Real Estate Purchase Agreement

Table of Contents

1. Introduction
2. Setting Up the Real Estate Purchase Agreement Task
   • Agreement Configuration
     • Buyer Name
     • Buyer Address
     • Buyer Phone Number
     • Buyer Email
     • Seller Name
     • Seller Address
     • Seller Phone Number
     • Seller Email
     • Property Address
     • Legal Description
     • Parcel Number
     • Property Type
     • Total Purchase Price
     • Earnest Money Deposit
     • Deposit Due Date
     • Loan Amount
     • Loan Type
     • Interest Rate
     • Financing Deadline
     • Down Payment
     • Closing Balance
     • Closing Location
     • Title Company
     • Title Insurance
     • Inspection Period
     • Termination Right
     • Financing Approval Period
     • Appraisal Deadline
     • Property Taxes
     • Possession Date
     • Occupancy
     • Amendments
     • Closing Date
     • Buyer Purchase Type
     • Earnest Deposit Handling
     • Title and Escrow
   • Email and AI Configuration
     • Email Address for Delivery
     • Choose Preferred Language
3. Using the Real Estate Purchase Agreement Task
4. Support & Troubleshooting

 

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Introduction

The Real Estate Purchase Agreement task in FlyTask allows users to automate the drafting of comprehensive real estate agreements. By entering necessary details, FlyTask generates an agreement that covers all transaction elements and delivers it to the provided email.

 

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Setting Up the Real Estate Purchase Agreement Task

Agreement Configuration

Buyer Name

• Name of the individual or entity purchasing the property.
• Example: John Doe

Buyer Address

• Location details of the buyer.
• Example: 45 Oak Street, London, EC1A 1AA, United Kingdom

Buyer Phone Number

• Contact number for the buyer.
• Example: +44 7890 123456

Buyer Email

• Email address for the buyer.
• Example: john.doe@email.com

Seller Name

• Name of the individual or entity selling the property.
• Example: Sarah Johnson

Seller Address

• Location details of the seller.
• Example: 22 Elm Street, Birmingham, B12 0NP, United Kingdom

Seller Phone Number

• Contact number for the seller.
• Example: +44 7890 123456

Seller Email

• Email address for the seller.
• Example: sarah.johnson@freelancemail.com

Property Address

• Address of the property being purchased.
• Example: 12 Maple Avenue, Manchester, M14 5TP, United Kingdom

Legal Description

• Official legal details identifying the property.
• Example: Lot 25, Block 3, Maple Estate, Manchester

Parcel Number

• Unique ID assigned to the property.
• Example: PN-123456789

Property Type

• Classification of the property (e.g., residential, commercial).
• Example: Residential

Total Purchase Price

• Full agreed cost for the property.
• Example: £350,000

Earnest Money Deposit

• Initial amount paid to secure the property.
• Example: £10,000

Deposit Due Date {#deposit-due-date}

• Date when the earnest deposit is due.

Loan Amount

• Total amount being borrowed for the purchase.
• Example: £300,000

Loan Type

• Nature of the loan (e.g., fixed-rate, adjustable-rate).
• Example: Fixed-rate

Interest Rate

• Percentage charged on the loan amount.
• Example: 3.5%

Financing Deadline

• Date by which financing must be secured.

Down Payment

• Initial amount paid towards the property purchase.
• Example: £50,000

Closing Balance

• Remaining amount due at closing.
• Example: £290,000

Closing Location

• Location of the final transaction and ownership transfer.
• Example: ABC Title Company

Title Company

• Organisation managing the title and closing.
• Example: ABC Title Company

Title Insurance

• Coverage protecting against title defects.
• Example: Covers claims related to ownership disputes

Inspection Period

• Timeframe for assessing property condition before finalising.
• Example: 10 days

Termination Right

• Conditions allowing cancellation of the agreement.
• Example: Either party may terminate if inspection issues are unresolved

Financing Approval Period

• Timeframe for securing loan approval.
• Example: 15 days

Appraisal Deadline

• Date by which the property appraisal must be completed.

Property Taxes

• Tax obligations associated with the property.
• Example: Buyer responsible for taxes post-closing

Possession Date

• Date buyer takes ownership of the property.

Occupancy

• Terms specifying when the property can be occupied.
• Example: Occupancy begins immediately upon closing

Amendments

• Terms for modifications to the agreement.
• Example: All changes must be signed by both parties

Closing Date

• Final date for property purchase completion.

Buyer Purchase Type

• Nature of the purchase (e.g., cash, mortgage).
• Example: Mortgage

Earnest Deposit Handling

• How the earnest deposit is managed and held.
• Example: Held in escrow by title company

Title and Escrow

• Details on title and escrow arrangements.
• Example: Title managed by ABC Title Company

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Email and AI Configuration

Email Address for Delivery

• Email to which the agreement will be sent.
• Example: support@flytask.com

Choose Preferred Language

• Select the preferred language for the agreement.
• Default: en-GB

 

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Using the Real Estate Purchase Agreement Task

After entering all necessary information, follow these steps to finalise and execute the task:

1. Review All Inputs: Confirm each entry, especially property details, financing terms, and contract specifics, as they will directly impact the accuracy of the final agreement.

2. Submit the Form: After verifying details, submit the form to store your entries for processing.

3. Execute the Task: Click “Execute” to start generating the Real Estate Purchase Agreement. FlyTask’s AI will use your inputs to draft a customised contract, covering all specified terms and responsibilities.

4. Receive and Review the Agreement: The completed agreement will be sent to your specified email. Review the document thoroughly to ensure it aligns with the intended terms before proceeding with the transaction.

 

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Support & Troubleshooting

For any questions or issues, please reach out to our support team at support@flytask.com. We’re here to assist with any setup or troubleshooting needs.