The Idaho RE-21 Real Estate Purchase and Sale Agreement, defined as a legally binding contract, outlines the terms under which the buyer agrees to purchase, and the seller agrees to sell, a specified piece of real estate. This detailed document, regulated by the Idaho Association of REALTORS®, Inc., includes provisions for financial terms, property inspections, title insurance, and disclosures, among others, to ensure a transparent and structured transaction process. Before you commit to this significant financial step, ensure you understand each section by consulting professional advice as needed. For a seamless experience in completing the form, click the button below.
In the realm of real estate transactions within Idaho, the RE-21 Real Estate Purchase and Sale Agreement represents a crucial document, outlining the detailed terms and conditions under which property sales are conducted. This legally binding contract, revised in July 2010, encompasses a comprehensive layout beginning with the identification of involved parties and progressing through the detailed terms of the sale, including the financial conditions, earnest money provisions, property descriptions, and closing costs. Noteworthy is its inclusion of clauses related to financial contingencies, such as the buyer obtaining financing and the handling of earnest money, which safeguard both the buyer's and seller's interests. Furthermore, it addresses the responsibilities and instructions regarding inspections, disclosures about hazards like lead paint, and the role of homeowners' associations, alongside other standard and extended coverages. The form also emphasizes the importance of professional advice by urging consultation with legal and accounting specialists before signing, thereby highlighting its comprehensive nature in guiding parties through the complex process of real estate transactions. Designed and distributed by the Idaho Association of REALTORS®, Inc., for use by real estate professionals, the RE-21 form serves as a testament to the meticulous planning and regulatory compliance required in Idaho’s real estate market.
RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT
THIS IS A LEGALLY BINDING CONTRACT, READ THE ENTIRE DOCUMENT, INCLUDING ANY ATTACHMENTS. IF YOU HAVE ANY QUESTIONS, CONSULT YOUR ATTORNEY AND/OR ACCOUNTANT BEFORE SIGNING.
JULY 2017 EDITION
Page 1 of 7
NO WARRANTIES, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF HABITABILITY, AGREEMENTS
OR REPRESENTATIONS NOT EXPRESSLY SET FORTH HEREIN SHALL BE BINDING UPON EITHER PARTY.
1
ID#
DATE
2
LISTING AGENCY
Office Phone #
Fax #
3
Listing Agent
E-Mail
Phone #
4
SELLING AGENCY
5
Selling Agent
6
71. BUYER:
8(Hereinafter called “BUYER”) agrees to purchase, and the undersigned SELLER agrees to sell the following described real estate hereinafter referred to as
9 “PROPERTY” COMMONLY KNOWN AS
10
City
County, ID, Zip
legally described as:
11
12 OR Legal Description Attached as exhibit
(Exhibit must accompany original offer and be signed or initialed by BUYER
13and SELLER.)
14
15 2. $
PURCHASE PRICE:
DOLLARS,
16payable upon the following TERMS AND CONDITIONS (not including closing costs):
17This offer is contingent upon the sale, refinance, and/or closing of any other property ¨ Yes ¨ No
18
193. FINANCIAL TERMS: Note: A+C+D+E must add up to total purchase price.
20
(A). $
EARNEST MONEY: BUYER hereby offers
21DOLLARS as Earnest Money in the following form: ¨cash ¨personal check ¨cashier's check ¨note (due date):
22 ¨other
and ¨receipt is hereby acknowledged OR ¨ BUYER will deliver
23Earnest Money within_________ business days (three [3] if left blank) of acceptance.
24Earnest Money to be deposited in trust account ¨upon receipt or ¨upon acceptance by BUYER and SELLER or ¨other
25
26and shall be held by: ¨Listing Broker ¨Selling Broker ¨ Closing Agency ¨other
27for the benefit of the parties hereto.
28
THE RESPONSIBLE BROKER SHALL BE:
.
29(B). ALL CASH OFFER: ¨NO ¨YES If this is an all cash offer do not complete Sections 3C and 3D, fill blanks with “0” (ZERO). IF CASH
30OFFER, BUYER’S OBLIGATION TO CLOSE SHALL NOT BE SUBJECT TO ANY FINANCIAL CONTINGENCY. BUYER agrees to provide SELLER
31
within
business days (five [5] if left blank) from the date of acceptance of this agreement by all parties written confirmation of sufficient funds and/or
32proceeds necessary to close transaction. Acceptable documentation includes, but is not limited to, a copy of a recent bank or financial statement.
33Cash proceeds from another sale: ¨ Yes ¨ No
34
(C). $
NEW LOAN PROCEEDS: This Agreement is contingent upon BUYER obtaining the following financing:
35
FIRST LOAN of $
not including mortgage insurance, through ¨FHA, ¨VA, ¨CONVENTIONAL, ¨IHFA, ¨RURAL
% for a period of
year(s) at: ¨Fixed Rate ¨Other
36
DEVELOPMENT, oOTHER
with interest not to exceed
37In the event BUYER is unable, after exercising good faith efforts, to obtain the indicated financing, BUYER’s Earnest Money shall be returned to BUYER.
38SECOND LOAN of $ ___________ through ¨FHA, ¨VA, ¨CONVENTIONAL, ¨IHFA, ¨RURAL DEVELOPMENT, oOTHER
39
40LOAN APPLICATION: BUYER ¨has applied OR oshall apply for such loan(s). Within_______ business days (ten [10] if left blank) of final acceptance
41of all parties, BUYER agrees to furnish SELLER with a written confirmation showing lender approval of credit report, income verification, debt
42ratios, and evidence of sufficient funds and/or proceeds necessary to close transaction in a manner acceptable to the SELLER(S) and subject
43only to satisfactory appraisal and final lender underwriting. If an appraisal is required by lender, the PROPERTY must appraise at not less
44than purchase price or BUYER'S Earnest Money shall be returned at BUYER'S request unless SELLER, at SELLER’S sole discretion, agrees to
45reduce the purchase price to meet the appraised value. SELLER shall be entitled to a copy of the appraisal and shall have 24 hours from receipt thereof
46to notify BUYER of any price reduction. BUYER may also apply for a loan with different conditions and costs and close transaction provided all other
47
terms and conditions of this Agreement are fulfilled, and the new loan does not increase the costs or requirements to the SELLER.
