Purchase & Sale Agreement (Residential)

PURCHASE AND SALE AGREEMENT
This Purchase and Sale Agreement ("Agreement") is entered into as of [Date], by and between [Buyer Name], a [Single/Married] individual residing at [Buyer Address], [City], [State] [Zip] ("Buyer"), and [Seller Name], a [Single/Married] individual residing at [Seller Address], [City], [State] [Zip] ("Seller").
WHEREAS, Seller owns or has the power to convey the property described herein, and Buyer desires to purchase said property on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. PROPERTY DESCRIPTION
Seller agrees to sell and Buyer agrees to purchase the real property commonly known as [Property Address], [City], [State] [Zip], and more particularly described as follows:
Legal Description: [Legal Description]
Parcel Number/APN: [Parcel Number]
(hereinafter referred to as the "Property").
2. PURCHASE PRICE AND PAYMENT
The total purchase price for the Property shall be [Purchase Price] dollars ($[Purchase Price]). Buyer agrees to pay the purchase price as follows:
(a) Earnest Money Deposit: $[Earnest Money] (as hereinafter defined)
(b) Additional Funds at Closing: $[Remaining Amount] (or such amount as may be required by the terms of this Agreement)
(c) Method of Financing: [Cash/Loan Assumption/New Loan] in the amount of $[Loan Amount]
(d) Source of Funds: Buyer represents that Buyer has or will have available funds sufficient to complete this purchase.
3. EARNEST MONEY DEPOSIT
Buyer shall deposit with [Title Company/Escrow Agent] ("Escrow Agent") earnest money in the sum of $[Earnest Money] within three (3) business days of the Effective Date of this Agreement. The earnest money shall be held by Escrow Agent in accordance with the terms of this Agreement. The earnest money deposit shall be applied toward the purchase price at closing. If Buyer fails to deposit the earnest money as required, Seller may terminate this Agreement and retain all rights.
Earnest money shall be forfeited by Buyer to Seller as liquidated damages (not as a penalty) if Buyer defaults under this Agreement after expiration of all contingency periods. If Seller defaults, earnest money shall be returned to Buyer in full.

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