District of Columbia Contract for the Sale and Purchase of Real Estate - No Broker - Residential Lot or Land

• Category: Real Estate - Contracts - Land or Lots
• State: Multi-State
• Control #: US-00472B
• Format: Word; Rich Text

Description

This form should be used for the sale of a residential lot or land. The District of Columbia Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land is a legal document that outlines the terms and conditions for the sale and purchase of a residential lot or land in the District of Columbia. This contract is specifically designed for transactions where no real estate broker is involved. The contract covers various essential aspects related to the sale and purchase of the real estate. It typically includes details about the parties involved, such as the buyer and seller, their addresses, and contact information. Additionally, it outlines the legal description of the property being sold, including lot number, block number, and any other unique identifiers. The contract also specifies the purchase price agreed upon by the buyer and seller, along with the payment terms, such as the amount and frequency of any down payment, and the schedule for any future payments. It may also discuss the option for the buyer to obtain financing for the transaction and the consequences if the buyer fails to secure financing within a specified period. Further, the contract addresses contingencies that may affect the sale, such as the buyer's ability to obtain necessary permits or approvals within a certain timeframe, or any required inspections on the property. It may also include provisions for the buyer to conduct environmental assessments or surveys. Moreover, the contract outlines the responsibilities regarding the title to the property. It usually states that the seller must provide clear and marketable title at the closing, free from any liens, encumbrances, or claims. The contract may also require the seller to provide a title insurance commitment or policy to protect the buyer's interest. The contract also includes provisions for tax prorations, which determine how property taxes will be allocated between the buyer and seller. It may specify that the buyer shall be responsible for paying any outstanding property taxes beyond the closing date. In terms of closing procedures, the contract outlines the procedures and timeframe for the closing, including the location of the closing and the distribution of funds. It may also address any penalties or remedies for breach of contract by either party. Variations of the District of Columbia Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land may exist based on individual preferences or specific circumstances. However, the fundamental elements discussed above would generally be included in any version of the contract.

The District of Columbia Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land is a legal document that outlines the terms and conditions for the sale and purchase of a residential lot or land in the District of Columbia. This contract is specifically designed for transactions where no real estate broker is involved. The contract covers various essential aspects related to the sale and purchase of the real estate. It typically includes details about the parties involved, such as the buyer and seller, their addresses, and contact information. Additionally, it outlines the legal description of the property being sold, including lot number, block number, and any other unique identifiers. The contract also specifies the purchase price agreed upon by the buyer and seller, along with the payment terms, such as the amount and frequency of any down payment, and the schedule for any future payments. It may also discuss the option for the buyer to obtain financing for the transaction and the consequences if the buyer fails to secure financing within a specified period. Further, the contract addresses contingencies that may affect the sale, such as the buyer's ability to obtain necessary permits or approvals within a certain timeframe, or any required inspections on the property. It may also include provisions for the buyer to conduct environmental assessments or surveys. Moreover, the contract outlines the responsibilities regarding the title to the property. It usually states that the seller must provide clear and marketable title at the closing, free from any liens, encumbrances, or claims. The contract may also require the seller to provide a title insurance commitment or policy to protect the buyer's interest. The contract also includes provisions for tax prorations, which determine how property taxes will be allocated between the buyer and seller. It may specify that the buyer shall be responsible for paying any outstanding property taxes beyond the closing date. In terms of closing procedures, the contract outlines the procedures and timeframe for the closing, including the location of the closing and the distribution of funds. It may also address any penalties or remedies for breach of contract by either party. Variations of the District of Columbia Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land may exist based on individual preferences or specific circumstances. However, the fundamental elements discussed above would generally be included in any version of the contract.