An Idaho residential purchase and sale agreement is a legal document created by two parties involved in a residential property transaction. The individual selling the property (seller) and the individual interested in purchasing the property (buyer) will negotiate a price and, with aid from agents/realtors, will negotiate the terms that are to be included in the purchase and sale agreement. Aside from the price of the property, the agreement’s provisions include financing, property condition, inspections, surveys, rights, closing information, and other important terms and conditions. Before signing the agreement, the seller is required by law (§ 55-2504) to make certain disclosures for the purpose of protecting potential buyers.
Table of Contents
Required Disclosures
Seller’s Property Disclosure Form (§ 55-2508) – Idaho’s statutes provide the exact language that a disclosure statement should contain so the seller may notify a potential buyer of any material defects of the property. Although the seller is not required to provide this specific standard form, they must provide some sort of disclosure statement to prospective buyers. This disclosure form (linked above) has been provided by the Idaho Association of Realtors and includes sections regarding material defects, appliances, electrical, heating, cooling, water, and sewage systems, hazardous conditions, and other pertinent information.
Lead-Based Paint Disclosure – It is possible that housing constructed before 1978 contains lead-based paint; therefore, it is mandatory that the seller of such a dwelling provide this disclosure form to any potential buyer.
Commercial Property
Commercial Purchase Agreement – Between a purchaser and seller to buy commercial property.
Download: Adobe PDF, MS Word, OpenDocument