Overview
When buying or selling property in Kansas, a Real Estate Purchase Agreement form is essential. This document outlines the terms and conditions of the transaction, ensuring that both parties are on the same page. It typically includes details like the purchase price, financing arrangements, and any contingencies that may apply, such as inspections or repairs. Additionally, the form addresses important dates, including the closing date, and outlines the responsibilities of both the buyer and seller. By clearly defining these aspects, the agreement helps prevent misunderstandings and provides a framework for a smooth transaction. Whether you're a first-time homebuyer or an experienced investor, understanding this form is crucial for navigating the real estate landscape in Kansas.
Document Sample
This Kansas Real Estate Purchase Agreement ("Agreement") is entered into by and between the buyer(s) ("Buyer"), and the seller(s) ("Seller"), for the purchase and sale of the property described herein. This Agreement is governed by the laws of the State of Kansas, including any specific provisions set forth in the Kansas Real Estate Brokers’ and Salespersons’ License Act and the Kansas Residential Real Property Disclosure Act.
1. Property Details
Property Address: _____________________________________________
Legal Description: ____________________________________________
County: _________________________, State: Kansas
Parcel ID: _________________________
2. Purchase Price and Terms
Sale Price: $_______________________
Initial Deposit: $_________________ payable to _________________ (Escrow Agent).
Balance of the purchase price payable at closing: $______________________.
3. Closing and Possession
The closing date shall be on or before _________________, 20____, at which time possession of the property shall be transferred to the Buyer.
4. Financing
This purchase is ☐ contingent upon Buyer obtaining financing ☐ not contingent upon financing. If contingent, the type of financing: __________________________________.
5. Inspections
Buyer has the right to conduct property inspections within ______ days after the Effective Date of this Agreement.
6. Disclosures
Seller agrees to provide the Buyer with a completed Kansas Residential Real Property Disclosure Statement prior to closing.
7. Conditions Precedent to Closing
Both parties’ obligations under this Agreement are contingent upon the satisfaction of the following conditions:
- Completion of all agreed-upon inspections and repairs.
- Buyer obtaining financing, if applicable.
- Approval of title and survey.
8. Default
In the event of default by either party, the non-defaulting party shall have the right to pursue any remedies available under the law or in equity.
9. Signatures
This Agreement is effective upon the signing by both parties.
Buyer's Signature: __________________________ Date: _____________
Seller's Signature: __________________________ Date: _____________
This document is provided as a sample and is not intended for use without review by a licensed Kansas attorney. Each transaction is unique; thus, seek legal advice to address specific issues or concerns.
Form Features
| Fact Name | Description |
|---|---|
| Purpose | The Kansas Real Estate Purchase Agreement form is used to outline the terms of a real estate transaction between a buyer and a seller. |
| Governing Law | This agreement is governed by the laws of the State of Kansas, specifically under the Kansas Statutes Annotated. |
| Essential Components | Key components of the agreement include the purchase price, property description, and closing date. |
| Contingencies | The form allows for contingencies, such as financing or inspection, which must be satisfied before the sale can proceed. |
| Signatures | Both the buyer and the seller must sign the agreement for it to be legally binding. |
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