The North Dakota residential real estate purchase agreement (“residential real estate purchase contract”) is a contract that is used when placing an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer’s offer to acquire the property.
Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer. Should both parties come to an agreement on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.
Required Seller Disclosures in North Dakota
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose explicit information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In North Dakota, sellers are required to complete a real estate purchase agreement and the following disclosure statement in order for it to be considered legally binding:
Seller’s Property Disclosure Statement. North Dakota law requires a written property disclosure for the purchase of real property if a broker or salesperson who is associated with a real estate brokerage firm represents or assists a party to the transaction and the real property is an owner-occupied primary residence located in North Dakota being sold or exchanged by the owner. The disclosure must include all material facts of which the seller is aware could adversely and significantly affect an ordinary buyer’s use and enjoyment of the property or any intended use of the property of which the seller is aware. (§ 47-10-02.1)