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Blank Idaho Re 21 PDF Template

The Idaho Re 21 form, officially known as the REAL ESTATE PURCHASE AND SALE AGREEMENT, is a comprehensive legal document employed in the buying and selling of real estate within the state of Idaho. Its objective is to outline the terms and conditions agreed upon by the buyer and the seller, covering aspects from the earnest money deposit to financing terms and inspection contingencies. As a legally binding contract, it is imperative for all parties involved to thoroughly review and understand each section before signing. To ensure a smooth real estate transaction, consider filling out the form meticulously by clicking the button below.

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The Idaho RE-21 form, officially titled the Real Estate Purchase and Sale Agreement, serves as a comprehensive contract between a buyer and seller for the transaction of real estate property in Idaho. As a crucial document, it outlines the terms, conditions, and specifics of the sale, including the identification of the parties involved, the real estate being sold, and the purchase price. Additionally, it details the financial arrangements, such as earnest money deposits, all-cash offers, new loan proceeds, and other financial terms crucial to the agreement's execution. The form mandates disclosures regarding the property's conditions, including inspections, lead paint, mold, square footage, and the presence of homeowners' associations or any covenants, conditions, and restrictions (CC&Rs) that may apply. It further specifies the roles and responsibilities concerning title conveyance, title insurance, home warranty plans, and the allocation of various costs associated with the closing process. Provisions for risk of loss, occupancy intentions, final walkthroughs, and defaults are carefully outlined to protect both parties, alongside clauses related to earnest money disputes and the use of the form in electronic transactions. Designed and distributed by the Idaho Association of REALTORS®, this legally binding document underscores the importance of understanding all aspects before signing, advising consultation with legal and financial professionals to ensure clarity and compliance.

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RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

THIS IS A LEGALLY BINDING CONTRACT, READ THE ENTIRE DOCUMENT, INCLUDING ANY ATTACHMENTS. IF YOU HAVE ANY QUESTIONS, CONSULT YOUR ATTORNEY AND/OR ACCOUNTANT BEFORE SIGNING.

JULY 2017 EDITION

Page 1 of 7

NO WARRANTIES, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF HABITABILITY, AGREEMENTS

OR REPRESENTATIONS NOT EXPRESSLY SET FORTH HEREIN SHALL BE BINDING UPON EITHER PARTY.

ID#

DATE

LISTING AGENCY

Office Phone #

Fax #

Listing Agent

E-Mail

Phone #

SELLING AGENCY

Office Phone #

Fax #

Selling Agent

E-Mail

Phone #

71. BUYER:

8(Hereinafter called “BUYER”) agrees to purchase, and the undersigned SELLER agrees to sell the following described real estate hereinafter referred to as

9 “PROPERTY” COMMONLY KNOWN AS

10	City	County, ID, Zip		legally described as:
11
12 OR Legal Description Attached as exhibit			(Exhibit must accompany original offer and be signed or initialed by BUYER

13and SELLER.)

14
15 2. $	PURCHASE PRICE:	DOLLARS,

16payable upon the following TERMS AND CONDITIONS (not including closing costs):

17This offer is contingent upon the sale, refinance, and/or closing of any other property ¨ Yes ¨ No

193. FINANCIAL TERMS: Note: A+C+D+E must add up to total purchase price.

20	(A). $		EARNEST MONEY: BUYER hereby offers

21DOLLARS as Earnest Money in the following form: ¨cash ¨personal check ¨cashier's check ¨note (due date):

22 ¨other

and ¨receipt is hereby acknowledged OR ¨ BUYER will deliver

23Earnest Money within_________ business days (three [3] if left blank) of acceptance.

24Earnest Money to be deposited in trust account ¨upon receipt or ¨upon acceptance by BUYER and SELLER or ¨other

26and shall be held by: ¨Listing Broker ¨Selling Broker ¨ Closing Agency ¨other

27for the benefit of the parties hereto.

THE RESPONSIBLE BROKER SHALL BE:

29(B). ALL CASH OFFER: ¨NO ¨YES If this is an all cash offer do not complete Sections 3C and 3D, fill blanks with “0” (ZERO). IF CASH

30OFFER, BUYER’S OBLIGATION TO CLOSE SHALL NOT BE SUBJECT TO ANY FINANCIAL CONTINGENCY. BUYER agrees to provide SELLER

within

business days (five [5] if left blank) from the date of acceptance of this agreement by all parties written confirmation of sufficient funds and/or

32proceeds necessary to close transaction. Acceptable documentation includes, but is not limited to, a copy of a recent bank or financial statement.

33Cash proceeds from another sale: ¨ Yes ¨ No

(C). $

NEW LOAN PROCEEDS: This Agreement is contingent upon BUYER obtaining the following financing:

FIRST LOAN of $

not including mortgage insurance, through ¨FHA, ¨VA, ¨CONVENTIONAL, ¨IHFA, ¨RURAL

% for a period of

year(s) at: ¨Fixed Rate ¨Other

DEVELOPMENT, oOTHER

with interest not to exceed

37In the event BUYER is unable, after exercising good faith efforts, to obtain the indicated financing, BUYER’s Earnest Money shall be returned to BUYER.

38SECOND LOAN of $ ___________ through ¨FHA, ¨VA, ¨CONVENTIONAL, ¨IHFA, ¨RURAL DEVELOPMENT, oOTHER

39	with interest not to exceed		% for a period of	year(s) at: ¨Fixed Rate ¨Other

40LOAN APPLICATION: BUYER ¨has applied OR oshall apply for such loan(s). Within_______ business days (ten [10] if left blank) of final acceptance

41of all parties, BUYER agrees to furnish SELLER with a written confirmation showing lender approval of credit report, income verification, debt

42ratios, and evidence of sufficient funds and/or proceeds necessary to close transaction in a manner acceptable to the SELLER(S) and subject

43only to satisfactory appraisal and final lender underwriting. If an appraisal is required by lender, the PROPERTY must appraise at not less

44than purchase price or BUYER'S Earnest Money shall be returned at BUYER'S request unless SELLER, at SELLER’S sole discretion, agrees to

45reduce the purchase price to meet the appraised value. SELLER shall be entitled to a copy of the appraisal and shall have 24 hours from receipt thereof

46to notify BUYER of any price reduction. BUYER may also apply for a loan with different conditions and costs and close transaction provided all other

terms and conditions of this Agreement are fulfilled, and the new loan does not increase the costs or requirements to the SELLER.