FHA / VA: If
48applicable, it is expressly agreed that notwithstanding any other provisions of this contract, BUYER shall not be obligated to complete the purchase of
49the PROPERTY described herein or to incur any penalty or forfeiture of Earnest Money deposits or otherwise unless BUYER has been given in
50accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration or a Direct
51Endorsement lender setting forth the appraised value of the PROPERTY of not less than the sales price as stated in the contract.
52If such written confirmation required in 3(B) or 3(C) is not received by SELLER(S) within the strict time allotted, SELLER(S) may at their option cancel
53
this agreement by notifying BUYER(S) in writing of such cancellation within
business days (three [3] if left blank) after written confirmation was
54required. If SELLER does not cancel within the strict time period specified as set forth herein, SELLER shall be deemed to have accepted such written
55confirmation of lender approval and shall be deemed to have elected to proceed with the transaction. SELLER’S approval shall not be unreasonably
56withheld.
57
58
(D). $
ADDITIONAL FINANCIAL TERMS:
59o Additional financial terms are specified under the heading “OTHER TERMS AND/OR CONDITIONS” (Section 4).
60o Additional financial terms are contained in a FINANCING ADDENDUM of same date, attached hereto, signed by both parties.
61
62
(E). $
APPROXIMATE FUNDS DUE FROM BUYERS AT CLOSING (Not including closing costs): Cash at
63closing to be paid by BUYER at closing in GOOD FUNDS, includes: cash, electronic transfer funds, certified check or cashier's check.
BUYER'S Initials (
)(
) Date
SELLER'S Initials (
This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the
Idaho Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. ©Copyright Idaho Association of REALTORS®, Inc. All rights reserved.
Made Fillable by FreeForms.com
Page 2 of 7
PROPERTY ADDRESS:
ID#:
644. OTHER TERMS AND/OR CONDITIONS: This Agreement is made subject to the following special terms, considerations and/or contingencies which
65must be satisfied prior to closing
66
67
68
69
70
71
72
73
74
75
765. ITEMS INCLUDED & EXCLUDED IN THIS SALE: All existing fixtures and fittings that are attached to the PROPERTY are INCLUDED IN THE
77PURCHASE PRICE (unless excluded below), and shall be transferred free of liens. These include, but are not limited to, all seller-owned attached floor
78coverings, television wall mounts, satellite dish, attached plumbing, bathroom and lighting fixtures, window screens, screen doors, storm doors, storm
79windows, window coverings, garage door opener(s) and transmitter(s), exterior trees, plants or shrubbery, water heating apparatus and fixtures, attached
80fireplace equipment, awnings, ventilating, cooling and heating systems, all ranges, ovens, built-in dishwashers, fuel tanks and irrigation fixtures and
81equipment, that are now on or used in connection with the PROPERTY and shall be included in the sale unless otherwise provided herein. BUYER should
82satisfy himself/herself that the condition of the included items is acceptable. It is agreed that any item included in this section is of nominal value less than $100.
83
84(A). ADDITIONAL ITEMS SPECIFICALLY INCLUDED IN THIS SALE:
85
86
87
88
89(B). ITEMS SPECIFICALLY EXCLUDED IN THIS SALE:
90
91
92
93
946. MINERAL RIGHTS: Any and all mineral rights appurtenant to the PROPERTY are included in and are part of the sale of this PROPERTY, and are not
95leased or encumbered, unless otherwise agreed to by the parties in writing.
96
977. WATER RIGHTS: Any and all water rights including but not limited to water systems, wells, springs, lakes, streams, ponds, rivers, ditches, ditch rights,
98and the like, if any, appurtenant to the PROPERTY are included in and are a part of the sale of this PROPERTY, and are not leased or encumbered, unless
99otherwise agreed to by the parties in writing.
100
1018. TITLE CONVEYANCE: Title of SELLER is to be conveyed by warranty deed, unless otherwise provided, and is to be marketable and insurable except
102for rights reserved in federal patents, state or railroad deeds, building or use restrictions, building and zoning regulations and ordinances of any
103governmental unit, and rights of way and easements established or of record. Liens, encumbrances or defects to be discharged by SELLER may be paid out
104of purchase money at date of closing. No liens, encumbrances or defects which are to be discharged or assumed by BUYER or to which title is taken
105subject to, exist unless otherwise specified in this Agreement.
106
1079. TITLE INSURANCE: There may be types of title insurance coverages available other than those listed below and parties to this agreement
108are advised to talk to a title company about any other coverages available that will give the BUYER additional coverage.
109
110(A). PRELIMINARY TITLE COMMITMENT: Within ___ business days (six [6] if left blank) of final acceptance of all parties
111furnish to BUYER a preliminary commitment of a title insurance policy showing the condition of the title to said PROPERTY. BUYER shall have ___
112business days (two [2] if left blank) after receipt of the preliminary commitment, within which to object in writing to the condition of the title as set forth in
113the preliminary commitment. If BUYER does not so object, BUYER shall be deemed to have accepted the conditions of the title. It is agreed that if the title
114of said PROPERTY is not marketable, and cannot be made so within ___ business days (two [2] if left blank) after SELLER’S receipt of a written objection
115and statement of defect from BUYER, then BUYER’S Earnest Money deposit shall be returned to BUYER and SELLER shall pay for the cost of title
116insurance cancellation fee, escrow and legal fees, if any.
