Who needs a Utah Real Estate Purchase and Contract Form?
According to Utah law, real estate licensees must use this form to acknowledge the transaction of the real property from its owner (Seller) to another person (Buyer).
What is the Utah Real Estate Purchase and Contract Form for?
The Utah Real Estate Purchase and Contract is a legally binding agreement about sale and purchase of real property between two parties - Buyer and Seller. This Contract outlines terms and conditions, rights and obligations of the parties, and all the other provisions relevant to the deal.
Is the Utah Real Estate Purchase and Contract Form accompanied by other forms?
The seller is obligated to provide a number of documents, labeled “Seller Disclosures”, to the buyer:
- a written property condition disclosure for the Property, completed, signed and dated by 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 not expiring prior to Closing;
- evidence of any water rights and/or water shares
- a written notice of any claims and/or conditions known to 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 Utah Real Estate Purchase and Contract Form due?
There isn’t a specific deadline for completing the contract; it normally depends on the particular situation and the consent of both parties. As a rule, it is signed sometime in advance for the seller to leave the property and for the buyer to weigh the decision and get prepared for the move-in. Therefore, the transaction’s closing date is discussed and agreed on by the parties to the contract individually.
How do I fill out Utah Real Estate Purchase and Contract Form?
The form is filled out by the real property licensee and it 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 Utah Real Estate Purchase and Contract Form?
The form is completed and kept by the parties and realtors involved in the deal.