FHA / VA: If

48applicable, it is expressly agreed that notwithstanding any other provisions of this contract, BUYER shall not be obligated to complete the purchase of

49the PROPERTY described herein or to incur any penalty or forfeiture of Earnest Money deposits or otherwise unless BUYER has been given in

50accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration or a Direct

51Endorsement lender setting forth the appraised value of the PROPERTY of not less than the sales price as stated in the contract.

52If such written confirmation required in 3(B) or 3(C) is not received by SELLER(S) within the strict time allotted, SELLER(S) may at their option cancel

this agreement by notifying BUYER(S) in writing of such cancellation within

business days (three [3] if left blank) after written confirmation was

54required. If SELLER does not cancel within the strict time period specified as set forth herein, SELLER shall be deemed to have accepted such written

55confirmation of lender approval and shall be deemed to have elected to proceed with the transaction. SELLER’S approval shall not be unreasonably

56withheld.

57
58	(D). $	ADDITIONAL FINANCIAL TERMS:

59o Additional financial terms are specified under the heading “OTHER TERMS AND/OR CONDITIONS” (Section 4).

60o Additional financial terms are contained in a FINANCING ADDENDUM of same date, attached hereto, signed by both parties.

61
62	(E). $	APPROXIMATE FUNDS DUE FROM BUYERS AT CLOSING (Not including closing costs): Cash at

63closing to be paid by BUYER at closing in GOOD FUNDS, includes: cash, electronic transfer funds, certified check or cashier's check.

BUYER'S Initials (

)(

) Date

SELLER'S Initials (

)(

) Date

This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the

JULY 2017 EDITION

RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

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SELLER'S Initials (________)(________) Date _______________

Title Company

shall provide the title policy and preliminary report of commitment.

JULY 2017 EDITION	RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT		Page 2 of 7
PROPERTY ADDRESS:		ID#:

644. OTHER TERMS AND/OR CONDITIONS: This Agreement is made subject to the following special terms, considerations and/or contingencies which

65must be satisfied prior to closing

765. ITEMS INCLUDED & EXCLUDED IN THIS SALE: All existing fixtures and fittings that are attached to the PROPERTY are INCLUDED IN THE

77PURCHASE PRICE (unless excluded below), and shall be transferred free of liens. These include, but are not limited to, all seller-owned attached floor

78coverings, television wall mounts, satellite dish, attached plumbing, bathroom and lighting fixtures, window screens, screen doors, storm doors, storm

79windows, window coverings, garage door opener(s) and transmitter(s), exterior trees, plants or shrubbery, water heating apparatus and fixtures, attached

80fireplace equipment, awnings, ventilating, cooling and heating systems, all ranges, ovens, built-in dishwashers, fuel tanks and irrigation fixtures and

81equipment, that are now on or used in connection with the PROPERTY and shall be included in the sale unless otherwise provided herein. BUYER should

82satisfy himself/herself that the condition of the included items is acceptable. It is agreed that any item included in this section is of nominal value less than $100.

84(A). ADDITIONAL ITEMS SPECIFICALLY INCLUDED IN THIS SALE:

89(B). ITEMS SPECIFICALLY EXCLUDED IN THIS SALE:

946. MINERAL RIGHTS: Any and all mineral rights appurtenant to the PROPERTY are included in and are part of the sale of this PROPERTY, and are not

95leased or encumbered, unless otherwise agreed to by the parties in writing.

977. WATER RIGHTS: Any and all water rights including but not limited to water systems, wells, springs, lakes, streams, ponds, rivers, ditches, ditch rights,

98and the like, if any, appurtenant to the PROPERTY are included in and are a part of the sale of this PROPERTY, and are not leased or encumbered, unless

99otherwise agreed to by the parties in writing.

100

1018. TITLE CONVEYANCE: Title of SELLER is to be conveyed by warranty deed, unless otherwise provided, and is to be marketable and insurable except

102for rights reserved in federal patents, state or railroad deeds, building or use restrictions, building and zoning regulations and ordinances of any

103governmental unit, and rights of way and easements established or of record. Liens, encumbrances or defects to be discharged by SELLER may be paid out

104of purchase money at date of closing. No liens, encumbrances or defects which are to be discharged or assumed by BUYER or to which title is taken

105subject to, exist unless otherwise specified in this Agreement.

106

1079. TITLE INSURANCE: There may be types of title insurance coverages available other than those listed below and parties to this agreement

108are advised to talk to a title company about any other coverages available that will give the BUYER additional coverage.

109

110(A). PRELIMINARY TITLE COMMITMENT: Within ___ business days (six [6] if left blank) of final acceptance of all parties

111furnish to BUYER a preliminary commitment of a title insurance policy showing the condition of the title to said PROPERTY. BUYER shall have ___

112business days (two [2] if left blank) after receipt of the preliminary commitment, within which to object in writing to the condition of the title as set forth in

113the preliminary commitment. If BUYER does not so object, BUYER shall be deemed to have accepted the conditions of the title. It is agreed that if the title

114of said PROPERTY is not marketable, and cannot be made so within ___ business days (two [2] if left blank) after SELLER’S receipt of a written objection

115and statement of defect from BUYER, then BUYER’S Earnest Money deposit shall be returned to BUYER and SELLER shall pay for the cost of title

116insurance cancellation fee, escrow and legal fees, if any.

117

118 (B). TITLE COMPANY: The parties agree that

119 located at

120

121(C). STANDARD COVERAGE OWNER’S POLICY: SELLER shall within a reasonable time after closing furnish to BUYER a title insurance policy in the

122amount of the purchase price of the PROPERTY showing marketable and insurable title subject to the liens, encumbrances and defects elsewhere set out

123in this Agreement to be discharged or assumed by BUYER unless otherwise provided herein. The risk assumed by the title company in the standard

124coverage policy is limited to matters of public record. BUYER shall receive a ILTA/ALTA Owner’s Policy of Title Insurance. A title company, at

125BUYER’s request, can provide information about the availability, desirability, coverage and cost of various title insurance coverages and endorsements. If

126BUYER desires title coverage other than that required by this paragraph, BUYER shall instruct Closing Agency in writing and pay any increase in cost

127unless otherwise provided herein.

