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REAL ESTATE PURCHASE CONTRACT Conveyancing Information: VENDOR: Name(s): VENDORS SOLICITORS: Name: Address: Address: Phone: Phone: Fax: Fax: Email: Email: PURCHASER: Name(s): PURCHASERS SOLICITORS:

How to fill out real estate purchase contract

How to fill out a real estate purchase contract:

1. Begin by gathering all necessary documents, such as the property deed, survey, and any previous inspection reports. Review these documents to understand the property's details and history.
2. Identify the parties involved in the transaction, including the buyer(s) and seller(s). Ensure their full legal names, contact information, and any relevant identification numbers are accurately recorded in the contract.
3. Describe the property being sold with specific details, including the address, legal description, and any applicable lot or block numbers. Include any fixtures or personal property that will be included in the sale.
4. Specify the purchase price and how it will be paid, whether in cash or through financing. If financing is involved, include details about the lender, loan amount, interest rate, and any contingencies related to obtaining the loan.
5. Address any contingencies or conditions that must be met before the sale can be completed. This may include a satisfactory home inspection, property appraisal, or securing of homeowner's insurance.
6. Outline the timeline for the transaction, including the closing date and any deadlines for completing specific actions. Make sure both parties are aware of these dates and agree to them.
7. Include any seller disclosures required by law, such as potential lead-based paint hazards or known property defects. The seller should provide these disclosures in writing to avoid any legal issues later.
8. Determine who will be responsible for paying various closing costs, such as title insurance, property taxes, and escrow fees. Clearly outline these costs and how they will be divided between the buyer and seller.
9. Include provisions for resolving disputes, such as arbitration or mediation, in case any issues arise during or after the transaction.

Who needs a real estate purchase contract?

1. Anyone buying or selling real estate should use a purchase contract to protect their interests.
2. Buyers need a purchase contract to ensure that the property they are purchasing is accurately described and that all necessary contingencies and conditions are met before they take ownership.
3. Sellers need a purchase contract to outline their obligations, such as providing necessary disclosures, and to establish the agreed-upon terms of the sale.

In summary, filling out a real estate purchase contract involves gathering relevant documents, accurately describing the property and transaction details, addressing contingencies and conditions, specifying the purchase price and payment terms, and including necessary disclosures and provisions. Both buyers and sellers should utilize a purchase contract to protect their rights and ensure a smooth and legally compliant real estate transaction.

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