A residential purchase contract means a deal signed between two parties where the owner of a residential property sells the property to someone who pays an amount for getting its full rights. The contract may have a number of terms and conditions related to the purchase of the house by the new owner besides various legal points which must be noted.

Sample Residential Purchase Contract

This residential purchase contract is entered on July 15, 2011 by and between the following parties:

SELLER DETAILS

Name: Roy Mac

Address: 82 West Lane, South Avenue, New Jersey

Phone number: 2019202819

BUYER DETAILS

Name: Jared Tyler

Address: 21 Corecube, South Square New Jersey

Phone number: 20183819283

PROPERTY DETAILS

Address: 232 East Lornlane, New Jersey

Purchase price: $50,000

TERMS AND CONDITIONS

  • The seller hereby agrees to sell and the buyer agrees to buy the residential property with all the improvements and fixtures collectively called the premises.
  • The buyer shall pay the seller a sum of $50,000 for the premises through five instalments of $10,000 each, and shall be regarded as the new owner of the house by getting all the rights of the property.
  • The buyer shall have to pay the necessary taxes to be imposed on the premises.
  • The seller shall deliver possession, occupancy and access to keys to the buyer.
  • The seller shall provide to the buyer a 3-year insurance claims history regarding the property.

The undersigned understand and agree to the terms and conditions mentioned above.

Signature: Roy Mac

Signature: Jared Tyler

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