128

129(D). EXTENDED COVERAGE LENDER’S POLICY (Mortgagee policy): The lender may require that BUYER (Borrower) furnish an Extended Coverage

130Lender’s Policy. This extended coverage lender’s policy considers matters of public record and additionally insures against certain matters not shown in

131the public record. This extended coverage lender’s policy is solely for the benefit of the lender and only protects the lender.

132

BUYER'S Initials (________)(________) Date ______________

This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the

JULY 2017 EDITION

RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

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13310. INSPECTION:

134(A). BUYER chooses ¨to conduct inspections ¨not to conduct inspections. If BUYER chooses not to conduct inspections, skip Section 10B. If

135indicated, BUYER shall have the right to conduct inspections, investigations, tests, surveys and other studies at BUYER’S expense, hereafter referred

136to as “Buyer’s Inspection Contingency.”BUYER’S inspection of the PROPERTY includes all aspects of the PROPERTY, including but not limited to

137neighborhood, conditions, zoning and use allowances, environmental conditions, applicable school districts and/or any other aspect pertaining to the

138

PROPERTY or related to the living environment at the PROPERTY. Unless otherwise addressed, BUYER shall, within

business days (five [5] if

139left blank) of acceptance, complete these inspections and give to SELLER written notice of disapproved items or written notice of termination of this

140Agreement based on an unsatisfactory inspection. Once BUYER delivers written notice to SELLER it shall end BUYER’s timeframe and is irrevocable

141regardless of if it was provided prior to the deadline stated above. BUYER is strongly advised to exercise these rights and to make BUYER'S own

142selection of professionals with appropriate qualifications to conduct inspections of the entire PROPERTY. BUYER shall keep the PROPERTY free and

143clear of liens; indemnify and hold SELLER harmless from all liability, claims, demands, damages and costs; and repair any damages arising from the

144inspections. SELLER shall make PROPERTY available for inspection and agrees to accept the responsibility and expense for making sure all

145the utilities are turned on no later than _____business days (two [2] if left blank) from acceptance for the inspection except for phone and

146cable. Some inspections, investigations, tests, surveys and other studies may require additional days to complete. The parties agree that unless

147specifically set forth below, the above timeframe for investigations, tests, surveys and other studies shall govern. No inspections may be made by any

148governmental building or zoning inspector or government employee without the prior consent of SELLER unless required by local law.

149¨ In the event this offer is subject to a short sale approval by a mortgage company, the time frame for completing inspections shall begin upon written

150approval of the short sale by the mortgage company and/or all lien holders.

151

152Additional inspections/timeframes:

153¨ Domestic Well Water Potability and/or Productivity Test shall be completed within ____ business days (ten (10) if left blank) from acceptance..

154¨ Septic Inspection and/or Pumping shall be completed within ____ business days (ten (10) if left blank) from acceptance.

155¨ Survey shall be completed within ____ business days (ten (10) if left blank) from acceptance.

156¨ Other_____________________________________________ shall be completed within ____ business days (ten (10) if left blank) from acceptance.

157¨ Other_____________________________________________ shall be completed within ____ business days (ten (10) if left blank) from acceptance.

158

159(B). SATISFACTION/REMOVAL OF INSPECTION CONTINGENCIES:

160

1611). If BUYER does not within the strict time period specified give to SELLER written notice of disapproved items or written notice of termination of this

162Agreement, BUYER shall conclusively be deemed to have: (a) completed applicable inspections, investigations, review of applicable documents and

163disclosures; (b) elected to proceed with the transaction and (c) assumed all liability, responsibility and expense for repairs or corrections other than for

164items which SELLER has otherwise agreed in writing to repair or correct.

165

1662). If BUYER does within the strict time period specified give to SELLER written notice of termination of this Agreement based on an unsatisfactory

167inspection, the parties will have no obligation to continue with the transaction and the Earnest Money shall be returned to BUYER.

168

1693). If BUYER does within the strict time period specified give to SELLER written notice of disapproved items, it shall end BUYER’s timeframe for

170inspections and is irrevocable. BUYER shall provide to SELLER pertinent section(s) of written inspection reports upon request, if applicable. Upon

171

receipt of written notice SELLER shall have

business days (three [3] if left blank) in which to respond in writing. SELLER, at SELLER’s option,

172may correct the items as specified by BUYER in the notice or may elect not to do so. If SELLER agrees in writing to correct items requested by BUYER,

173then both parties agree that they will continue with the transaction and proceed to closing. Immediately upon a written response from SELLER that

174rejects BUYER’s requests, in whole or in part, BUYER may proceed under 10(B)(4) below.

175

1764). If SELLER does not agree to correct BUYER’s items within the strict time period specified, or SELLER does not respond in writing within the strict

177time period specified, then the BUYER has the option of either continuing the transaction without the SELLER being responsible for correcting these

178

deficiencies or giving the SELLER written notice within

business days (three [3] if left blank) that they will not continue with the transaction and

179will receive their Earnest Money back.

180

1815). If BUYER does not give such written notice of cancellation within the strict time periods specified, BUYER shall conclusively be deemed to have

182elected to proceed with the transaction without repairs or corrections other than for items which SELLER has otherwise agreed in writing to repair or

183correct.

184

185(C). Home Warranty Programs are available for purchase through a number of Home Warranty Companies.

186

18711. LEAD PAINT DISCLOSURE: The subject PROPERTY ¨is ¨is not defined as “Target Housing” regarding lead-based paint or lead-based paint

188hazards. The term lead-based paint hazards is intended to identify lead-based paint and all residual lead-containing dusts and soils regardless of the

189source of the lead. If yes, BUYER hereby acknowledges the following: (a) BUYER has been provided an EPA approved lead-based paint hazard

190information pamphlet, “Protect Your Family From Lead in Your Home”, (b) receipt of SELLER’S Disclosure of Information and Acknowledgment Form and

191have been provided with all records, test reports or other information, if any, related to the presence of lead-based paint hazards on said PROPERTY,

192	(c) that this contract is contingent upon BUYERS right to have the PROPERTY tested for lead-based paint hazards to be completed no later than
193	____________________ or the contingency will terminate, (d) that BUYER hereby ¨waives ¨does not waive this right, (e) that if test results show

194unacceptable amounts of lead-based paint on the PROPERTY, BUYER has the right to cancel the contract subject to the option of the SELLER (to be given

195in writing) to elect to remove the lead-based paint and correct the problem which must be accomplished before closing, (f) that if the contract is canceled

196under this clause, BUYER’S earnest money deposit shall be returned to BUYER. Additionally, if any structure was built before 1978 and is a residential

197home, apartment or child-occupied facility such as a school or day-care center, federal law requires contractors that disturb lead-based paint in that structure

198to provide the owner with a “Renovate Right” pamphlet. The contractor shall be certified and follow specific work practices to prevent lead contamination.