117
118 (B). TITLE COMPANY: The parties agree that
119 located at
120
121(C). STANDARD COVERAGE OWNER’S POLICY: SELLER shall within a reasonable time after closing furnish to BUYER a title insurance policy in the
122amount of the purchase price of the PROPERTY showing marketable and insurable title subject to the liens, encumbrances and defects elsewhere set out
123in this Agreement to be discharged or assumed by BUYER unless otherwise provided herein. The risk assumed by the title company in the standard
124coverage policy is limited to matters of public record. BUYER shall receive a ILTA/ALTA Owner’s Policy of Title Insurance. A title company, at
125BUYER’s request, can provide information about the availability, desirability, coverage and cost of various title insurance coverages and endorsements. If
126BUYER desires title coverage other than that required by this paragraph, BUYER shall instruct Closing Agency in writing and pay any increase in cost
127unless otherwise provided herein.
128
129(D). EXTENDED COVERAGE LENDER’S POLICY (Mortgagee policy): The lender may require that BUYER (Borrower) furnish an Extended Coverage
130Lender’s Policy. This extended coverage lender’s policy considers matters of public record and additionally insures against certain matters not shown in
131the public record. This extended coverage lender’s policy is solely for the benefit of the lender and only protects the lender.
132
BUYER'S Initials (________)(________) Date ______________
Page 3 of 7
13310. INSPECTION:
134(A). BUYER chooses ¨to conduct inspections ¨not to conduct inspections. If BUYER chooses not to conduct inspections, skip Section 10B. If
135indicated, BUYER shall have the right to conduct inspections, investigations, tests, surveys and other studies at BUYER’S expense, hereafter referred
136to as “Buyer’s Inspection Contingency.”BUYER’S inspection of the PROPERTY includes all aspects of the PROPERTY, including but not limited to
137neighborhood, conditions, zoning and use allowances, environmental conditions, applicable school districts and/or any other aspect pertaining to the
138
PROPERTY or related to the living environment at the PROPERTY. Unless otherwise addressed, BUYER shall, within
business days (five [5] if
139left blank) of acceptance, complete these inspections and give to SELLER written notice of disapproved items or written notice of termination of this
140Agreement based on an unsatisfactory inspection. Once BUYER delivers written notice to SELLER it shall end BUYER’s timeframe and is irrevocable
141regardless of if it was provided prior to the deadline stated above. BUYER is strongly advised to exercise these rights and to make BUYER'S own
142selection of professionals with appropriate qualifications to conduct inspections of the entire PROPERTY. BUYER shall keep the PROPERTY free and
143clear of liens; indemnify and hold SELLER harmless from all liability, claims, demands, damages and costs; and repair any damages arising from the
144inspections. SELLER shall make PROPERTY available for inspection and agrees to accept the responsibility and expense for making sure all
145the utilities are turned on no later than _____business days (two [2] if left blank) from acceptance for the inspection except for phone and
146cable. Some inspections, investigations, tests, surveys and other studies may require additional days to complete. The parties agree that unless
147specifically set forth below, the above timeframe for investigations, tests, surveys and other studies shall govern. No inspections may be made by any
148governmental building or zoning inspector or government employee without the prior consent of SELLER unless required by local law.
149¨ In the event this offer is subject to a short sale approval by a mortgage company, the time frame for completing inspections shall begin upon written
150approval of the short sale by the mortgage company and/or all lien holders.
151
152Additional inspections/timeframes:
153¨ Domestic Well Water Potability and/or Productivity Test shall be completed within ____ business days (ten (10) if left blank) from acceptance..
154¨ Septic Inspection and/or Pumping shall be completed within ____ business days (ten (10) if left blank) from acceptance.
155¨ Survey shall be completed within ____ business days (ten (10) if left blank) from acceptance.
156¨ Other_____________________________________________ shall be completed within ____ business days (ten (10) if left blank) from acceptance.
157¨ Other_____________________________________________ shall be completed within ____ business days (ten (10) if left blank) from acceptance.
158
159(B). SATISFACTION/REMOVAL OF INSPECTION CONTINGENCIES:
160
1611). If BUYER does not within the strict time period specified give to SELLER written notice of disapproved items or written notice of termination of this
162Agreement, BUYER shall conclusively be deemed to have: (a) completed applicable inspections, investigations, review of applicable documents and
163disclosures; (b) elected to proceed with the transaction and (c) assumed all liability, responsibility and expense for repairs or corrections other than for
164items which SELLER has otherwise agreed in writing to repair or correct.
165
1662). If BUYER does within the strict time period specified give to SELLER written notice of termination of this Agreement based on an unsatisfactory
167inspection, the parties will have no obligation to continue with the transaction and the Earnest Money shall be returned to BUYER.
168
1693). If BUYER does within the strict time period specified give to SELLER written notice of disapproved items, it shall end BUYER’s timeframe for
170inspections and is irrevocable. BUYER shall provide to SELLER pertinent section(s) of written inspection reports upon request, if applicable. Upon
171
receipt of written notice SELLER shall have
business days (three [3] if left blank) in which to respond in writing. SELLER, at SELLER’s option,
172may correct the items as specified by BUYER in the notice or may elect not to do so. If SELLER agrees in writing to correct items requested by BUYER,
173then both parties agree that they will continue with the transaction and proceed to closing. Immediately upon a written response from SELLER that
174rejects BUYER’s requests, in whole or in part, BUYER may proceed under 10(B)(4) below.
175
1764). If SELLER does not agree to correct BUYER’s items within the strict time period specified, or SELLER does not respond in writing within the strict
177time period specified, then the BUYER has the option of either continuing the transaction without the SELLER being responsible for correcting these
178
deficiencies or giving the SELLER written notice within
business days (three [3] if left blank) that they will not continue with the transaction and
179will receive their Earnest Money back.
180
1815). If BUYER does not give such written notice of cancellation within the strict time periods specified, BUYER shall conclusively be deemed to have
182elected to proceed with the transaction without repairs or corrections other than for items which SELLER has otherwise agreed in writing to repair or
183correct.
