testimony and give evidence similar to a trial but it is usually less formal. In mediation, the process is a negotiation with the assistance of a neutral third party. The parties do not reach a resolution unless all sides agree.

When can a real estate contract be terminated?

When can a real estate contract be terminated?

There are two ways to terminate a real estate contract - you can either include an option to terminate in the contract, or rely on the statutory provisions of your state. State laws commonly allow a real estate contract to be terminated for the Seller's failure to disclose material facts to the Buyer. To get a better idea of what your state law permits, please consult the statutes of your state.

What is the option to terminate?

What is the option to terminate?

The termination option is a clause that allows real estate buyers to back out of a purchase contract during a fixed period of time that precedes its official closing date. Designed to increase flexibility for buyers and sellers, the termination option allows both parties to court other suitors.

How should I refer to people and terms in the clause?

How should I refer to people and terms in the clause?

Do not use several names or words to refer to the same person or thing as it could cause confusion and ambiguity by seemingly introducing new or different people or items. Certain words were capitalized and defined already in this Agreement. For example, the purchaser is called the 'Buyer', and the property is called the 'Property'. Use the same predefined terms in your additional clauses.Do not use pronouns such as: they, us, we, our, you, or me. Pronouns may be ambiguous and can cause confusion.

Miscellaneous tips

Miscellaneous tips

Do not abbreviate words. Use numerals, not words, to denote amounts. Try not to repeat or contradict what has already been stated in the residential lease agreement. Only put one paragraph per additional clause.