The Idaho residential purchase and sale agreement is used in the home buying process to specify the terms by which a buyer and seller agree to transfer ownership of residential property. The document is first completed by the buyer to convey their purchase offer to the seller. This proposal is irrevocable and remains in effect until the stated expiration date.
If the seller accepts the suggested sales price, closing date, inspection procedures, earnest deposit amount, and other conditions of sale, they may sign and initial the form to create a legally binding agreement. Alternatively, the seller can renegotiate the terms with a counteroffer or reject the offer entirely.
RE-21 Real Estate Purchase and Sale Agreement – This residential purchase and sale agreement is an official real estate contract designed strictly for use by members of the Idaho Association of REALTORS®.
Lead-Based Paint – Many older residential properties (those built before 1978) contain lead-based paint. When these properties are sold, the buyer must receive an EPA-approved disclosure discussing how to identify and control the hazardous material. Buyers must also receive a disclosure revealing the seller’s knowledge of lead paint on the property.
Property Disclosure Statement (§ 55-2504) – Sellers of property consisting of one (1) to four (4) dwelling units are required to fill out a disclosure statement informing the buyer of issues affecting the property. The disclosure must contain specific statutory language (see § 55-2508) and be delivered to the buyer within ten (10) days after an offer is accepted.