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RESIDENTIAL CONTRACT (Revised 03/15/18)

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The document is a Residential Contract, revised on March 15, 2018, intended for the sale of residential real estate. It outlines the terms and conditions under which a seller agrees to sell and a purchaser agrees to buy property, including details about the parties involved, property description, purchase price, included items, contingencies (such as attorney approval and property inspection), closing procedures, and disclosures regarding the property's condition. The contract emphasizes the importance of legal compliance and proper documentation throughout the transaction.

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What happens if a seller defaults on a contract?

If the seller fails to rectify the default during the notice and cure period, the buyer can pursue legal remedies, as specified in the default provision. This may include seeking damages, specific performance of the contract, or the return of their deposit.

What happens if an addendum is not referenced on the one to four family residential contract?

What happens if an addendum is not referenced on the One to Four Family Residential Contract? A court may not accept the addendum as a part of the agreement.

How to write a residential purchase agreement?

How do I create a Real Estate Purchase Agreement? Add general information. State what type of property is being sold. Establish the sale details. Set conditions for the sale. Describe the property. Provide buyer and seller details. Add final details. Outline tactics for conflict resolution.

How many days do I have to back out of a real estate contract?

Most contracts stipulate a contingency or objection period, during which the buyer can back out of the deal without penalty, of about two weeks. This is completely up to the discretion of the buyer and seller, though, so always consult your contract for the most accurate information.

Who typically prepares the contract in the sale of a home?

In most real estate transactions, the sellers agent is responsible for drafting the purchase agreement. The cost for this service is usually included in the sellers commission fee, which is paid at closing. However, in a For Sale By Owner (FSBO) scenario, the buyers agent often steps in to prepare the agreement.

What happens if I change my mind about selling my house?

No one can force you to sell a home. But if you have already signed a contract with an agent and then changed your mind, you cannot sell the property for the time mentioned in the agreement. Yes, your property will be withdrawn from the listings, but that does not free you from the contract.

Can a seller back out of a real estate purchase agreement?

In most cases the answer is no, as long as the contract has been signed. When a buyer puts in an offer on the house and the seller accepts it, both parties sign a home purchase agreement. This legally binding contract sets out the sale price, closing date and other terms of the sale.

How long does a seller have to back out of a real estate contract?

3. Contract includes an attorney review period. Some states require a five-day attorney review period or you may have one written into the contract. You can back out of a signed real estate contract if youre within the five day period.

RESIDENTIAL CONTRACT (Revised 03/15/18) 2025

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What happens if a seller defaults on a contract?

What happens if an addendum is not referenced on the one to four family residential contract?

How to write a residential purchase agreement?

How many days do I have to back out of a real estate contract?

Who typically prepares the contract in the sale of a home?

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What happens if I change my mind about selling my house?

Can a seller back out of a real estate purchase agreement?

How long does a seller have to back out of a real estate contract?

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RESIDENTIAL CONTRACT (Revised 03/15/18) 2025

Here's how it works

The best way to edit RESIDENTIAL CONTRACT (Revised 03/15/18) in PDF format online

Complete this form in 5 minutes or less

Got questions?

What happens if a seller defaults on a contract?

What happens if an addendum is not referenced on the one to four family residential contract?

How to write a residential purchase agreement?

How many days do I have to back out of a real estate contract?

Who typically prepares the contract in the sale of a home?

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People also ask

What happens if I change my mind about selling my house?

Can a seller back out of a real estate purchase agreement?

How long does a seller have to back out of a real estate contract?

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