199

20012. MOLD DISCLAIMER: BUYER is hereby advised that mold and/or other microorganisms may exist at the Property. Upon closing BUYER

201acknowledges and agrees to accept full responsibility and risk for any matters that may result from mold and/ or other microorganisms and to


BUYER'S Initials (________)(________) Date ______________		SELLER'S Initials (________)(________) Date _______________
This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the
Idaho Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. ©Copyright Idaho Association of REALTORS®, Inc. All rights reserved.
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202hold SELLER and any Broker or agent representing SELLER or BUYER harmless from any liability or damages (financial or otherwise) relating to

203such matters.

204

20513. SQUARE FOOTAGE VERIFICATION: BUYER IS AWARE THAT ANY REFERENCE TO THE SQUARE FOOTAGE OF THE REAL PROPERTY

206OR IMPROVEMENTS IS APPROXIMATE. IF SQUARE FOOTAGE IS MATERIAL TO THE BUYER, IT MUST BE VERIFIED DURING THE INSPECTION

207PERIOD.

208

20914. SELLER'S PROPERTY CONDITION DISCLOSURE FORM: If required by Title 55, Chapter 25 Idaho Code SELLER shall within ten (10)

210calendar days after execution of this Agreement provide to BUYER or BUYER’S agent, “Seller's Property Condition Disclosure Form” or other acceptable

211form. BUYER has received the “Seller's Property Condition Disclosure Form” or other acceptable form prior to signing this Agreement: ¨Yes ¨No ¨N/A

212

21315. COVENANTS, CONDITIONS AND RESTRICTIONS (CC&Rs): As part of the BUYER’S inspection of the PROPERTY as set forth in Section 10,

214 BUYER is responsible for obtaining and reviewing a copy of any CC&Rs which may affect the PROPERTY. BUYER shall have

business days (five

215[5] if left blank) but in no event shall such time period exceed that time period set forth for inspections in Section 10, to review any CC&Rs that may affect the

216PROPERTY. Unless BUYER delivers to SELLER a written and signed objection to the terms of any applicable CC&Rs with particularity describing BUYER’S

217reasonable objections within such time period as set forth above, BUYER shall be deemed to have conclusively waived any objection to the terms of any

218CC&Rs affecting the PROPERTY, nothing contained herein shall constitute a waiver of BUYER to challenge CC&Rs directly with a homeowners association

219after closing. If BUYER timely and reasonably objects to a term of the CC&Rs, this Agreement shall terminate and the Earnest Money shall be returned to

220BUYER.

221

22216. SUBDIVISION HOMEOWNER’S ASSOCIATION: BUYER is aware that membership in a Home Owner’s Association may be required and

223BUYER agrees to abide by the Articles of Incorporation, Bylaws and rules and regulations of the Association. BUYER is further aware that the PROPERTY

224may be subject to assessments levied by the Association described in full in the Declaration of Covenants, Conditions and Restrictions. BUYER has

225	reviewed Homeowner’s Association Documents: ¨Yes ¨No ¨N/A. Association fees/dues are $			per	.

226	¨BUYER ¨SELLER ¨Shared Equally ¨N/A to pay Homeowner’s Association SET UP FEE of $		and/or
227	¨BUYER ¨SELLER ¨Shared Equally ¨N/A to pay Homeowner’s Association PROPERTY TRANSFER FEES of $	at closing.
228

22917. COSTS PAID BY: The parties agree to pay the following costs as indicated below. None of the costs to be paid by the parties in this section creates

230an inspection or performance obligation other than strictly for the payment of costs unless otherwise stated. There may be other costs incurred in addition to

231those set forth below. Such costs may be required by the lender, by law, or by other circumstances. Requested tests/inspection reports as indicated below

232shall be provided to the other party within the time period specified in Section 10.

233 SELLER agrees to pay up to $

($0 if left blank) of lender required repair costs only.

234BUYER or SELLER has the option to pay any lender required repair costs in excess of this amount.

235

236Upon closing SELLER agrees to pay ¨__________% of the purchase price OR ¨$_______________ (dollar amount) (N/A if left

237blank) of lender-approved BUYER’S closing costs, lender fees, and prepaid costs include but are not limited to those items in

238BUYER columns marked below. This concession can also be used for any other expense not related to financing at the BUYER’s

239discretion.

Appraisal Fee

		Shared					Shared
BUYER	SELLER	Equally	N/A		BUYER	SELLER	Equally	N/A
				Title Ins. Standard Coverage Owner’s Policy

Appraisal Re-Inspection Fee					Title Ins. Extended Coverage
					Lender’s Policy – Mortgagee Policy

Closing Escrow Fee					Additional Title Coverage

Lender Document Preparation Fee					Domestic Well Water Potability Test
					Shall be ordered by: ¨BUYER ¨SELLER

Tax Service Fee					Domestic Well Water Productivity Test
					Shall be ordered by: ¨BUYER ¨SELLER

Flood Certification/Tracking Fee					Septic Inspections
					Shall be ordered by: ¨BUYER ¨SELLER

Lender Required Inspections					Septic Pumping
					Shall be ordered by: ¨BUYER ¨SELLER

Attorney Contract Preparation or Review Fee					Survey
					Shall be ordered by: ¨BUYER ¨SELLER

240

24118.OCCUPANCY: BUYER ¨does ¨does not intend to occupy PROPERTY as BUYER’S primary residence.

242


BUYER'S Initials (________)(________) Date ______________		SELLER'S Initials (________)(________) Date _______________
This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the
Idaho Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. ©Copyright Idaho Association of REALTORS®, Inc. All rights reserved.
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24319. RISK OF LOSS OR NEGLECT: Prior to closing of this sale, all risk of loss shall remain with SELLER. In addition, should the PROPERTY be

244materially damaged by fire, neglect, or other destructive cause prior to closing, this agreement shall be voidable at the option of the BUYER.

