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Real Estate Sale Contracts
In the typical U.S. home sale and purchase, the buyer and seller will sign a written contract of sale containing various conditions, promises and representations. Many general common law contract rules will come into play, including rules of offer and acceptance, the statute of frauds, interpretation and application of conditions, defenses including misrepresentation, and remedies including specific performance. The home sale contract will typically be concluded at a closing, when the buyer pays the purchase price and the seller delivers title and possession, assuming all contract conditions are met or waived. Under the common law doctrine of merger, once a deed is delivered the seller's obligations to the buyer are determined only by the deed, which in effect supersedes the sale contract.
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