The Utah residential real estate purchase agreement (“residential real estate purchase contract”) is an agreement that 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 agree on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.
Do Sellers in Utah Have to Disclose Property Defects?
Utah does not 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 Utah
Although with any material defects with the property, sellers in Utah will also need to provide the following:
- Seller’s Property Condition Disclosure Form. For a sale to close properly in Utah, the seller must, disclose certain conditions about the home to the prospective buyer.
- 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.