A contract to purchase and sell residential real estate in North Dakota is used to facilitate the purchase of land between a buyer and a seller. On the contract form, the buyer will present a monetary offer for the purchase of the property, including the terms of his offer and the account he is willing to provide. In addition, the buyer must indicate how he will finance the purchase if his offer is accepted. Until the buyer`s offer is concluded, the seller can accept, negotiate or refuse the offer. If both parties agree and sign the document, the sale will be concluded and will therefore be legally binding. The offer includes the purchase price and the additional conditions set by the buyer. The seller is given a deadline to respond to the offer before it expires. During this period, the seller can change the conditions by making a counter-offer to the buyer. If the two parties agree on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property.
Disclosure of seller`s real estate (47-10-02.1) – In August 2019, additional disclosure of real estate conditions must accompany the contract for the sale of homes inhabited by the owner and used as the principal residence. This is necessary for each home to be sold with the help of a real estate professional, and the seller must reveal all known existing defects with the premises and associated buildings. In North Dakota, sellers are required to enter into a real estate purchase agreement and the following disclosure statement, so that they can be considered legally binding: Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – A complementary educational package and a lead waring statement are required to give the buyer of a home built in 1978 or earlier. The contract for the sale of residential real estate in North Dakota (“residential real estate purchase agreement”) is a contract used for the purchase of real estate at the time of the offer. The agreement opens the negotiation process by indicating the buyer`s offer for the acquisition of the property. North Dakota Purchase Contract Kit includes the sale contract of ND, ND Real Estate offenlegungen and additional property forms. Seller`s disclosure statement. North Dakota law requires written disclosure of real estate for the purchase of real estate when a broker or seller linked to a real estate agent company represents or supports a party to the transaction and the property is a principal residence owning a property in North Dakota, sold or exchanged by the owner. Disclosure must include all essential facts that the seller is aware of, which could seriously affect and affect the use and enjoyment of the property by an ordinary purchaser or the intended use of property of which the seller is aware. (No. 47-10-02.1) The North Dakota sale contract embodies the execution of a residential real estate transaction through a detailed written record.