245

24620. WALK THROUGHS: The SELLER grants BUYER and any representative of BUYER reasonable access to conduct two walk through inspections of

247the PROPERTY NOT AS A CONTINGENCY OF THE SALE, but for the following stated purposes: first walkthrough shall be within _____ business days

248(three [3] if left blank) after the deadline for completion of repairs agreed to as a result of the Buyer’s Inspection Contingency for the purpose of satisfying

249 BUYER that any repairs agreed to in writing by BUYER and SELLER have been completed. The second walkthrough shall be within

business days

250(three [3] if left blank) prior to close of escrow, for the purpose of satisfying BUYER that PROPERTY is in substantially the same condition as on the date this

251offer is made. SELLER shall make PROPERTY available for the walk throughs and agrees to accept the responsibility and expense for making sure all the

252utilities are turned on for the walk throughs except for phone and cable. If BUYER does not conduct either of the walk throughs, BUYER specifically releases

253the SELLER and Broker(s) and their associates of any liability as to incomplete repairs and/or any changed conditions.

25421. SINGULAR AND PLURAL terms each include the other, when appropriate.

255

25622. FORECLOSURE NOTICE: If the PROPERTY described above is currently involved in a foreclosure proceeding (pursuant to Idaho Code §45-1506)

257any contract or agreement with the owner or owners of record that involves the transfer of any interest in residential real property, as defined in §45-

258525(5)(b), Idaho Code, subject to foreclosure must be in writing and must be accompanied by and affixed to RE-42 Property Foreclosure Disclosure Form.

259

26023. MECHANIC’S LIENS - GENERAL CONTRACTOR DISCLOSURE STATEMENT NOTICE: BUYER and SELLER are hereby notified that,

261subject to Idaho Code §45-525 et seq., a “General Contractor” must provide a Disclosure Statement to a homeowner that describes certain rights afforded to

262the homeowner (e.g. lien waivers, general liability insurance, extended policies of title insurance, surety bonds, and sub-contractor information). The

263Disclosure Statement must be given to a homeowner prior to the General Contractor entering into any contract in an amount exceeding $2,000 with a

264homeowner for construction, alteration, repair, or other improvements to real property, or with a residential real property purchaser for the purchase and sale

265of newly constructed property. Such disclosure is the responsibility of the General Contractor and it is not the duty of your agent to obtain this information on

266your behalf. You are advised to consult with any General Contractor subject to Idaho Code §45-525 et seq. regarding the General Contractor Disclosure

267Statement.

268

26924. SALES PRICE INFORMATION: Pursuant to Idaho Code §54-2083(6)(d), a “sold” price of real property is not confidential client information.

270

27125. TRANSMISSION OF DOCUMENTS: Facsimile or electronic transmission of any signed original document, and retransmission of any signed

272facsimile or electronic transmission shall be the same as delivery of an original. At the request of either the BUYER or SELLER, or the LENDER, or the

273Closing Agency, the BUYER and SELLER will confirm facsimile or electronic transmitted signatures by signing an original document.

274

27526. BUSINESS DAYS: A business day is herein defined as Monday through Friday, 8:00 A.M. to 5:00 P.M. in the local time zone where the subject real

276PROPERTY is physically located. A business day shall not include any Saturday or Sunday, nor shall a business day include any legal holiday recognized

277by the state of Idaho as found in Idaho Code §73-108. If the time in which any act required under this agreement is to be performed is based upon a

278business day calculation, then it shall be computed by excluding the calendar day of execution and including the last business day. The first business day

279shall be the first business day after the date of execution. If the last day is a legal holiday, then the time for performance shall be the next subsequent

280business day.

281

28227. CALENDAR DAYS: A calendar day is herein defined as Monday through Sunday, midnight to midnight, in the local time zone where the subject real

283PROPERTY is physically located. A calendar day shall include any legal holiday. The time in which any act required under this agreement is to be performed

284shall be computed by excluding the date of execution and including the last day, thus the first day shall be the day after the date of execution. Any reference

285to “day” or “days” in this agreement means the same as calendar day, unless specifically enumerated as a “business day.”

286

28728. ATTORNEY'S FEES: If either party initiates or defends any arbitration or legal action or proceedings which are in any way connected with this

288Agreement, the prevailing party shall be entitled to recover from the non-prevailing party reasonable costs and attorney's fees, including such costs and fees

289on appeal.

290

29129. DEFAULT: If BUYER defaults in the performance of this Agreement, SELLER has the option of: (1) accepting the Earnest Money as liquidated

292damages or (2) pursuing any other lawful right and/or remedy to which SELLER may be entitled. If SELLER elects to proceed under (1), SELLER shall make

293demand upon the holder of the Earnest Money, upon which demand said holder shall pay from the Earnest Money the costs incurred by SELLER'S Broker

294on behalf of SELLER and BUYER related to the transaction, including, without limitation, the costs of title insurance, escrow fees, appraisal, credit report

295fees, inspection fees and attorney's fees; and said holder shall pay any balance of the Earnest Money, one-half to SELLER and one-half to SELLER'S

296Broker, provided that the amount to be paid to SELLER'S Broker shall not exceed the Broker's agreed-to commission. SELLER and BUYER specifically

297acknowledge and agree that if SELLER elects to accept the Earnest Money as liquidated damages, such shall be SELLER'S sole and exclusive remedy, and

298such shall not be considered a penalty or forfeiture. If SELLER elects to proceed under (2), the holder of the Earnest Money shall be entitled to pay the costs

299incurred by SELLER'S Broker on behalf of SELLER and BUYER related to the transaction, including, without limitation, the costs of brokerage fee, title

300insurance, escrow fees, appraisal, credit report fees, inspection fees and attorney's fees, with any balance of the Earnest Money to be held pending

301resolution of the matter. If SELLER defaults, having approved said sale and fails to consummate the same as herein agreed, BUYER'S Earnest Money

302deposit shall be returned to him/her and SELLER shall pay for the costs of title insurance, escrow fees, appraisals, credit report fees, inspection fees,

303brokerage fees and attorney's fees, if any. This shall not be considered as a waiver by BUYER of any other lawful right or remedy to which BUYER may be

304entitled.

