This template is provided for educational purposes only and is not legal advice. Real estate contracts are governed by state law. Have a licensed attorney in the property's state review and adapt this document before use.
Residential Purchase and Sale Agreement (Cash)
This Purchase and Sale Agreement (the "Agreement") is entered into on ____________ between ____________________ ("Seller") and ____________________ and/or assigns ("Buyer").
Property: ______________________________________________, County of ____________, State of ____________, APN ______________, together with all fixtures and improvements.
Terms
1. Purchase Price
The total purchase price is $____________, payable in cash at closing. This is an all-cash transaction with no financing contingency.
2. Earnest Money
Buyer shall deposit $____________ with the Closing Agent within ______ business days after mutual execution. Earnest money is credited to Buyer at closing.
3. Proof of Funds
Buyer shall provide proof of funds within ______ business days after mutual execution.
4. Inspection Period
Buyer shall have ______ calendar days from the Effective Date to inspect the Property. Buyer may terminate in writing during this period for any reason and receive a full refund of earnest money. After this period, earnest money becomes non-refundable except for Seller default or failure of title.
5. Condition; As-Is
The Property is sold in its present as-is condition. Seller shall make no repairs. Seller shall deliver the Property free of personal property and debris unless otherwise agreed in writing.
6. Title and Closing Costs
Seller shall convey marketable title by general warranty deed, free of liens and encumbrances except those of record accepted by Buyer. Buyer shall pay closing agent fees, title policy premium, and recording fees. Seller shall pay off all mortgages, liens, and delinquent taxes. Property taxes, rents, and assessments are prorated as of the closing date.
7. Occupancy
Possession shall be delivered to Buyer at closing, vacant unless a written post-closing occupancy or lease assignment is attached. If tenant occupied, Seller shall deliver leases, rent roll, and security deposits at closing.
8. Closing
Closing shall occur on or before ____________ at ____________________. Either party may extend closing once by up to ______ calendar days upon written notice.
9. Assignment
Buyer may assign this Agreement in whole or in part without Seller's further consent. Seller acknowledges Buyer may profit on assignment.
10. Default and Remedies
If Buyer defaults, Seller's sole remedy is retention of the earnest money as liquidated damages. If Seller defaults, Buyer may recover earnest money and pursue specific performance.
11. Disclosures
Seller shall provide all disclosures required by state and federal law, including lead-based paint disclosure for homes built before 1978.
12. Governing Law; Entire Agreement
This Agreement is governed by the laws of the State of ____________, contains the entire agreement of the parties, and may be modified only in writing signed by both parties. Electronic signatures and counterparts are binding.
Signatures
SELLER: ____________________________ Printed name: ____________________ Date: __________
BUYER: ____________________________ Printed name: ____________________ Date: __________