184
185(C). Home Warranty Programs are available for purchase through a number of Home Warranty Companies.
186
18711. LEAD PAINT DISCLOSURE: The subject PROPERTY ¨is ¨is not defined as “Target Housing” regarding lead-based paint or lead-based paint
188hazards. The term lead-based paint hazards is intended to identify lead-based paint and all residual lead-containing dusts and soils regardless of the
189source of the lead. If yes, BUYER hereby acknowledges the following: (a) BUYER has been provided an EPA approved lead-based paint hazard
190information pamphlet, “Protect Your Family From Lead in Your Home”, (b) receipt of SELLER’S Disclosure of Information and Acknowledgment Form and
191have been provided with all records, test reports or other information, if any, related to the presence of lead-based paint hazards on said PROPERTY,
192
(c) that this contract is contingent upon BUYERS right to have the PROPERTY tested for lead-based paint hazards to be completed no later than
193
____________________ or the contingency will terminate, (d) that BUYER hereby ¨waives ¨does not waive this right, (e) that if test results show
194unacceptable amounts of lead-based paint on the PROPERTY, BUYER has the right to cancel the contract subject to the option of the SELLER (to be given
195in writing) to elect to remove the lead-based paint and correct the problem which must be accomplished before closing, (f) that if the contract is canceled
196under this clause, BUYER’S earnest money deposit shall be returned to BUYER. Additionally, if any structure was built before 1978 and is a residential
197home, apartment or child-occupied facility such as a school or day-care center, federal law requires contractors that disturb lead-based paint in that structure
198to provide the owner with a “Renovate Right” pamphlet. The contractor shall be certified and follow specific work practices to prevent lead contamination.
199
20012. MOLD DISCLAIMER: BUYER is hereby advised that mold and/or other microorganisms may exist at the Property. Upon closing BUYER
201acknowledges and agrees to accept full responsibility and risk for any matters that may result from mold and/ or other microorganisms and to
SELLER'S Initials (________)(________) Date _______________
Page 4 of 7
202hold SELLER and any Broker or agent representing SELLER or BUYER harmless from any liability or damages (financial or otherwise) relating to
203such matters.
204
20513. SQUARE FOOTAGE VERIFICATION: BUYER IS AWARE THAT ANY REFERENCE TO THE SQUARE FOOTAGE OF THE REAL PROPERTY
206OR IMPROVEMENTS IS APPROXIMATE. IF SQUARE FOOTAGE IS MATERIAL TO THE BUYER, IT MUST BE VERIFIED DURING THE INSPECTION
207PERIOD.
208
20914. SELLER'S PROPERTY CONDITION DISCLOSURE FORM: If required by Title 55, Chapter 25 Idaho Code SELLER shall within ten (10)
210calendar days after execution of this Agreement provide to BUYER or BUYER’S agent, “Seller's Property Condition Disclosure Form” or other acceptable
211form. BUYER has received the “Seller's Property Condition Disclosure Form” or other acceptable form prior to signing this Agreement: ¨Yes ¨No ¨N/A
212
21315. COVENANTS, CONDITIONS AND RESTRICTIONS (CC&Rs): As part of the BUYER’S inspection of the PROPERTY as set forth in Section 10,
214 BUYER is responsible for obtaining and reviewing a copy of any CC&Rs which may affect the PROPERTY. BUYER shall have
business days (five
215[5] if left blank) but in no event shall such time period exceed that time period set forth for inspections in Section 10, to review any CC&Rs that may affect the
216PROPERTY. Unless BUYER delivers to SELLER a written and signed objection to the terms of any applicable CC&Rs with particularity describing BUYER’S
217reasonable objections within such time period as set forth above, BUYER shall be deemed to have conclusively waived any objection to the terms of any
218CC&Rs affecting the PROPERTY, nothing contained herein shall constitute a waiver of BUYER to challenge CC&Rs directly with a homeowners association
219after closing. If BUYER timely and reasonably objects to a term of the CC&Rs, this Agreement shall terminate and the Earnest Money shall be returned to
220BUYER.
221
22216. SUBDIVISION HOMEOWNER’S ASSOCIATION: BUYER is aware that membership in a Home Owner’s Association may be required and
223BUYER agrees to abide by the Articles of Incorporation, Bylaws and rules and regulations of the Association. BUYER is further aware that the PROPERTY
224may be subject to assessments levied by the Association described in full in the Declaration of Covenants, Conditions and Restrictions. BUYER has
225
reviewed Homeowner’s Association Documents: ¨Yes ¨No ¨N/A. Association fees/dues are $
per
226
¨BUYER ¨SELLER ¨Shared Equally ¨N/A to pay Homeowner’s Association SET UP FEE of $
and/or
227
¨BUYER ¨SELLER ¨Shared Equally ¨N/A to pay Homeowner’s Association PROPERTY TRANSFER FEES of $
at closing.
228
22917. COSTS PAID BY: The parties agree to pay the following costs as indicated below. None of the costs to be paid by the parties in this section creates
230an inspection or performance obligation other than strictly for the payment of costs unless otherwise stated. There may be other costs incurred in addition to
231those set forth below. Such costs may be required by the lender, by law, or by other circumstances. Requested tests/inspection reports as indicated below
232shall be provided to the other party within the time period specified in Section 10.
233 SELLER agrees to pay up to $
($0 if left blank) of lender required repair costs only.
234BUYER or SELLER has the option to pay any lender required repair costs in excess of this amount.
235
236Upon closing SELLER agrees to pay ¨__________% of the purchase price OR ¨$_______________ (dollar amount) (N/A if left
237blank) of lender-approved BUYER’S closing costs, lender fees, and prepaid costs include but are not limited to those items in
238BUYER columns marked below. This concession can also be used for any other expense not related to financing at the BUYER’s
239discretion.