305

30630. EARNEST MONEY DISPUTE / INTERPLEADER: Notwithstanding any termination or breach of this Agreement, BUYER and SELLER agree that

307in the event of any controversy regarding the Earnest Money and things of value held by Broker or closing agency, Broker may reasonably rely on the terms

308of this Agreement or other written documents signed by both parties to determine how to disburse the disputed money. However, Broker or closing agency

309shall not be required to take any action but may await any proceeding, or at Broker's or closing agency's option and sole discretion, may interplead all parties


BUYER'S Initials (________)(________) Date ______________		SELLER'S Initials (________)(________) Date _______________
This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the
Idaho Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. ©Copyright Idaho Association of REALTORS®, Inc. All rights reserved.
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PROPERTY ADDRESS:		ID#:

310and deposit any moneys or things of value into a court of competent jurisdiction and shall recover all costs which were incurred as a result of the dispute

311including, but not limited to, reasonable attorney's fees. If either parties’ Broker incurs attorney’s fees as a result of any Earnest Money dispute, whether or

312not formal legal action is taken, said Broker is entitled to recover actual fees incurred from either BUYER or SELLER.

313

31431. COUNTERPARTS: This Agreement may be executed in counterparts. Executing an agreement in counterparts shall mean the signature of two

315identical copies of the same agreement. Each identical copy of an agreement signed in counterparts is deemed to be an original, and all identical copies

316shall together constitute one and the same instrument.

317

31832. “NOT APPLICABLE” DEFINED: The letters “n/a,” “N/A,” “n.a.,” and “N.A.” as used herein are abbreviations of the term “not applicable.” Where this

319agreement uses the term “not applicable” or an abbreviation thereof, it shall be evidence that the parties have contemplated certain facts or conditions and

320have determined that such facts or conditions do not apply to the agreement or transaction herein.

321

32233. SEVERABILITY: In the case that any one or more of the provisions contained in this Agreement, or any application thereof, shall be invalid, illegal or

323unenforceable in any respect, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

324

32534. REPRESENTATION CONFIRMATION: Check one (1) box in Section 1 and one (1) box in Section 2 below to confirm that in this transaction, the

326brokerage(s) involved had the following relationship(s) with the BUYER(S) and SELLER(S).

327

328Section 1:

329¨ A. The brokerage working with the BUYER(S) is acting as an AGENT for the BUYER(S).

330¨ B. The brokerage working with the BUYER(S) is acting as a LIMITED DUAL AGENT for the BUYER(S), without an ASSIGNED AGENT.

331¨ C. The brokerage working with the BUYER(S) is acting as a LIMITED DUAL AGENT for the BUYER(S) and has an ASSIGNED AGENT

332acting solely on behalf of the BUYER(S).

333¨ D. The brokerage working with the BUYER(S) is acting as a NONAGENT for the BUYER(S).

334

335Section 2:

336¨ A. The brokerage working with the SELLER(S) is acting as an AGENT for the SELLER(S).

337¨ B. The brokerage working with the SELLER(S) is acting as a LIMITED DUAL AGENT for the SELLER(S), without an ASSIGNED AGENT.

338¨ C. The brokerage working with the SELLER(S) is acting as a LIMITED DUAL AGENT for the SELLER(S) and has an ASSIGNED AGENT

339acting solely on behalf of the SELLER(S).

340¨ D. The brokerage working with the SELLER(S) is acting as a NONAGENT for the SELLER(S).

341

342Each party signing this document confirms that he has received, read and understood the Agency Disclosure Brochure adopted or approved by the Idaho

343real estate commission and has consented to the relationship confirmed above. In addition, each party confirms that the brokerage's agency office policy

344was made available for inspection and review. EACH PARTY UNDERSTANDS THAT HE IS A “CUSTOMER” AND IS NOT REPRESENTED BY A

345BROKERAGE UNLESS THERE IS A SIGNED WRITTEN AGREEMENT FOR AGENCY REPRESENTATION.

346

34735. CLOSING: On or before the closing date, BUYER and SELLER shall deposit with the closing agency all funds and instruments necessary to complete

348this transaction. Closing means the date on which all documents are either recorded or accepted by an escrow agent and the sale proceeds are

349	available to SELLER. The closing shall be no later than (Date)		.
350

351The parties agree that the CLOSING AGENCY for this transaction shall be

352
353	located at		.
354
355	If a long-term escrow / collection is involved, then the long-term escrow holder shall be		.
356
357
358	36. POSSESSION: BUYER shall be entitled to possession ¨upon closing or ¨date	time		¨A.M. ¨P.M.

359

36037. PRORATIONS: Property taxes and water assessments (using the last available assessment as a basis), rents, interest and reserves, liens,

361 encumbrances or obligations assumed, and utilities shall be prorated ¨upon closing or as of ¨date

362BUYER to reimburse SELLER for fuel in tank ¨ Yes ¨ No ¨ N/A. Dollar amount may be determined by SELLER’s supplier.

363

36438. ASSIGNMENT: This Agreement and any rights or interests created herein ¨ may ¨ may not be sold, transferred, or otherwise assigned.

365

36639. ENTIRE AGREEMENT: This Agreement contains the entire Agreement of the parties respecting the matters herein set forth and supersedes all prior

367Agreements between the parties respecting such matters.

368

36940. TIME IS OF THE ESSENCE IN THIS AGREEMENT.

370

37141. AUTHORITY OF SIGNATORY: If BUYER or SELLER is a corporation, partnership, trust, estate, or other entity, the person executing this

372agreement on its behalf warrants his or her authority to do so and to bind BUYER or SELLER.

373
374	42. ACCEPTANCE:	This offer is made subject	to the acceptance, counter or rejection of SELLER and BUYER on or before		(Date)
375	at (Local Time in which	PROPERTY is located)		¨A.M. ¨P.M.


BUYER'S Initials (________)(________) Date ______________		SELLER'S Initials (________)(________) Date _______________
This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the
Idaho Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. ©Copyright Idaho Association of REALTORS®, Inc. All rights reserved.
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PROPERTY ADDRESS:		ID#:

37643. BUYER’S SIGNATURES:

377
378	¨SEE ATTACHED BUYER'S ADDENDUM(S): _______							(Specify number of BUYER addendum(s) attached.)
379	¨SEE ATTACHED BUYER'S EXHIBIT(S): _______								(Specify number of BUYER exhibit(s) attached.)
380
381		¨ BUYER does currently hold an active Idaho real estate license.								¨ BUYER is related to agent.
382
383	BUYER Signature					BUYER (Print Name)
384
385	Date		Time		¨A.M. ¨P.M.	Phone #					Cell #
386
387	Address					E-Mail
388
389	City			State	Zip		Fax #
390
391
392
393		¨ BUYER does currently hold an active Idaho real estate license.								¨ BUYER is related to agent.
394
395	BUYER Signature					BUYER (Print Name)
396
397	Date		Time		¨A.M. ¨P.M.	Phone #					Cell #
398
399	Address					E-Mail
400
401	City			State	Zip		Fax #
402
403
404
404

405

40644. SELLER’S SIGNATURES: On this date, I/We hereby approve and accept the transaction set forth in the above Agreement and agree to carry out all

407the terms thereof on the part of the SELLER.

