California Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement
What this document covers
This form is a Contract for Sale and Purchase of Real Estate with No Broker, specifically designed for residential home sales in California. It provides a comprehensive agreement between the buyer and seller without involving a real estate broker. This contract outlines the essential terms of the real estate transaction, making it easier for individuals to navigate the home selling process legally and efficiently.
Key parts of this document
- Identification of the parties involved in the sale.
- Description of the property being sold, including fixtures and appliances included in the sale.
- Financing terms, including cash sales or loan assumptions.
- Disclosure requirements, including natural hazards and lead-based paint.
- Closing procedures and responsibilities of both parties.
- Conditions for default and legal remedies available to both parties.
When to use this document
This form should be used when a residential property is being sold in California without the involvement of a real estate broker. It is suitable for cash transactions, as well as for buyers assuming a loan or acquiring a new loan. Use this contract to ensure both the seller and buyer understand their rights and obligations associated with the property transfer.
Who should use this form
The following parties should consider using this form:
- Homeowners looking to sell their residential property without a broker.
- Buyers interested in purchasing a home without broker involvement.
- Individuals or entities engaged in private real estate transactions in California.
Completing this form step by step
- Identify the parties involved in the transaction (buyer and seller).
- Clearly describe the property being sold, listing any included fixtures and appliances.
- Specify financing details if applicable, indicating whether it is a cash sale or involves loan assumptions.
- Complete the necessary disclosure sections to inform the buyer of any hazards or obligations.
- Both parties should review and sign the contract to finalize the agreement.
Notarization guidance
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Avoid these common issues
- Failing to include necessary disclosures, such as lead-paint information or property hazards.
- Not accurately describing the property and its inclusions/exclusions.
- Ignoring financing details, which can lead to confusion during the closing.
- Overlooking signatures or dates, which can render the contract unenforceable.
Advantages of online completion
- Convenience of downloading and completing the form at your own pace.
- Access to professionally drafted templates that ensure legal validity.
- Editability to tailor the form to specific agreement needs without hassle.
- Immediate availability without waiting for physical delivery.
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FAQ
In some cases, a buyer may try to back out of the contract for reasons clearly not allowed.In California, non-refundable deposits offered as earnest money are typically not valid, but the contract typically describes the seller's retention of the deposit as liquidated damages to enforce this policy.
Does a Real Estate Purchase Agreement have to be notarized in order to be valid? No, this document does not have to be signed by a notary public since it does not get filed with the County Recorder's Office.
A real estate deal can take a turn for the worst if the contract is not carefully written to include all the legal stipulations for both the buyer and seller.You can write your own real estate purchase agreement without paying any money as long as you include certain specifics about your home.
Many states, like California, grant consumers a statutory "cooling off" period, typically three to five days, during which a consumer can cancel a contract for any reason by sending the seller a written cancellation notice.
Can you back out of an accepted offer? The short answer: yes. When you sign a purchase agreement for real estate, you're legally bound to the contract terms, and you'll give the seller an upfront deposit called earnest money.
The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.
Who Prepares The Real Estate Purchase Agreement? Typically, the buyer's agent writes up the purchase agreement. However, unless they are legally licensed to practice law, real estate agents generally can't create their own legal contracts.
Step 1: Apply For A Mortgage. Step 2: Research The Neighborhood. Step 3: Find A Property. Step 4: Ask For A Seller's Disclosure. Step 5: Make An Offer. Step 6: Hire A Lawyer And Home Inspector. Step 7: Negotiate. Step 8: Finalize Home Financing And Closing.
The purchase agreement only serves as a written record of a contractual relationship between the seller and the buyer and does not actually transfer the title or ownership of the property from the seller to the buyer.