Appraisal Fee
Shared
BUYER
SELLER
Equally
N/A
Title Ins. Standard Coverage Owner’s Policy
Appraisal Re-Inspection Fee
Title Ins. Extended Coverage
Lender’s Policy – Mortgagee Policy
Closing Escrow Fee
Additional Title Coverage
Lender Document Preparation Fee
Domestic Well Water Potability Test
Shall be ordered by: ¨BUYER ¨SELLER
Tax Service Fee
Domestic Well Water Productivity Test
Flood Certification/Tracking Fee
Septic Inspections
Lender Required Inspections
Septic Pumping
Attorney Contract Preparation or Review Fee
Survey
240
24118.OCCUPANCY: BUYER ¨does ¨does not intend to occupy PROPERTY as BUYER’S primary residence.
242
Page 5 of 7
24319. RISK OF LOSS OR NEGLECT: Prior to closing of this sale, all risk of loss shall remain with SELLER. In addition, should the PROPERTY be
244materially damaged by fire, neglect, or other destructive cause prior to closing, this agreement shall be voidable at the option of the BUYER.
245
24620. WALK THROUGHS: The SELLER grants BUYER and any representative of BUYER reasonable access to conduct two walk through inspections of
247the PROPERTY NOT AS A CONTINGENCY OF THE SALE, but for the following stated purposes: first walkthrough shall be within _____ business days
248(three [3] if left blank) after the deadline for completion of repairs agreed to as a result of the Buyer’s Inspection Contingency for the purpose of satisfying
249 BUYER that any repairs agreed to in writing by BUYER and SELLER have been completed. The second walkthrough shall be within
business days
250(three [3] if left blank) prior to close of escrow, for the purpose of satisfying BUYER that PROPERTY is in substantially the same condition as on the date this
251offer is made. SELLER shall make PROPERTY available for the walk throughs and agrees to accept the responsibility and expense for making sure all the
252utilities are turned on for the walk throughs except for phone and cable. If BUYER does not conduct either of the walk throughs, BUYER specifically releases
253the SELLER and Broker(s) and their associates of any liability as to incomplete repairs and/or any changed conditions.
25421. SINGULAR AND PLURAL terms each include the other, when appropriate.
255
25622. FORECLOSURE NOTICE: If the PROPERTY described above is currently involved in a foreclosure proceeding (pursuant to Idaho Code §45-1506)
257any contract or agreement with the owner or owners of record that involves the transfer of any interest in residential real property, as defined in §45-
258525(5)(b), Idaho Code, subject to foreclosure must be in writing and must be accompanied by and affixed to RE-42 Property Foreclosure Disclosure Form.
259
26023. MECHANIC’S LIENS - GENERAL CONTRACTOR DISCLOSURE STATEMENT NOTICE: BUYER and SELLER are hereby notified that,
261subject to Idaho Code §45-525 et seq., a “General Contractor” must provide a Disclosure Statement to a homeowner that describes certain rights afforded to
262the homeowner (e.g. lien waivers, general liability insurance, extended policies of title insurance, surety bonds, and sub-contractor information). The
263Disclosure Statement must be given to a homeowner prior to the General Contractor entering into any contract in an amount exceeding $2,000 with a
264homeowner for construction, alteration, repair, or other improvements to real property, or with a residential real property purchaser for the purchase and sale
265of newly constructed property. Such disclosure is the responsibility of the General Contractor and it is not the duty of your agent to obtain this information on
266your behalf. You are advised to consult with any General Contractor subject to Idaho Code §45-525 et seq. regarding the General Contractor Disclosure
267Statement.
268
26924. SALES PRICE INFORMATION: Pursuant to Idaho Code §54-2083(6)(d), a “sold” price of real property is not confidential client information.
270
27125. TRANSMISSION OF DOCUMENTS: Facsimile or electronic transmission of any signed original document, and retransmission of any signed
272facsimile or electronic transmission shall be the same as delivery of an original. At the request of either the BUYER or SELLER, or the LENDER, or the
273Closing Agency, the BUYER and SELLER will confirm facsimile or electronic transmitted signatures by signing an original document.
274
27526. BUSINESS DAYS: A business day is herein defined as Monday through Friday, 8:00 A.M. to 5:00 P.M. in the local time zone where the subject real
276PROPERTY is physically located. A business day shall not include any Saturday or Sunday, nor shall a business day include any legal holiday recognized
277by the state of Idaho as found in Idaho Code §73-108. If the time in which any act required under this agreement is to be performed is based upon a
278business day calculation, then it shall be computed by excluding the calendar day of execution and including the last business day. The first business day
279shall be the first business day after the date of execution. If the last day is a legal holiday, then the time for performance shall be the next subsequent
280business day.
281
28227. CALENDAR DAYS: A calendar day is herein defined as Monday through Sunday, midnight to midnight, in the local time zone where the subject real
283PROPERTY is physically located. A calendar day shall include any legal holiday. The time in which any act required under this agreement is to be performed
284shall be computed by excluding the date of execution and including the last day, thus the first day shall be the day after the date of execution. Any reference
285to “day” or “days” in this agreement means the same as calendar day, unless specifically enumerated as a “business day.”
286
28728. ATTORNEY'S FEES: If either party initiates or defends any arbitration or legal action or proceedings which are in any way connected with this
288Agreement, the prevailing party shall be entitled to recover from the non-prevailing party reasonable costs and attorney's fees, including such costs and fees
289on appeal.
