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RESIDENTIAL BUY-SELL AGREEMENT Bob Brooks School of Real Estate and Insurance, Inc. 1 The contents of this publication, in its entirety, are subject to any revisions of local, state and federal laws

How to fill out residential buy-sell agreement

How to fill out a residential buy-sell agreement:

1. Begin by carefully reviewing the agreement: Take the time to read through the entire residential buy-sell agreement and make sure you understand its terms and conditions.
2. Gather necessary information: Collect all relevant information about the property, including its address, legal description, and current market value. Also, gather the names and contact details of all parties involved in the transaction.
3. Include the purchase price and payment terms: Specify the agreed-upon purchase price for the property, along with any details regarding how the payment will be made (e.g., cash, financing, or a combination).
4. Outline financing arrangements, if applicable: If the purchase is being financed, include details about the lender, loan amount, interest rate, repayment terms, and any contingencies related to the loan approval.
5. Specify contingencies and conditions: Outline any contingencies or conditions that must be met for the sale to proceed, such as the completion of inspections, obtaining financing, or the sale of another property.
6. Disclose property condition: It is essential to disclose the condition of the property accurately. Include any known defects or issues that may affect the buyer's decision.
7. Determine the closing date: Decide on a specific closing date when the property transfer will occur, and both parties will meet to finalize the sale.
8. State the rights and responsibilities of each party: Clearly define the obligations and rights of the buyer and seller throughout the transaction, including responsibilities related to repairs, utilities, and property access before closing.
9. Include any additional terms or provisions: Depending on the specific circumstances, you may need to add additional terms to the agreement, such as seller financing, seller concessions, or specific agreements related to personal property included in the sale.

Who needs a residential buy-sell agreement:

1. Home sellers: Those who are selling residential properties, such as homeowners, property investors, or developers, will need a residential buy-sell agreement to formalize the transaction.
2. Homebuyers: Anyone looking to purchase a residential property should insist on having a residential buy-sell agreement in place to ensure their rights are protected, and the purchase process is legally binding.
3. Real estate agents and brokers: Professionals involved in the buying or selling process, such as real estate agents or brokers, should use a residential buy-sell agreement to facilitate a smooth and transparent transaction for their clients.
4. Attorneys and legal professionals: Attorneys and legal professionals working in real estate law will use residential buy-sell agreements to ensure legal compliance and protect their clients' interests throughout the property transaction.

Remember, it is always recommended to consult with real estate professionals or attorneys to ensure that the residential buy-sell agreement is drafted accurately and meets all legal requirements and regulations specific to your jurisdiction.

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