Structure
The Nevada Real Estate Purchase Agreement form serves as a crucial document in the process of buying or selling property within the state. This comprehensive agreement outlines the terms and conditions agreed upon by both the buyer and the seller, ensuring that each party understands their rights and responsibilities throughout the transaction. Key aspects of the form include the purchase price, financing details, and earnest money deposit, which demonstrates the buyer's commitment to the purchase. Additionally, the agreement addresses contingencies, such as home inspections and appraisals, which can affect the sale's progression. It also specifies the closing date and any necessary disclosures related to the property, providing transparency and protecting both parties involved. By clearly delineating these elements, the Nevada Real Estate Purchase Agreement fosters a smoother transaction process, minimizing potential disputes and enhancing the overall experience for everyone involved.
Nevada Real Estate Purchase Agreement Sample
Nevada Real Estate Purchase Agreement
This Real Estate Purchase Agreement (“Agreement”) is made on this ____ day of __________, 20__, by and among the undersigned Seller(s) _______________________________ (“Seller”), and Buyer(s) ______________________________________ (“Buyer”). The Seller agrees to sell and the Buyer agrees to buy the property described herein under the terms and conditions stated below.
The property subject to this Agreement (“Property”) is located at:
________________________________________________________________________
(Street Address, City, County, State, Zip Code)
Legal Description:
________________________________________________________________________1. Purchase Price and Terms
- The total purchase price for the Property is $_______________ (“Purchase Price”).
- Initial deposit of $______________ to be held in escrow within __________ (__) days after effective date of this Agreement.
- Balance of the Purchase Price to be paid at closing in the form of a cashier’s check, wired funds, or other immediately available funds.
2. Financing
This Agreement is ☐ contingent upon Buyer obtaining financing ☐ not contingent upon financing. If financing is sought, the type of financing will be: ___________________________________________________.
3. Closing and Possession
Closing shall take place on or before _______________, 20__, at which time possession of the Property shall be transferred to Buyer.
4. Disclosures
Seller discloses the following about the listed Property:
- Any known material defects are disclosed in the attached Seller’s Disclosure Statement.
- The Property is ☐ is not located within a Nevada State-designated flood hazard area.
5. Real Estate Taxes and Assessments
Pro-rated taxes and assessments up to the date of closing will be paid by Seller. All future taxes and assessments will be the responsibility of Buyer.
6. Governing Law
This Agreement shall be governed by and interpreted in accordance with the laws of the State of Nevada. All parties consent to the exclusive jurisdiction and venue in the state and federal courts in Nevada.
7. Signatures
This Agreement shall be effective when signed by both parties.
SELLER: ___________________________________________ DATE: _______________
BUYER: ____________________________________________ DATE: _______________
Document Data
| Fact Name | Description |
|---|---|
| Governing Law | The Nevada Real Estate Purchase Agreement is governed by the laws of the State of Nevada, particularly under NRS Chapter 645. |
| Standardization | This form is standardized to ensure consistency in real estate transactions across the state, promoting clarity for both buyers and sellers. |
| Disclosure Requirements | The agreement mandates specific disclosures, including property condition and any known defects, to protect buyers and ensure informed decisions. |
| Contingencies | Common contingencies included in the agreement may involve financing, inspections, and appraisal, allowing buyers to secure their interests before finalizing the sale. |
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