290
29129. DEFAULT: If BUYER defaults in the performance of this Agreement, SELLER has the option of: (1) accepting the Earnest Money as liquidated
292damages or (2) pursuing any other lawful right and/or remedy to which SELLER may be entitled. If SELLER elects to proceed under (1), SELLER shall make
293demand upon the holder of the Earnest Money, upon which demand said holder shall pay from the Earnest Money the costs incurred by SELLER'S Broker
294on behalf of SELLER and BUYER related to the transaction, including, without limitation, the costs of title insurance, escrow fees, appraisal, credit report
295fees, inspection fees and attorney's fees; and said holder shall pay any balance of the Earnest Money, one-half to SELLER and one-half to SELLER'S
296Broker, provided that the amount to be paid to SELLER'S Broker shall not exceed the Broker's agreed-to commission. SELLER and BUYER specifically
297acknowledge and agree that if SELLER elects to accept the Earnest Money as liquidated damages, such shall be SELLER'S sole and exclusive remedy, and
298such shall not be considered a penalty or forfeiture. If SELLER elects to proceed under (2), the holder of the Earnest Money shall be entitled to pay the costs
299incurred by SELLER'S Broker on behalf of SELLER and BUYER related to the transaction, including, without limitation, the costs of brokerage fee, title
300insurance, escrow fees, appraisal, credit report fees, inspection fees and attorney's fees, with any balance of the Earnest Money to be held pending
301resolution of the matter. If SELLER defaults, having approved said sale and fails to consummate the same as herein agreed, BUYER'S Earnest Money
302deposit shall be returned to him/her and SELLER shall pay for the costs of title insurance, escrow fees, appraisals, credit report fees, inspection fees,
303brokerage fees and attorney's fees, if any. This shall not be considered as a waiver by BUYER of any other lawful right or remedy to which BUYER may be
304entitled.
305
30630. EARNEST MONEY DISPUTE / INTERPLEADER: Notwithstanding any termination or breach of this Agreement, BUYER and SELLER agree that
307in the event of any controversy regarding the Earnest Money and things of value held by Broker or closing agency, Broker may reasonably rely on the terms
308of this Agreement or other written documents signed by both parties to determine how to disburse the disputed money. However, Broker or closing agency
309shall not be required to take any action but may await any proceeding, or at Broker's or closing agency's option and sole discretion, may interplead all parties
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310and deposit any moneys or things of value into a court of competent jurisdiction and shall recover all costs which were incurred as a result of the dispute
311including, but not limited to, reasonable attorney's fees. If either parties’ Broker incurs attorney’s fees as a result of any Earnest Money dispute, whether or
312not formal legal action is taken, said Broker is entitled to recover actual fees incurred from either BUYER or SELLER.
313
31431. COUNTERPARTS: This Agreement may be executed in counterparts. Executing an agreement in counterparts shall mean the signature of two
315identical copies of the same agreement. Each identical copy of an agreement signed in counterparts is deemed to be an original, and all identical copies
316shall together constitute one and the same instrument.
317
31832. “NOT APPLICABLE” DEFINED: The letters “n/a,” “N/A,” “n.a.,” and “N.A.” as used herein are abbreviations of the term “not applicable.” Where this
319agreement uses the term “not applicable” or an abbreviation thereof, it shall be evidence that the parties have contemplated certain facts or conditions and
320have determined that such facts or conditions do not apply to the agreement or transaction herein.
321
32233. SEVERABILITY: In the case that any one or more of the provisions contained in this Agreement, or any application thereof, shall be invalid, illegal or
323unenforceable in any respect, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
324
32534. REPRESENTATION CONFIRMATION: Check one (1) box in Section 1 and one (1) box in Section 2 below to confirm that in this transaction, the
326brokerage(s) involved had the following relationship(s) with the BUYER(S) and SELLER(S).
327
328Section 1:
329¨ A. The brokerage working with the BUYER(S) is acting as an AGENT for the BUYER(S).
330¨ B. The brokerage working with the BUYER(S) is acting as a LIMITED DUAL AGENT for the BUYER(S), without an ASSIGNED AGENT.
331¨ C. The brokerage working with the BUYER(S) is acting as a LIMITED DUAL AGENT for the BUYER(S) and has an ASSIGNED AGENT
332acting solely on behalf of the BUYER(S).
333¨ D. The brokerage working with the BUYER(S) is acting as a NONAGENT for the BUYER(S).
334
335Section 2:
336¨ A. The brokerage working with the SELLER(S) is acting as an AGENT for the SELLER(S).
337¨ B. The brokerage working with the SELLER(S) is acting as a LIMITED DUAL AGENT for the SELLER(S), without an ASSIGNED AGENT.
338¨ C. The brokerage working with the SELLER(S) is acting as a LIMITED DUAL AGENT for the SELLER(S) and has an ASSIGNED AGENT
339acting solely on behalf of the SELLER(S).
340¨ D. The brokerage working with the SELLER(S) is acting as a NONAGENT for the SELLER(S).
341
342Each party signing this document confirms that he has received, read and understood the Agency Disclosure Brochure adopted or approved by the Idaho
343real estate commission and has consented to the relationship confirmed above. In addition, each party confirms that the brokerage's agency office policy
344was made available for inspection and review. EACH PARTY UNDERSTANDS THAT HE IS A “CUSTOMER” AND IS NOT REPRESENTED BY A
345BROKERAGE UNLESS THERE IS A SIGNED WRITTEN AGREEMENT FOR AGENCY REPRESENTATION.
346
34735. CLOSING: On or before the closing date, BUYER and SELLER shall deposit with the closing agency all funds and instruments necessary to complete
348this transaction. Closing means the date on which all documents are either recorded or accepted by an escrow agent and the sale proceeds are
349
available to SELLER. The closing shall be no later than (Date)
350
351The parties agree that the CLOSING AGENCY for this transaction shall be
352
353
located at
354
355
If a long-term escrow / collection is involved, then the long-term escrow holder shall be
356
357
358
36. POSSESSION: BUYER shall be entitled to possession ¨upon closing or ¨date
time
¨A.M. ¨P.M.
