Idaho Re-21 Real Estate Purchase And Sale Agreement

A purchase and sale agreement in Idaho is a legal document drawn up by two parties involved in a residential real estate transaction. The person who sells the property (seller) and the person interested in purchasing the property (buyer) negotiate a price and negotiate with the help of agents/brokers the terms to be included in the purchase and sale contract. In addition to the price of the property, the terms of the contract include financing, property, inspections, investigations, rights, closing information and other important conditions. After signing, the agreement establishes a legally binding contract between the two parties and establishes a timetable for the transaction that will allow the entire process to proceed smoothly. Before the contract is signed, the seller is legally required to provide certain information relating to the protection of potential buyers. Lead-Based Paint Disclosure – It is possible that the case built before 1978 contains lead paint; It is therefore imperative that the seller of such an apartment provide this disclosure form to any potential buyer. Seller`s Property Disclosure Form (No. 55-2508) – The Idaho Statutes contain the exact language that should contain a disclosure statement, so that the seller can inform a potential buyer of any material defects in the property. Although the seller is not required to provide this specific standard form, he must submit some kind of disclosure statement to potential buyers. This disclosure form (attached above) was provided by the Idaho Real Doors Association and contains sections on hardware errors, electrical appliances, heating, cooling, water and sanitation systems, hazardous conditions and other relevant information.

Please signup or login to answer this question.