Filling Out a Real Estate Standard Purchase and Sales Agreement

In many cases, a HUD-1 (Housing and Urban Development) will also need to be completed. This is a statement that breaks down all of the financial numbers between the transactions. The statement is used for all real estate transactions whether it is a commercial property or residential property. It breaks down how much the buyer is paying for the house, closing costs, how much the sellers are selling for, closing costs, how much in tax probation's if there are any, and then how much cash the buyer needs to bring to the table or receive from the table, and how much cash the seller will bring to the table and receive from the closing. I haven't included an example of a HUD-1 settlement statement because they're easily available for download from the Internet.

STANDARD PURCHASE AND SALES AGREEMENT

THE STATE OF _________________________
COUNTY OF ___________________________

1. BY THIS AGREEMENT AND CONTRACT
_______________________________________________ hereinafter called SELLER
hereby sells and agrees to convey unto
_______________________________________________ hereinafter called Buyer, the following described property: Lying and situated in ____________________ County and Address: ________________________________________________________________

2. PURCHASE PRICE: Buyer agrees to pay Seller and Seller agrees to accept ________________________________________________________ ($____________________________) in cash at closing for the Property. Buyer has paid to Seller an earnest money deposit of $_______________, which shall be credited to Buyer at the closing of this Agreement. Property taxes shall be prorated as of the date of closing.

3. TITLE: Seller warrants that Seller has good, clear and marketable title to the Property, subject only to property taxes and any easements and restrictions of record. Seller will convey title to Buyer with a General Warranty Deed. Buyer will inspect title to the Property and Seller will satisfy any encumbrances other than those listed above.

4. CLOSING AND POSSESSION: This Agreement will be closed on or before ______________ and be extended as necessary to complete all paperwork required. Time is of the essence of this Agreement.

5. CLOSING COST: Buyer will have Buyer's attorney, at Buyer's expense, prepare all required documents to complete this Agreement.

6. INSPECTION: This Agreement is subject to an inspection of the Property and approval by Buyer and/or his associates after acceptance of this Agreement by Seller. Buyer will buy the Property in its present "As Is" condition.

Special Provisions:
________________________________________________________________________________________________________________________________________________________________________________________________________________

Executed in duplicate this ________________ day of ___________________20_______

SELLER _____________________________
____________________________________

BUYER ____________________________
____________________________________

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