359
36037. PRORATIONS: Property taxes and water assessments (using the last available assessment as a basis), rents, interest and reserves, liens,
361 encumbrances or obligations assumed, and utilities shall be prorated ¨upon closing or as of ¨date
362BUYER to reimburse SELLER for fuel in tank ¨ Yes ¨ No ¨ N/A. Dollar amount may be determined by SELLER’s supplier.
363
36438. ASSIGNMENT: This Agreement and any rights or interests created herein ¨ may ¨ may not be sold, transferred, or otherwise assigned.
365
36639. ENTIRE AGREEMENT: This Agreement contains the entire Agreement of the parties respecting the matters herein set forth and supersedes all prior
367Agreements between the parties respecting such matters.
368
36940. TIME IS OF THE ESSENCE IN THIS AGREEMENT.
370
37141. AUTHORITY OF SIGNATORY: If BUYER or SELLER is a corporation, partnership, trust, estate, or other entity, the person executing this
372agreement on its behalf warrants his or her authority to do so and to bind BUYER or SELLER.
373
374
42. ACCEPTANCE:
This offer is made subject
to the acceptance, counter or rejection of SELLER and BUYER on or before
(Date)
375
at (Local Time in which
PROPERTY is located)
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37643. BUYER’S SIGNATURES:
377
378
¨SEE ATTACHED BUYER'S ADDENDUM(S): _______
(Specify number of BUYER addendum(s) attached.)
379
¨SEE ATTACHED BUYER'S EXHIBIT(S): _______
(Specify number of BUYER exhibit(s) attached.)
380
381
¨ BUYER does currently hold an active Idaho real estate license.
¨ BUYER is related to agent.
382
383
BUYER Signature
BUYER (Print Name)
384
385
Date
Time
Cell #
386
387
Address
388
389
State
Zip
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
40644. SELLER’S SIGNATURES: On this date, I/We hereby approve and accept the transaction set forth in the above Agreement and agree to carry out all
407the terms thereof on the part of the SELLER.
408
409 ¨SIGNATURE(S) SUBJECT TO ATTACHED COUNTER OFFER
410 ¨SIGNATURE(S) SUBJECT TO ATTACHED ADDENDUM(S) # __________
411 ¨SIGNATURE(S) SUBJECT TO ATTACHED EXHIBIT(S) # __________
412
413
¨ SELLER does currently hold an active Idaho real estate license.
¨ SELLER is related to agent.
414
415
SELLER Signature
SELLER (Print Name)
416
417
418
419
420
421
422
423
CONTRACTOR REGISTRATION # (if applicable)
424
425
426
427
428
429
430
431
432
433
434
435
436
437CONTRACTOR REGISTRATION # (if applicable)
438
439
440
LATE ACCEPTANCE
441If acceptance of this offer is received after the time specified, it shall not be binding on the BUYER unless BUYER approves of said
442acceptance within _____ calendar days (three [3] if left blank) by BUYER initialing HERE (________)(________) Date ______________
443If BUYER timely approves of SELLER’s late acceptance, an initialed copy of this page shall be immediately delivered to SELLER.
Embarking on the journey of completing the Idaho Re 21 form, a comprehensive document designed for the purchase and sale of real estate, necessitates meticulous attention to detail. This legal document, divided into multifaceted sections, outlines crucial information regarding the buying and selling process - capturing the essence of the transaction in its entirety. It is imperative for both parties involved, buyer and seller, to thoroughly review, understand, and fill out this form to ensure a smooth, transparent, and lawful transaction process. By following the outlined steps, you can confidently navigate through the form, ensuring that all necessary information is accurately provided.
Upon completion, this document not only acts as a foundational blueprint for the transaction between buyer and seller but also as a legally binding agreement, meticulously outlining the duties, rights, and expectations of each party. It’s advisable for both parties to retain a copy of this completed form for their records and proceed with the necessary steps towards closing the transaction, guided by the stipulated terms and conditions.
What is the purpose of the Idaho RE-21 form?
The Idaho RE-21 form serves as a binding legal contract that outlines the terms and conditions under which a piece of real estate will be bought and sold in the state of Idaho. It details the responsibilities of both the buyer and seller, including purchase price, earnest money deposit, financial terms, property inspections, and any specific conditions or contingencies that must be met before the sale can be finalized.
Who needs to sign the Idaho RE-21 form?
Both the buyer(s) and seller(s) involved in the real estate transaction are required to sign the Idaho RE-21 form. These signatures, along with the date of signing, make the agreement legally binding upon both parties. Additionally, real estate agents representing either or both sides of the transaction may need to provide their information, but their signatures are not mandatory for the contract's enforceability between the buyer and seller.
What happens if a buyer or seller fails to comply with the terms of the RE-21 agreement?
If either party fails to adhere to the terms outlined in the RE-21 agreement, it is considered a breach of contract. The consequences of such a breach depend on the specifics of the agreement and may include forfeiture of the earnest money deposit, legal action to enforce the sale, or financial restitution to the non-breaching party. The contract outlines specific remedies available to both buyers and sellers, including but not limited to, the option for the aggrieved party to seek damages or enforce specific performance of the agreement.
Can amendments be made to the Idaho RE-21 form after it has been signed?
Yes, amendments to the Idaho RE-21 form can be made after it has been signed, but any changes must be agreed upon by both the buyer and seller. These amendments must be made in writing and attached to the original contract as addenda. Both parties must sign these addenda for the amendments to be legally binding.
How is the earnest money handled according to the Idaho RE-21 form?
According to the Idaho RE-21 form, the earnest money deposit made by the buyer is to be held in a trust account by the listing broker, selling broker, or another agreed-upon party. This deposit demonstrates the buyer's good faith in proceeding with the property purchase. Should the sale proceed to closing, the earnest money typically goes toward the purchase price of the property. If the sale fails under conditions allowed by the agreement, the earnest money may be returned to the buyer or forfeited to the seller, depending on the specific circumstances outlined in the contract.
