Lead-based Color Disclosure – A federal law requiring the owner of real estate built before 1978 to determine whether bursting, flaking, or color deterioration occurred on the site. Since paint particles are dangerous to a person`s health, this is a necessary disclosure that must be attached to any sales contract. If the buyer or seller does not violate or comply with the sales contract, it cannot be terminated unless the buyer and seller agree. Most sales contracts are terminated for the following reasons: This contract can be used for any purchase or sale of real estate as long as the construction of the house is completed before the date of conclusion of the contract. Buying or selling real estate is always a big decision. That`s why you should take the time to carefully review our model real estate purchase agreement. To help you digest it better, here are some more delicate terms, divided into simple English: Property Description – This is the space in which you insert everything that accompanies the real estate sale. In a contract for the purchase of real estate, a standard description of the object is roughly as follows: “All faucets and heaters and heaters, sanitary and bathroom faucets, doors, windows, installation appliances, curtains, blinds, fences, outdoor installations and other fixed objects on the site.” Earnest Money – Also known as a bona foil deposit, serious money is how the buyer tells the seller, “Look here, I`m mortally serious about buying your property. Actually, let me show you the money. Since there is often no fixed rule on the amount of serious money, it can vary greatly from a dollar to thousands of dollars. It is normally kept in the fiduciary account of a real estate agent until the property changes ownership.
Once the deal is done, this serious money is often rolled forward to pay the down payment or closing costs. Closing costs – Unfortunately, buying or selling real estate is not just about the purchase price. They face a reserve of closing costs, including title fees, registration fees, inspection fees, investigation fees, valuation taxes, property taxes, insurance fees, attorneys` fees and brokerage commissions. While some closing costs are usually paid by a party (for example.B. the buyer who pays an appraisal fee and the seller who pays the title fee), the closing costs are never set in stone. This is fun for real estate and that is why you should always indicate in your real estate purchase contracts who pays what closing fees. Use our real estate purchase agreement to sketch out an offer to purchase real estate and the conditions of sale. Once all the fields mentioned above have been executed, the document becomes a mandatory, legally applicable sales contract. Under Utah law, real estate licensees must use this form to confirm the transaction of their owner`s (seller`s) property to another person (buyer).
. . .