The Idaho purchase agreement is a legal document the parties, the seller and the buyer, use to determine their relationship in connection with the transfer of ownership over a certain property.
This document, however, doesn’t transfer any legal rights. Its role is to determine the conditions of a property transfer.
Creating the purchase agreement will materialize all the details of the deal between the seller and the buyer and will prevent them from having any misunderstandings or disputes in the future.
Idaho Purchase and Sale Agreement Form
A purchase agreement is mostly used for outlining the terms and conditions under which the seller agrees to sell, and the buyer agrees to buy a certain item.
This document usually includes information about the seller and the buyer, a description of the property, the purchase price, details about the financing, mandatory disclosures required by federal or state law, and other terms and conditions of the property transfer.
The Idaho purchase agreement is also known as:
Other Names for Idaho Purchase Agreement
Idaho sale and purchase agreement
Idaho purchase and sale agreement
Idaho sale and purchase contract
Idaho purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Idaho.
Purchase Agreement Idaho Laws & Requirements
Except for the essential elements of the Idaho purchase agreement, such as the property description and purchase price, the Idaho legislation doesn’t set any requirements regarding the formality of the purchase agreement.
However, there are a few disclosures that must be included in the document, as required by federal and state law.
Purchase Agreement Required Disclosures in Idaho
Here, you can find the list of disclosures that must be included in every Idaho purchase agreement template:
Lead-Based Paint Disclosure: 42 U.S. Code § 4852d sets a requirement for the seller to inform the buyer about the lead-based paint hazard at the property. This is mandatory for every property built before 1978 or for properties where there is a known lead-based paint hazard.
Seller’s Property Condition Disclosure Statement: The seller can either make the disclosure by filling out and providing the form to the seller or by including the disclosure in the Idaho purchase agreement using the text provided in Section 55-2508.
Common Types of Purchase Agreements in Idaho
This section provides all the types of purchase agreements used in Idaho:
Types of Purchase Agreement
Residential real estate purchase agreement. This type of document is often used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. This type of purchase agreement can be used to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Known as the motor vehicle bill of sale. You can use it to transfer ownership of a car, motorcycle, truck, and other kinds of motor vehicles.
Business purchase agreement. Used to provide terms for transferring the company from the seller to the buyer.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Idaho.
Stock purchase agreement. This type of purchase agreement is used for selling stocks and shares in companies.
Purchase Agreement in Idaho FAQ
Yes, the Idaho purchase agreement is a legally binding document. However, both the seller and the buyer must sign it before it becomes effective and binding.
Yes, an Idaho sales agreement needs to state the purchase price. Otherwise, the document won’t produce the main obligation for the buyer, and it cannot become effective.
No, the purchase and sales agreements in Idaho don’t need to be notarized, considering that the Idaho purchase agreement doesn’t transfer any legal rights directly. Therefore, the parties can sign the document without notarizing it, and it will still be valid and effective.
Yes, the seller can back out of the purchase agreement in case the buyer doesn’t meet the contingencies set in the Idaho purchase agreement.