What are the inspection contingencies listed in the Idaho RE-21 form?
The Idaho RE-21 form stipulates that the buyer has the right to conduct various inspections and investigations of the property within a specified timeframe. These might include general home inspections, specialized inspections (e.g., for mold, lead paint, or pests), and evaluations of the property's structural integrity. The buyer must notify the seller in writing of any disapproved items within this period. Depending on the findings, the buyer may request repairs, a price adjustment, or even withdraw from the sale subject to the terms of the inspection contingency. The contract outlines the process for addressing any issues discovered during these inspections, including the responsibilities and options available to both buyer and seller.
Filling out the Idaho RE-21 Real Estate Purchase and Sale Agreement requires attention to detail and an understanding of the transaction process. Common mistakes often include overlooking or inaccurately completing certain sections, which can lead to complications down the line. By recognizing and avoiding these errors, parties can facilitate a smoother transaction.
To prevent these mistakes, it is advisable for all parties involved to meticulously review the entire document, seek clarification on unclear terms, and consult with professionals as needed. Doing so helps ensure a legally sound agreement that meets the interests of both the buyer and the seller.
When participating in real estate transactions, particularly in Idaho, utilizing the RE-21 Real Estate Purchase and Sale Agreement is a critical step for both buyers and sellers. This form outlines the terms and conditions of a real estate purchase, including descriptions of the property, purchase price, financial terms, and any additional agreements. However, to seamlessly navigate through the process, various other forms and documents often accompany the RE-21 form. Understanding these additional documents can significantly benefit the parties involved.
These documents serve as vital supplements to the Idaho RE-21 Agreement, providing a clearer picture of the transaction, the property’s condition, and any additional obligations or rights of the parties involved. By closely reviewing and understanding each document, buyers, sellers, and their representatives can work towards a successful and mutually beneficial real estate transaction.
The Idaho Re 21 form, a comprehensive document for real estate transactions, shares similarities with other forms in the realm of property sales, like standard purchase agreements used in different states. These documents are designed to outline the terms and conditions under which a property will be bought and sold. Like the Idaho Re 21 form, these agreements cover buyer and seller information, property details, pricing, contingencies, closing terms, and signatures to legally bind the agreement. However, state-specific forms may have unique clauses or requirements reflecting local real estate laws, practices, or disclosures, such as those pertaining to natural disasters, mineral rights, or property taxes.
Comparable to the Real Estate Purchase Agreement, the Uniform Residential Purchase Agreement is another document with similarities to the Idaho Re 21 form. This type of agreement often includes sections on the offer, acceptance, purchase price, financing terms, inspections, closing costs, and earnest money provisions. While the Idaho Re 21 form is specific to Idaho, the Uniform Residential Purchase Agreement is designed to be adaptable for use in multiple jurisdictions, making it a versatile tool for real estate professionals. It ensures the protection of both parties' interests through detailed sections on property condition disclosures, title insurance, and default consequences, akin to the protections offered in the Idaho-specific form.
Another document sharing similarities with the Idaho Re 21 form is the Addendum to Real Estate Purchase and Sale Agreement. While technically an extension or modification to an existing agreement, rather than an agreement itself, this form plays a crucial role in adjusting terms or adding specifics to the original agreement. Elements such as additional inspections, amendments to the purchase price, or changes in the closing date are covered. It's a testament to the dynamic nature of real estate transactions where terms can change due to discoveries during the inspection process or financing adjustments. Such addendoms ensure that both buyers and sellers can agree on modifications without needing to redraft the entire original agreement, providing flexibility and efficiency to the transaction process.
When filling out the Idaho RE-21 Real Estate Purchase and Sale Agreement, it's important to follow some essential dos and don'ts to ensure a smooth transaction. Below is a guide to help both buyers and sellers navigate the process effectively:
Adhering to these guidelines can help prevent legal issues, misunderstandings, and potential conflicts throughout the buying or selling process, ensuring a more transparent and agreeable experience for all parties involved.
There are several misconceptions surrounding the Idaho RE-21 Real Estate Purchase and Sale Agreement that buyers and sellers often encounter. Correcting these misconceptions can help parties understand their rights and obligations under the agreement more clearly.
Contrary to this belief, the RE-21 is a legally binding contract that outlines the terms and conditions of a real estate purchase and sale. It is crucial for all parties to thoroughly review and understand the document before signing it.
Earnest money is a crucial part of the agreement (Section 3A), serving as a deposit demonstrating the buyer's serious intent to purchase. It's not optional but a standard part of the process that may vary in amount.
The agreement stipulates specific conditions under which the buyer or seller can terminate the contract. However, backing out without adhering to these conditions can lead to financial penalties or forfeiting the earnest money deposit.
While all cash offers can be more straightforward (Section 3B), they don't always guarantee a faster closing. The timeline for closing is influenced by various factors, including title searches, inspections, and other due diligence processes.
Regardless of whether a property is being sold "as-is", conducting inspections (Section 10) is crucial for understanding the condition of the property and can impact negotiations or the buyer's decision to proceed.
The agreement allows negotiation regarding who will handle repairs identified during inspections. While sellers can agree to perform repairs, they are not automatically obligated to do so unless agreed upon in the contract.
According to the RE-21 agreement, all alterations or agreements not included in the written contract are not enforceable. This underscores the importance of having every agreement or modification documented and included in the contract.
Understanding these aspects of the Idaho RE-21 form can significantly affect the outcomes of a real estate transaction, ensuring that all parties have proper expectations and are fully informed before proceeding.
When dealing with the Idaho RE-21 Real Estate Purchase and Sale Agreement, it's crucial to understand these key takeaways:
It is strongly recommended for both the buyer and the seller to seek advice from legal and financial professionals before signing to ensure they fully understand their rights, responsibilities, and the implications of the agreement. Following these guidelines will help ensure a smoother real estate transaction process.
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