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Montana Residential Real Estate Purchase and Sale Agreement

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Montana Residential Real Estate Purchase and Sale Agreement

Updated October 05, 2023

A Montana residential real estate purchase and sale agreement is a document used to present an offer for a piece of real estate and is executed by two (2) parties: a buyer and a seller. Once filled out, the form will describe all of the terms of the offer, such as the amount offered, the buyer’s financing methods, and the date on which it will expire if it is not accepted. The seller has the right to refuse and negotiate an offer up until the point it expires. The written agreement becomes legally binding as soon as both parties have signed it.

Table of Contents

Buyer Beware

Montana is a “buyer beware” state, which means that the buyer assumes total responsibility for a property once they have purchased it. However, when the property is being sold by an agent, the agent is required to disclose any “adverse facts” to the buyer. (§ 37-51-313)

Disclosures (4)

Agency Disclosure Form (§ 37-51-313(3)(a)) – Requires the listing agent to “adverse material facts” on the property. This can be done by using the Seller’s Property Disclosure Statement. An “adverse material fact” is defined under § 37-51-102(1)(a).

Lead-Based Paint Disclosure – All states require that owners of property constructed before 1978 must provide buyers with a statement describing the presence of lead-based paint (or lack thereof).

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Seller’s Property Disclosure Statement – Although it is not required, the seller of a piece of real estate may provide the buyer with a statement that describes the condition of the property.

Statement of Mold Disclosure (§ 70-16-703) – The following must be included in a purchase agreement:

MOLD DISCLOSURE: There are many types of mold. Inhabitable properties are not, and cannot be, constructed to exclude mold. Moisture is one of the most significant factors contributing to mold growth. Information about controlling mold growth may be available from your county extension agent or health department. Certain strains of mold may cause damage to property and may adversely affect the health of susceptible persons, including allergic reactions that may include skin, eye, nose, and throat irritation. Certain strains of mold may cause infections, particularly in individuals with suppressed immune systems. Some experts contend that certain strains of mold may cause serious and even life-threatening diseases. However, experts do not agree about the nature and extent of the health problems caused by mold or about the level of mold exposure that may cause health problems. The Centers for Disease Control and Prevention is studying the link between mold and serious health conditions. The seller, landlord, seller’s agent, buyer’s agent, or property manager cannot and does not represent or warrant the absence of mold. It is the buyer’s or tenant’s obligation to determine whether a mold problem is present. To do so, the buyer or tenant should hire a qualified inspector and make any contract to purchase, rent, or lease contingent upon the results of that inspection. A seller, landlord, seller’s agent, buyer’s agent, or property manager who provides this mold disclosure statement, provides for the disclosure of any prior testing and any subsequent mitigation or treatment for mold, and discloses any knowledge of mold is not liable in any action based on the presence of or propensity for mold in a building that is subject to any contract to purchase, rent, or lease.”

Commercial Property

Commercial Purchase AgreementUse this agreement between a purchaser and seller to buy commercial property.

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