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Notary – a public officer who can witness the signatures of the buyer and seller.
What is included in the Utah Residential Purchase and Sale Agreement?
It outlines the terms and conditions of the sale, including:
- Property details (address and legal description)
- Purchase price and payment method
- Earnest money deposit
- Closing date
- Contingencies (e.g., financing, inspection, appraisal)
- Disclosures required by Utah law (e.g., lead-based paint, seller property condition)
- Possession date and any included fixtures or appliances
Once signed by both parties, this agreement becomes enforceable, and the buyer can proceed with due diligence, such as inspections and loan approval.
Utah REALTORS® typically use a standardized form issued by the Utah Association of REALTORS® (UAR) to ensure compliance with state regulations.
When does a purchase agreement become legally binding?
The purchase and sale agreement becomes legally binding when both parties sign the contract and the buyer gets the notice that the seller has accepted the deal. The buyer can get the notice in-person, by phone, and/or email.