Structure
When it comes to buying or selling property in Connecticut, having a clear and comprehensive Real Estate Purchase Agreement is essential for both parties involved. This form serves as a crucial document that outlines the terms and conditions of the transaction, ensuring that both the buyer and seller are on the same page. Key aspects of the agreement include the purchase price, earnest money deposit, and the closing date, which are all vital to the successful completion of the sale. Additionally, the agreement addresses contingencies, such as financing or inspection requirements, which protect the interests of the buyer. It also specifies what is included in the sale, such as appliances or fixtures, helping to avoid any misunderstandings later on. By clearly detailing the responsibilities of both parties, the Connecticut Real Estate Purchase Agreement helps facilitate a smoother transaction, paving the way for a successful property transfer.
Connecticut Real Estate Purchase Agreement Example
Connecticut Real Estate Purchase Agreement
This Real Estate Purchase Agreement (“Agreement”) is entered into by and between ____________________ (“Seller”) and ____________________ (“Buyer”) on this day of ________, 20____. The real property to be sold is commonly known as ____________________, located in the state of Connecticut (“Property”).
All parties agree that this Agreement is governed by the laws specific to the state of Connecticut, including but not limited to the Connecticut Fair Housing Law and the Connecticut Residential Property Condition Disclosure Act.
1. Purchase Price and Terms
The Purchase Price of the Property agreed upon by both parties is $__________.
The terms of payment are as follows:
- Initial deposit of $__________ to be paid by Buyer within ____ days of this Agreement.
- Additional deposit of $__________ to be paid by Buyer within ____ days following the initial deposit.
- Remaining balance of $__________ to be paid by Buyer at closing.
2. Property Description
The Property is legally described as follows:
_________________________________________________________________________________________
3. Closing and Possession
Closing shall occur on ________, 20____, at which time possession of the Property shall be transferred from Seller to Buyer.
4. Inspections
Buyer shall have the right to conduct inspections of the Property within ____ days of this Agreement. Should inspection reveal any defects that require repair, the parties will negotiate in good faith to address such findings.
5. Conditions Precedent to Closing
The following conditions must be satisfied prior to closing:
- Completion of all agreed upon repairs.
- Approval of Buyer’s mortgage financing.
- Satisfactory completion of all property inspections.
6. Representations and Warranties
Seller warrants that they are the lawful owner of the Property and have the right to sell the Property. Buyer represents that they have the funds or financing in place to purchase the Property.
7. Legal Compliance
Seller and Buyer agree to comply with all applicable laws and regulations in the transaction of this sale, including those specific to the state of Connecticut.
8. Signatures
This Agreement becomes effective when signed by all parties involved.
In witness whereof, the parties have executed this Agreement as of the date first above written.
____________________
Seller Signature
____________________
Buyer Signature
____________________
Witness Signature (if applicable)
PDF Information
| Fact Name | Description |
|---|---|
| Governing Law | The Connecticut Real Estate Purchase Agreement is governed by Connecticut General Statutes. |
| Form Purpose | This form serves to outline the terms of a real estate transaction between a buyer and seller. |
| Offer Details | It includes details about the offer price, deposit amount, and financing terms. |
| Contingencies | Buyers can include contingencies, such as home inspections or financing approvals. |
| Closing Date | The agreement specifies a closing date, which is the date when ownership transfers. |
| Disclosure Requirements | Connecticut law mandates certain disclosures, which must be acknowledged in the agreement. |
| Signatures | Both parties must sign the agreement for it to be legally binding. |
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