This Purchase Agreement (known as the “Agreement”) is valid as of (MM/DD/YYYY).
It finalizes the Agreement between:
When setting up an apartment sale contract, you need to add the full legal names of both parties. Legal complications can occur if a dispute happens and these details aren’t in the agreement.
The Seller intends to sell an apartment building and the Buyer intends to purchase this apartment building.
Under the terms of this Agreement, both the Buyer and Seller (separately referred to as a “Party” and collectively known as the “Parties”) agree to the following:
The apartment building under consideration is located at [Sender.StreetAddress] [Sender.City] [Sender.State] [Sender.PostalCode] and is described as follows:
This purchase includes any improvements, licenses, permits, or other expenses needed for the Property.
This template includes a simple description of the real estate property. You may provide a more detailed breakdown, such as how many units have active leases, income generated, issues with non-payment, etc. You can attach this information as an addendum to this agreement.
The Seller, having been forthcoming about all known expenses and requirements, agrees to sell the Property to the Buyer. In turn, the Buyer agrees to purchase the Property.
Insert DescriptionThe net price of purchasing the Property (the “Purchase Price”) is (insert Dollar Amount). This includes a downpayment of (insert Dollar Amount). This amount will be paid according to the following terms:
The Purchase Price and downpayment will be paid upon the close of the sale.The Purchase Price does not include any loan funding fee, title insurance, or primary mortgage insurance.
Excluding the following three items, the total Sales Price is (insert Dollar Amount) .The down payment will be paid entirely in cash. The total Purchase Price will be paid partially in cash and the remainder will be financed. Excluding the cash down payment, (insert Dollar Amount) will be paid by a third-party mortgage lender.
The third-party mortgage lender that will be administering the sales agreement is Enter Name of Lender. The interest rate for the financing of the property is (insert Dollar Amount). This sale agreement does not require FHA or VA financing.
Per the Buyer’s request, the Seller will relinquish an insurance policy (known as the “Policy”) from [Sender.Company] . This policy is the total amount of the Purchase Price and becomes active on the closing date.
The Policy protects the Buyer against indemnification or losses, as outlined under the provisions of the Policy. However, the Policy does include several exceptions, which are outlined in the Policy Agreement.
When customizing this real estate sales contract template, it is crucial to incorporate a reasonable timeframe for the buyer to address any concerns. While both parties usually aim for a swift transaction, it is essential to allow sufficient time for inspections and raising objections. Typically, this timeframe can vary from 10 to 30 days.
After the sale of the Property is complete, the Buyer may express objections if the terms of this sales agreement aren’t fully met. The Buyer may submit these objections in writing within 30 days of closing on the contract.
If the Buyer does not subject a written objection within 30 days of closing the contract, it will be assumed that the Buyer has no such objections. If the Buyer submits a written objection within that timeframe and the Seller does not remedy this objection, it is considered a termination of the contract. The Buyer will then receive a full refund within 30 days.
The Buyer will be given access to the Property before the sale and may appoint experts to facilitate an inspection of the Property. These experts may include pest control specialists and agents authorized to make property inspections. The Buyer must choose someone who is licensed in the state of [Client.State] .
If any defects are found on the Property, the Buyer will notify the Seller within 10 days of receiving the report.
The seller agrees to make the following improvements to the Property before the final closing date.
These improvements include: