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:
Name: Roy Mac
Address: 82 West Lane, South Avenue, New Jersey
Phone number: 2019202819
Name: Jared Tyler
Address: 21 Corecube, South Square New Jersey
Phone number: 20183819283
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