Buy/Sell Traditional Financing

This package includes the following documents:

• Residential Purchase Agreement (buyer-friendly)
• Residential Sales Agreement (seller-friendly)
• Seller's Disclosure Statement
• Bill of Sale
• Lead-Paint Disclosure Form
• EPA Lead-Paint Brochure

This packet is used by:

The Buy/Sell Traditional Financing Package includes the documents needed either to buy or sell using traditional financing.  The buy/sell agreement is different depending on which side of the transaction you are on, so choose the one that fits you.  The rest of the documents are used in the transaction, whichever side of the table you are sitting on.

The Documents

Residential Purchase Agreement (Buyer) / Residential Sales Agreement (Seller)

The Residential Purchase Agreement is a buyer-friendly purchase agreement and establishes the rights of both the Buyer and the Seller.  The Residential Sales agreement is seller-friendly and establishes the rights of the Buyer and Seller.  The contract should be completed with care and every space requireing information should be filled in completely or with the insertion of the symbol 'n/a' meaning 'not applicable."  Once the required information in the document is inserted and the agreement is signed by both parties, it cannot be changed by either the Buyer or the Seller without the written consent of both parties.  Both parties should have a copy of the completed agreement.

Seller's Disclosure Statement

The Seller's Disclosure Statement is the document used to disclose defects and problems with the property.  If you are the Seller, fill it out completely and give it to the Buyer.  If you are the Buyer, give this to your Seller and ask for it to be completed and returned.  As a Buyer you do not want to be surprised after close when you find a very expensive repair on your hands that you did not know about.  As a Seller, you do not want the Buyer to come back after close and challenge the transaction and request a reduction in purchase price for lack of disclosure.

Bill of Sale

The Bill of Sale is the docuemnt that transfers interest in personal property (as opposed to real property) from the Seller to the Buyer.  The personal property that is identified in Exhibit A to the Purchase Agreement or Sales Agreement should be the property identified on the Bill of Sale.  Only the grantor, meaning the Seller of the property, needs to sign the document, but it should be notarized.

Lead-Paint Disclosure Form

Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can pose health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women. Before selling pre-1978 housing, Sellers must disclose the presence of known lead-based paint and/or lead-based paint hazards in the dwelling. An approved form has been provided in this package. The information should be carefully filled out and the Buyer provided a copy. Keep a copy for your records.

EPA Lead-Paint Brochure

In addition to the Lead-Paint Disclosure Form, owners of dwellings built before 1978 must also provide the Buyer with a federally approved pamphlet on lead poisoning prevention. This Brochure is included in this packet.

Instructions and Tips

In addition to the Lead-Paint Disclosure Form, Seller's of dwellings built before 1978 must also provide the Buyer with a federally approved pamphlet on lead poisoning prevention. This Brochure is included in this packet.