North Dakota Residential Real Estate Sale Contract
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
Residential Real Estate Sale Contract for use in North Dakota. Can be used when selling or buying a free-standing residential home.
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The Residential Real Estate Sale Contract form is designed for use by a buyer and a seller of a free-standing residential home. The agreement provides for the traditional terms between a seller and buyer, including purchase price, financing contingencies, surveys, pest and other inspections, title matters and more. This contract is for use in transactions that do not involve a Broker and where the Buyer is obtaining a new loan or is assuming an existing loan.
When signed by one party, this signed contract constitutes a formal offer. The contract allows the person making the offer to designate a time and date by which the contract must be signed and returned before it expires.
These are just some of the important provisions included in this North Dakota Residential Real Estate Sale Contract:
- Parties: Identifies the Seller and Buyer involved in the transaction;
- Property to be Sold: Specific property being sold, including a legal description;
- Price and Payment: The price for the property and when and how payments are to be made;
- Earnest Money and Other Deposits: How the earnest money is to be kept and handled ;
- Contingencies: Allows certain contingencies with regard to the property;
- Removal Of Contingencies: What happens if contingencies are not removed;
- Time For Acceptance And Effective Date: Time by which offer needs to be executed by both parties;
- Condition of the Property: Defines the condition of the property
- Inspection: Mechanical, Pest and other inspections ;
- Radon and Lead Paint Disclosure: Disclosure about Radon testing and Lead Paints;
- Utilities: How utilities will be handles;
- Casualty Loss: Defined who bears the risk of loss;
- Title: Transfer of title from seller to buyer;
- Existing Mortgages: Seller shall furnish to Buyer a statement from all mortgagee(s);
- Professional Survey Engineering Plans And Studies: Whether a survey shall be made and the furnishing of all plans;
- Delivery Of Deed: When and how the Deed will be transferred;
- Closing And Possession of Property: Time and manner of closing and when possession occurs;
- Restrictions, Easements, Limitations: The various easements, restrictions and limitations of the property - if any;
- Obligations at Closing: Seller's and Buyer's obligation at closing;
- Closing costs: checklist for who is responsible for which closing costs;
- Defaults And Remedies: What happens in case of defaults and the remedies thereto;
- Disputes: Sets forth how disputes may be settled
- Residential Real Estate Sale Contract Instructions and Checklist
- Information about Residential Real Estate Sale Contract
- North Dakota Residential Real Estate Sale Contract
- Earnest Money Receipt
- Disclosure Of Information On Lead-Based Paint Or Lead-Based Paint Hazards.
North Dakota Residential Real Estate Sale Contract
Product Details
| Product | North Dakota Residential Real Estate Sale Contract |
| Country | United States |
| Pages | 23 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF WordPerfect Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | New Loan or Loan Assumption Real Estate Sale Contract |
| Product number | #20963 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
A Residential Real Estate Sale Contract is a legally binding document that outlines the terms of a sale between a buyer and a seller for a residential property. It includes details such as the purchase price, payment terms, and contingencies.
This contract should be used whenever a buyer and seller agree to the sale of a free-standing residential home in North Dakota, particularly in transactions that do not involve a broker.
If contingencies outlined in the contract are not met, the buyer may have the right to withdraw from the contract without penalty, or the seller may have the option to terminate the agreement.
Yes, the contract can be modified if both parties agree to the changes in writing. It's important to document any modifications to ensure clarity and enforceability.
While the contract is designed for use without a broker, it is advisable to seek legal assistance to ensure all terms are understood and comply with state laws.
Is This Form Right For You?
Use This Form If:
- Individuals who are looking to buy a free-standing residential home in North Dakota can utilize this contract to formalize their purchase agreement with the seller. This ensures that all terms are clearly defined and legally binding, protecting both parties involved in the transaction.
- Situations requiring a clear outline of the sale terms, such as the purchase price and payment schedule, can benefit from this contract. It provides a structured format to address essential elements like earnest money deposits and contingencies, which are crucial for a smooth transaction.
- For those selling their residential property without a broker, this contract serves as a vital tool to document the sale. It helps sellers articulate their terms and conditions, ensuring that buyers understand their obligations and the condition of the property being sold.
- Buyers assuming an existing mortgage will find this contract particularly useful. It includes provisions for handling existing loans and ensures that all parties are aware of their responsibilities regarding the mortgage during the sale process.
- Real estate investors seeking to purchase properties in North Dakota can use this contract to streamline their acquisition process. The detailed provisions regarding inspections and disclosures help mitigate risks associated with property purchases.
Do Not Use If:
- – This form is not appropriate for transactions involving commercial properties. The terms and conditions for commercial real estate sales differ significantly from residential sales and require a different type of contract.
- – If either party is represented by a real estate broker, this contract should not be used. Broker agreements typically include specific terms and conditions that must be adhered to, which are not covered in this form.
- – In cases where the buyer is not obtaining a loan, such as cash purchases, alternative forms may be more suitable. This contract is specifically designed for transactions involving loans or loan assumptions.
- – If the property being sold is part of a foreclosure or short sale, this contract may not be appropriate. Different legal requirements and disclosures apply in such situations, necessitating specialized documentation.
- – For properties that require extensive repairs or are sold 'as-is', additional disclosures and agreements may be necessary. This contract may not adequately address the complexities involved in such sales.
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