Download North Dakota Purchase Agreement Form [PDF]

The North Dakota purchase agreement is a legal document that provides the terms and conditions under which the seller agrees to sell, and the buyer agrees to buy a certain item.

The main parties to the purchase agreement are the seller and the buyer.

This document should be used for property transfers where the purchase price is over $500 or where there are a lot of conditions that have to be met before the transfer can be completed.

North Dakota Purchase and Sale Agreement Form

Although the North Dakota purchase and sale agreement doesn’t directly transfer any legal rights between the seller and the buyer, it is often used to determine the details related to the property transfer, which prevents potential misunderstandings and disputes between the parties.

The North Dakota purchase agreement is also known as:

Other Names for North Dakota Purchase and Sale Agreement Form

North Dakota purchase and sale agreement
North Dakota sale and purchase agreement
North Dakota sale and purchase contract
North Dakota purchase and sales contract

However, it all refers to one document that provides the terms and conditions for the property transfer in North Dakota.

Purchase Agreement North Dakota Laws & Requirements

The legislation in North Dakota does not impose any requirements on the specific structure of the purchase agreement. However, for real estate transactions, you must include certain disclosures when drafting your purchase agreement.

Purchase Agreement Required Disclosures in North Dakota

Here, you can find the list of disclosures that must be included in the North Dakota purchase agreement template:

Mandatory Disclosures

Lead-Based Paint Disclosure: It is required by 42 U.S. Code § 4852d that the seller provide information to the buyer about the presence of lead-based paint hazards in the property. This obligation is applicable to all properties where there is a known lead-based paint hazard and to properties that were built before 1978.
Seller’s Property Disclosure Statement: The seller must fill out and hand out a disclosure about the property’s condition to any potential buyer. The form contains all the details about the property’s conditions and provides information about any defects that the property might have. (§ 47-10-02.1)

Common Types of Purchase Agreements in North Dakota

This section provides all the types of purchase agreements used in North Dakota:

Types of Purchase Agreements

Residential real estate purchase agreement. 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. You can use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Parties use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
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 North Dakota.
Stock purchase agreement. This type of purchase agreement form is used for selling the stocks of companies.

Purchase Agreement in North Dakota FAQ

Yes, a purchase agreement is a legally binding document in North Dakota. The North Dakota purchase agreement becomes legally binding the moment both the seller and the buyer sign it.
Yes, a North Dakota sales agreement needs to state the purchase price. The purchase price is the main obligation of the buyer, and it is, therefore, an essential element of the purchase agreement. Without it, the purchase agreement won’t be effective.
No, purchase and sales agreements in North Dakota don’t need to be notarized. The reason for this is that the purchase agreement doesn’t directly transfer any legal rights between the seller and the buyer.
Yes, the seller can back out of the North Dakota purchase agreement. However, the only situation where they can back out without consequences is if the buyer fails to meet some of the contingencies set out in the document.