408

409 ¨SIGNATURE(S) SUBJECT TO ATTACHED COUNTER OFFER

410 ¨SIGNATURE(S) SUBJECT TO ATTACHED ADDENDUM(S) # __________

411 ¨SIGNATURE(S) SUBJECT TO ATTACHED EXHIBIT(S) # __________

412
413		¨ SELLER does currently hold an active Idaho real estate license.							¨ SELLER is related to agent.
414
415	SELLER Signature							SELLER (Print Name)
416
417	Date		Time			¨A.M. ¨P.M.		Phone #		Cell #
418
419	Address							E-Mail
420
421	City			State	Zip		Fax #
422
423	CONTRACTOR REGISTRATION # (if applicable)
424
425
426
427		¨ SELLER does currently hold an active Idaho real estate license.							¨ SELLER is related to agent.
428
429	SELLER Signature							SELLER (Print Name)
430
431	Date		Time			¨A.M. ¨P.M.		Phone #	Cell #
432
433	Address							E-Mail
434
435	City			State	Zip			Fax #

436

437CONTRACTOR REGISTRATION # (if applicable)

438

439

440

LATE ACCEPTANCE

441If acceptance of this offer is received after the time specified, it shall not be binding on the BUYER unless BUYER approves of said

442acceptance within _____ calendar days (three [3] if left blank) by BUYER initialing HERE (________)(________) Date ______________

443If BUYER timely approves of SELLER’s late acceptance, an initialed copy of this page shall be immediately delivered to SELLER.

This form is printed and distributed by the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are members of the

JULY 2017 EDITION

RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT

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Form Data

Fact Number	Fact Detail
1	The Idaho RE-21 form is a legal document utilized for the purchase and sale of real estate, requiring thorough review before signing.
2	This document is endorsed and distributed by the Idaho Association of REALTORS®, Inc., exclusively for its member professionals.
3	Buyers and sellers are advised to consult legal and financial advisors to ensure comprehension of the agreement's implications.
4	Sections within the form cover essential transaction details such as earnest money, purchase price, financial terms, and property specifics.
5	The agreement makes provisions for buyer inspections, allowing a designated period for investigations and requiring notices for any disapproved items.
6	Includes clauses related to title conveyance, offering buyers options for title insurance to ensure the property’s title is marketable and insurable.
7	Governing laws stipulated within the form include, but are not limited to, those surrounding foreclosure, lead-based paint disclosure, and mechanic's lien rights in the state of Idaho.

Instructions on Utilizing Idaho Re 21

Filling out the Idaho RE-21 Real Estate Purchase and Sale Agreement is a crucial step in the process of buying or selling property in Idaho. This document outlines the terms and conditions of the sale, including the purchase price, closing costs, and any contingencies such as financing or inspections. While the form may appear daunting at first glance, completing it correctly is essential for a smooth transaction. Here's a step-by-step guide to help you through the process.

Start by filling in the date and ID# at the top of the form, where indicated.
Enter the Listing Agency's contact information, including the office phone number, fax number, and the listing agent's email and phone number in the spaces provided.
For the Selling Agency's section, fill in similar contact details as required. This includes the office phone number, fax number, and the selling agent's contact information.
In the section labeled "BUYER," write the full name(s) of the buyer(s) who agrees to purchase the property.
Under "PROPERTY," specify the common address and legal description of the real estate being sold. If the legal description does not fit, attach an addendum and reference its number in the space provided.
Fill in the purchase price in U.S. dollars where indicated.
Detail the terms and conditions of the purchase, including how the purchase price will be paid. This might include earnest money, all-cash offers, new loan proceeds, seller financing, and any additional financial terms.
For sections related to financing, earnest money, and all cash offers, complete each as applicable to your agreement. Include amounts, due dates, and who is responsible for various payments and deposits.
Under "OTHER TERMS AND/OR CONDITIONS," if there are any additional provisions or contingencies, list them clearly. If more space is needed, attach a separate sheet and make a note in this section.
Items included or excluded in the sale, such as appliances or fixtures, should be specifically listed in the relevant sections.
Discuss any Mineral or Water Rights that are included with the property and specify them accordingly.
Details about the conveyance of title, title insurance, inspections, and any disclosure related to lead paint or other hazards should be accurately filled out, reflecting the agreement between buyer and seller.
Specify the responsibilities within the Costs Paid By section, selecting who (buyer or seller) will cover various transaction-related expenses.
Sign and date the form where indicated, ensuring both the buyer(s) and seller(s) have a chance to review and agree to the terms by initialing each page.

After the form has been reviewed and signed by both parties, the next steps typically involve fulfilling any contingencies listed in the agreement, such as obtaining financing, completing inspections, and purchasing title insurance. It's critical that all parties keep a copy of the signed agreement for their records. As the closing date approaches, be prepared to meet any remaining obligations outlined in the RE-21 to ensure a successful transfer of property ownership.

Obtain Answers on Idaho Re 21

Frequently Asked Questions about the Idaho RE-21 Real Estate Purchase and Sale Agreement:

What is the Idaho RE-21 form?

The Idaho RE-21 form is a legal document used for the buying and selling of real estate in Idaho. It outlines the terms and conditions of the sale, including the purchase price, financing details, and any included or excluded items. The form serves as a binding contract once signed by both the buyer and the seller.
Who needs to sign the Idaho RE-21 form?

Both the buyer(s) and seller(s) of the real estate property need to sign the Idaho RE-21 form. Their initials are also required on all pages of the agreement to confirm that they have read and agreed to all the terms and conditions set forth in the document.
What are "earnest money" terms in the RE-21 form?

"Earnest money" is a deposit made by the buyer as evidence of good faith to demonstrate that they are serious about purchasing the property. The RE-21 form specifies the amount, form (such as cash, personal check, or cashier's check), and the holder of the earnest money (usually the listing or selling broker). It also details when the earnest money will be deposited and the conditions under which it may be returned to the buyer or retained by the seller.
How does financing affect the closing of the sale according to the RE-21 form?

