Updated April 18, 2024
A Utah residential purchase and sale agreement is a contract used when a buyer makes an offer to purchase real estate from a willing seller. The offer shall include the buyer’s desired purchase price, any personal items belonging to the owner that the buyer wishes to remain on the premises (e.g., light fixtures, stove, fridge), the closing date, and other conditions they require.
The seller may, before the expiration of the offer, either accept the proposal or submit a counter-offer to adjust the terms. If both the seller and buyer agree to the conditions, they can sign the document to create a binding contract.
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Buyer Beware
There are no laws in Utah that explicitly require homeowners to inform buyers of material defects to their property unless the property has been contaminated due to the storage, manufacturing, or use of methamphetamine.[1] Consequently, buyers should be cautious of any seller who does not provide them with a condition report during the buying process. However, when a licensed real estate agent sells a home, the agent will need to advise the buyer of any known material defects.
Division of Real Estate Version
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Disclosures (3)
Buyer’s Due Diligence Checklist – Specifies the ways in which a buyer should inspect the property before purchasing. If a licensed agent sells a home, the agent may require the buyer to complete a checklist regarding the condition of the sale.
Lead-Based Paint Disclosure – Informs buyers of whether or not a property is known to contain lead paint. Use of this disclosure is only necessary if the residence was built before 1978.
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Seller’s Property Condition Disclosure – Licensed agents must disclosure buyers of any known material defects.[2]
Addendums (3)
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Commercial Property
Commercial Purchase Agreement – This document can be used to purchase or sell commercial property.
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