A Utah land contract binds the terms surrounding a purchase and sale agreement between two parties involved in a vacant land transaction, either for residential- or commercial-use land/lots. The contract stipulates financial provisions applicable to the real estate transfer as well as any diligence periods to be had prior to closing. From the agreed-upon purchase price to any installment plans, the parties must negotiate until reaching a mutual accord– at which point they shall sign and execute the contract. At closing, the seller must sign over the deed to the new owner and receive any monetary funds due at signing.
Seller’s Property Condition Disclosure (Land) – Sellers may opt to disclose any known material defects of the property that would otherwise be undiscoverable through reasonable inspections carried out by ordinary, prudent buyers.
Where to Record? (UT Code § 57-3-101) – All deeds are to be filed and recorded with the County Recorder’s Office where the real estate is located, along with a Water Rights Addenda if the deed was signed after July 1, 2011. (See County Website Directory).
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Other Versions (1)
Utah Assoc. of REALTORS Version (Vacant Land)
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Related Forms
Utah Residential Property Purchase Agreement
Download: Adobe PDF, MS Word, OpenDocument
Utah Commercial Property Purchase Agreement
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