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Apartment Sales Contract Template

Apartment Sales Contract Template

  1. Real Estate Purchase Agreement for [Client.State]
    1. Property
    2. Purchase Price
    3. Financing
    4. Title Policy
    5. Objections
    6. Property Inspection
    7. Property Improvements
    8. Condition of Property
    9. Closing
    10. Possession Date
    11. Acceptance of Buyer
    12. Acceptance of Seller

Real Estate Purchase Agreement for [Client.State]

This Purchase Agreement (known as the “Agreement”) is valid as of [Month, Date, Year]. It finalizes the Agreement between:

[Sender.FirstName][Sender.LastName]
(The “Seller”)

And

[Client.FirstName][Client.LastName]
(The “Buyer”)

The Seller intends to sell an apartment building and the Buyer intends to purchase this apartment building.

Under the terms of this Agreement, both the Buyer and Seller (separately referred to as a “Party” and collectively known as the “Parties”) agree to the following:

Property

The apartment building under consideration is located at [Sender.Address] and is described as follows:

Insert Description

This purchase includes any improvements, licenses, permits, or other expenses needed for the Property.

The Seller, having been forthcoming about all known expenses and requirements, agrees to sell the Property to the Buyer. In turn, the Buyer agrees to purchase the Property.

Purchase Price

The net price of purchasing the Property (the “Purchase Price”) is [Insert Dollar Amount]. This includes a downpayment of [Insert Dollar Amount]. This amount will be paid according to the following terms:

  1. The Purchase Price and downpayment will be paid upon the close of the sale.
  2. The Purchase Price does not include any loan funding fee, title insurance, or primary mortgage insurance.
  3. Excluding the following three items, the total Sales Price is [Insert Dollar Amount].

Financing

The down payment will be paid entirely in cash. The total Purchase Price will be paid partially in cash and the remainder will be financed. Excluding the cash down payment, [Enter Dollar Amount] will be paid by a third-party mortgage lender.

The third-party mortgage lender that will be administering the sales agreement is Enter Name of Lender. The interest rate for the financing of the property is [Insert Interest Rate]. This sale agreement does not require FHA or VA financing.

Title Policy

Per the Buyer’s request, the Seller will relinquish an insurance policy (known as the “Policy”) from [Sender.Company]. This policy is the total amount of the Purchase Price and becomes active on the closing date.

The Policy protects the Buyer against indemnification or losses, as outlined under the provisions of the Policy. However, the Policy does include several exceptions, which are outlined in the Policy Agreement.

Objections

After the sale of the Property is complete, the Buyer may express objections if the terms of this sales agreement aren’t fully met. The Buyer may submit these objections in writing within 30 days of closing on the contract.

If the Buyer does not subject a written objection within 30 days of closing the contract, it will be assumed that the Buyer has no such objections. If the Buyer submits a written objection within that timeframe and the Seller does not remedy this objection, it is considered a termination of the contract. The Buyer will then receive a full refund within 30 days.

Property Inspection

The Buyer will be given access to the Property before the sale and may appoint experts to facilitate an inspection of the Property. These experts may include pest control specialists and agents authorized to make property inspections. The Buyer must choose someone who is licensed in the state of [Client.State].

If any defects are found on the Property, the Buyer will notify the Seller within 10 days of receiving the report.

Property Improvements

The seller agrees to make the following improvements to the Property before the final closing date.

These improvements include:

  • Improvement #1
  • Improvement #2
  • Improvement #3
  • Improvement #4

All other improvements that are not included in this contract will be the responsibility of the Buyer.

Condition of Property

Upon the completion of this contract, the Buyer accepts the Property as it is in its current form. The Buyer absolves the Seller of any improvements or renovations going forward.

Closing

The closing date will happen on or prior to [Insert Date]. Outside of legal reasons that delay the closing, a failure to close on the Property enables the non-defaulting Party to pursue the remedies provided in this document. The seller agrees to pay the total closing costs.

The Seller will deliver the warranty deed to the Buyer on the day of the close. The Buyer will complete payment agreement and pay the Purchase Price.

Possession Date

After [Insert Final Closing Date], possession of the apartment property in its current condition will be relinquished to the Buyer. Both Parties agree that by law, the Buyer doesn’t have possession of the property prior to the closing date, and the Seller doesn’t have possession of the property after the closing date.

Acceptance of Buyer

This real estate sales offer is made on [Month, Date, Year]. The Buyer agrees to purchase the real property in its current condition and releases the Seller of further responsibility.

[Client.Company]

Signature

MM / DD / YYYY

[Client.FirstName][Client.LastName]

Acceptance of Seller

This real estate sales offer is made on [Month, Date, Year]. The Seller acknowledges there are no encumbrances prohibiting the sale of the real property.

[Sender.Company]

Signature

MM / DD / YYYY

[Sender.FirstName][Sender.LastName]

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