The Montana residential real estate purchase agreement (“general residential sales contract”) outlines the terms of a residential property deal between a buyer and a seller. The agreement specifies the amount to be paid to the seller, financing information from the buyer, and the closing date of the transaction.
Required Seller Disclosures in Montana
Residential real estate purchase agreements typically contain promises and provisions guaranteeing a property’s condition, safety, and/or value. In most states, sellers are required to provide a purchase agreement along with documentation that guarantees the property’s condition. However, Montana law sets the responsibility on the buyer for determining if there are any issues with the property. This is known as:
Buyer beware/Caveat emptor. Montana law does not require the seller to make any property guarantees unless they know of an issue that could affect the buyer’s health or safety. However, if the property is being sold by an agent, the agent is required to disclose any adverse facts to a buyer. (§ 37-51-313)
Required disclosures for real estate agents. Even if sellers are not required to make a distinct disclosure, their real estate agent might be. Montana law requires sellers’ agents to disclose material and other relevant information about the property’s conditions that they know of. This includes issues like structural integrity, health risks, and infestations. Real estate agents are also required to disclose if they have personal knowledge regarding the truthfulness of disclosures made about adverse material facts. Sellers’ agents are not required to verify information given by the seller or inspect the property.