Idaho Residential Purchase and Sale Agreement
An Idaho residential purchase and sale agreement form is a legal file that outlines, in detail, the terms and conditions for the sale of a property. The agreement is made between a buyer who offers to purchase the property from a seller for an agreed-upon price and terms. The agreement form includes all aspects of the purchase deal and only becomes legally binding when the seller accepts and communicates their acceptance by signing the document.
Upon receiving a purchase and sale agreement, the seller in the transaction has the option to accept the offer, reject it, or make a counter-offer with new terms.
Purchase Agreement Timeline
- Day 1 – The Seller accepts the buyer’s offer.
- Day 2-14 – The agreement is drafted then both parties sign the purchase agreement.
- Day 15-25 – The buyer usually schedules the home inspection and the Title Search begins.
- Day 26-70 – Financing is secured. The seller starts to move out (vacate) the property.
- Closing Day – The home sale is complete once both parties sign the purchase agreement.
Lead-Based Paint Disclosure – Any housing structure built before 1978 requires lead paint disclosure under federal law.
Source: The Idaho Manual