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.
Required Seller Disclosures in Idaho
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In Idaho, you will also need to complete the following paperwork in addition to the purchase agreement:
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. (§ 55-2508)