North Dakota Real Estate Purchase Agreement

A real estate purchase agreement in North Dakota is a legal document that binds a buyer and a seller. It lays out the terms for transferring real property in return for a specified sales price. The agreement covers all aspects of the sale, including contingencies, the inspection period, due diligence, and the closing timeline. Once both parties sign the agreement and the buyer is informed of its acceptance, it becomes legally effective.

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Legal Procedure for Property Transfer in North Dakota

The legal procedure for transferring land property or selling a home in North Dakota is governed by statute (47-10-01). To be legally valid, any transfer or purchase must be documented in writing.

Key Steps

Written Documentation Requirement: Any transfer or purchase of land property must be documented in writing to comply with North Dakota law (47-10-01).
Buyer’s Initial Offer: The buyer initiates the process by submitting a written offer or initial contract outlining the terms of the property.
Price: Price is a crucial aspect of the offer, and it is clearly specified in the written documentation.
Down Payment and Commitment: Upon submitting the signed offer, the buyer typically attaches a down payment. This payment serves as a commitment to the real estate purchase agreement.
Seller’s Agreement: If the seller agrees to all the terms outlined in the written offer, they sign the document, and the agreement becomes legally binding.

Writing Requirement (when it becomes legal)

The North Dakota Real Estate Purchase Agreement is the starting point for the legal process of buying or selling a property. It includes key terms necessary for subsequent steps in transferring ownership.

Buyer and Seller Details: This section provides both parties’ full names and contact information.
Property Details: This section includes the property’s address and legal description, which helps to ensure a precise identification of the property.
Purchase Price: This section outlines the total cost of the property, considering deposits, down payments, and adjustments.
Personal Property: This section covers any items included in the sale, such as appliances and furniture.
Representations and Warranties: This section contains statements regarding the property’s condition.
Financing: This section specifies whether the purchase will be financed through a third party or the seller.
Contingencies: This specifies the requirements that must be fulfilled for the contract to proceed.
Title Insurance: This section provides coverage for potential title defects.
Closing and Possession Dates: This section determines the timing of the legal transfer and the buyer’s entitlement.
Escrow Agent/Company: Ensure to mention if a third party such as an escrow agent will be present during this real estate purchase agreement.
Contract Expiration: This outlines the timeframe for a response to the offer.

Required Disclosures

A North Dakota Real Estate Purchase Agreement doesn’t have to disclose any material defects related to the property. However, any significant material defects that are concealed from the buyer and may harm the tenant can cause legal action from the buyer. Here are two (2) main disclosure that are a must:

Seller’s Property Disclosure Statement: This statement must include all material facts that the seller is aware of which could significantly impact an ordinary buyer’s use and enjoyment of the property or any intended use of the property.
Lead-Based Paint Disclosure: When selling homes built before 1978, it’s mandatory to disclose the presence of lead on the property and provide educational materials on the health risks associated with exposure to this harmful substance.