Who needs a Utah Real Estate Purchase Contract Form?
According to Utah law, real estate licensees must use the Real Estate Purchase Contract form to acknowledge the transfer of property from its owner (Seller) to another person (Buyer). A real estate broker is in charge of filling out the contract in the proper manner and explaining all the provisions to the parties so that an agreement can be reached.
What is a Real Estate Purchase Contract Form for?
The Utah Real Estate Purchase and Contract is a legal agreement about the sale and purchase of real estate. This Contract outlines terms and conditions, the Buyer's and Seller's rights and obligations, and all other provisions relevant to the deal.
Is the Real Estate Purchase Contract Form accompanied by other forms?
The seller is obligated to provide certain documents, labeled “Seller Disclosures”, to the buyer:
- a written property condition disclosure for the Property, completed, signed and dated by the Seller;
- a Commitment for Title Insurance;
- a copy of any restrictive covenants (CC&R’s), rules and regulations affecting the Property;
- a copy of the most recent minutes, budget and financial statement for the homeowners’ association, if any;
- a copy of any lease, rental, and property management agreements affecting the Property;
- evidence of any water rights and water shares;
- a written notice of any claims and conditions known to a Seller relating to environmental problems and building or zoning code violations.
Other documents can also be provided with the Seller’s consent if the Buyer considers it necessary.
When is the Real Estate Purchase Contract due?
There isn’t a specific deadline for completing the contract; it usually depends on the particular situation and the consent of both parties. As a rule, it is signed in advance of the Seller leaving the property. The closing date of the transaction is usually discussed and agreed upon by the individual parties to the contract.
How do I fill out Real Estate Purchase Contract Form?
The form is to be filled out by a real property licensee, and states the following information:
- the Buyer’s and Seller’s details
- information about the property
- price and financing
- closing and possession date
- contract deadlines
- offer and time for acceptance
Where do I send Real Estate Purchase Contract Form?
The form is completed in two original copies to be kept by the parties (the Seller and the Buyer). A ?opy or copies must also be given to the respective real estate brokers involved in the deal.