The Idaho residential real estate purchase agreement (“residential purchase and sale agreement”) is a legal contract used for the sale of a property. An agreement is made between the seller of the property and the potential buyer, and the terms and conditions of this arrangement are detailed in the contract.
Do Sellers in Idaho Have to Disclose Property Defects?
Idaho does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Idaho
Along with any material defects with the property, sellers in Idaho will also need to provide the following:
- Seller’s Property Condition Disclosure Statement. In Idaho, there is exact language that a disclosure statement should contain for the seller to notify a potential buyer of any material defects of the property. Although the seller is not required to provide this specific standard form, they must provide some sort of disclosure statement to prospective buyers.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.