Updated May 20, 2022
A North Dakota residential real estate purchase and sale agreement facilitates the purchase of a piece of real estate. On the agreement form, the buyer will present a monetary offer to purchase the property, including the terms of their offer and any deposit that they are prepared to make. Furthermore, the buyer must specify how they will be financing the purchase if their offer is accepted. Up until the date that the buyer’s offer closes, the seller may choose to accept the offer, negotiate, or refuse it. If both parties are in agreement and sign the document, the sale will be finalized and thus, legally binding.
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Required Disclosures
Lead-Based Paint Disclosure – Federal law requires that an individual who is purchasing a residence constructed before the year 1978 must be given a statement that details the use of any lead-based paint on the property.
Seller’s Property Disclosure Statement (§ 47-10-02.1) – A disclosure statement must be provided by the seller to the buyer before an agreement is authorized. In most cases, when a seller places the property for sale this disclosure should be completed and handed out to prospective buyers before the time of an offer.
Commercial Property
Commercial Purchase Agreement – Use this document between a purchaser and seller to buy commercial property.
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