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The residential purchase and sale agreement is a negotiated document between a buyer and seller for a residential property transaction, outlining the terms, conditions, price, financing options, termination rights, closing specifics, contingencies, and other binding details. Required disclosures include a lead-based paint disclosure for properties built before 1978 and possibly a property disclosure statement, depending on state laws. In "buyer beware" states, sellers aren't legally liable for disclosing material defects, meaning the buyer purchases the property "as is."