The closing of the sale as outlined in the RE-21 form can be contingent upon the buyer obtaining financing within a specified timeframe. If the buyer cannot secure the necessary financing as per the agreed terms, the seller may have the option to cancel the agreement. Similarly, the document outlines conditions under which the purchase can proceed if the buyer presents satisfactory evidence of their ability to finance the purchase. These details ensure both parties are aware of the significance of the financial conditions attached to the agreement.

Common mistakes

Filling out real estate forms can sometimes feel like navigating a labyrinth. The Idaho RE-21 form, a comprehensive document used for real estate purchase and sale agreements, is no exception. Even the most detail-oriented individuals can stumble over common pitfalls. Here are eight mistakes frequently made on the Idaho RE-21 form:

**Not Reading the Entire Document**: Often, individuals jump straight to filling out the blanks without thoroughly reading the entire form, including attachments. This oversight can lead to misunderstandings about the obligations and rights each party has, potentially leading to legal complications down the road.
**Incorrectly Filling Out Financial Terms**: The breakdown of financial terms is crucial, including the earnest money amount, total purchase price, and terms of any loans. An incorrect sum or a misunderstanding of terms can affect the validity of the agreement.
**Leaving Blanks**: A surprisingly common mistake is leaving sections of the form blank rather than marking them as "n/a" when they don't apply. This can lead to ambiguities or assumptions that certain terms were overlooked.
**Ignoring the Legal Descriptions**: Skipping the detailed legal description of the property or not attaching necessary addenda can invalidate the agreement or, at the very least, lead to significant misunderstandings about what property is being purchased.
**Mistakes in Disclosures**: Failing to properly handle required disclosures, such as those related to lead paint or property conditions, not only risks the health and safety of the parties involved but can also invite legal penalties.
**Overlooking Inspection and Contingency Clauses**: Buyers sometimes miss the importance of inspection clauses and the related deadlines, which can lead to waiving their rights to negotiate repairs or withdraw based on the inspection results.
**Incorrectly Listing Items Included or Excluded in the Sale**: Neglecting to accurately list fixtures, appliances, or other items to be included or excluded can lead to disputes during the closing process or even after the sale has been completed.
**Failing to Specify the Closing Agent**: Not designating a responsible broker or closing agent can lead to confusion regarding who is to hold the earnest money and finalize the closing, potentially delaying the entire process.

Avoiding these mistakes can help ensure a smoother transaction process. It’s always advisable to consult with a real estate professional or an attorney if you have any doubts or questions while filling out the Idaho RE-21 form. Doing so can help prevent misunderstandings, save time, and avoid legal complications, ensuring a successful real estate transaction.

Documents used along the form

In the process of executing a real estate transaction in Idaho, particularly with the Idaho Re 21 form which is a Real Estate Purchase and Sale Agreement, several other documents often accompany the main agreement to ensure a smooth, transparent, and legally binding transaction between the buyer and seller. These documents serve various purposes, from disclosures about the property's condition to ensuring clear title.

Title Insurance Commitment: This document provides a preview of the conditions under which a title insurance company will issue a title insurance policy for the property. It outlines potential issues or claims against the property's title and how they can be resolved before closing. It's essential for protecting both the buyer and the lender against any existing liens or encumbrances that could affect ownership.
Home Inspection Report: A thorough home inspection report is crucial and often stipulated in the Real Estate Purchase and Sale Agreement. It details the condition of the property, including structural elements, electrical systems, plumbing, heating, and cooling systems, among others. The report helps buyers understand what they're buying and can be used to negotiate repairs or adjustments to the sales price based on identified issues.
Lead-Based Paint Disclosure: For homes built before 1978, a lead-based paint disclosure is required by federal law. This form discloses the seller's knowledge of lead-based paint on the property and provides the buyer with a 10-day period to inspect for lead-based paint hazards. This document is vital for the health and safety of the occupants, especially in older homes where lead-based paint was commonly used.
Seller's Property Condition Disclosure: This form requires the seller to disclose known defects and the overall condition of the property. It covers a wide range of items, including the age of the roof, issues with the foundation, the presence of pests, or any known hazards such as radon gas. This disclosure is important for the buyer to understand the property's condition beyond what is visible during a walkthrough or home inspection.

Together, these documents complement the Idaho Re 21 form by providing a comprehensive overview of the transaction, the property's condition, and any factors that could affect the sale or future ownership. They serve to inform, protect, and facilitate negotiations between the buyer and seller, ensuring that both parties have all the necessary information to proceed with the transaction confidently and securely.

Similar forms

The Uniform Residential Purchase Agreement resembles the Idaho RE-21 form, as both are used to outline the terms and conditions under which residential real estate transactions will proceed, including particulars such as the purchase price and financing details.
The Commercial Purchase Agreement is similar to the RE-21 form in that it outlines a legally binding agreement between buyer and seller regarding the sale and purchase of real estate; however, it is specifically tailored to transactions involving commercial properties.
A Land Purchase Agreement shares similarities with the Idaho RE-21 form, as it specifically deals with the purchase and sale of vacant land. It notes terms, conditions, and financial arrangements pertinent to the transaction.
The Lease-Purchase Agreement is akin to the RE-21 form in the sense that it enables the buyer to lease the property with an option to purchase later, outlining terms that govern both the lease and the eventual sale.
A Real Estate Counter Offer Form is used in connection with documents like the Idaho RE-21, allowing either the buyer or seller to renegotiate the terms initially set out in the purchase and sale agreement.
The Residential Lease Agreement shares the property-focused aspect of the Idaho RE-21 but differs in purpose, as it governs the rental of a property, specifying terms such as rent, duration, and use of the property rather than its sale.
An Addendum to Purchase Agreement is directly related to the RE-21 form and other real estate purchase agreements, as it details any additional terms or information not contained in the original agreement, effectively modifying the initial contract.

Dos and Don'ts

Filling out the Idaho RE-21 Real Estate Purchase and Sale Agreement Form requires attention to detail to ensure a smooth transaction. Here are six do's and don'ts to keep in mind:

Do read the entire document carefully before filling it out. This contract is legally binding, and understanding every part of it is crucial.
Do consult with an attorney and/or accountant if you have any questions or concerns about the terms of the agreement. They can provide valuable advice and clarification.
Do verify all the information included in the form, such as property address, legal description, purchase price, financial terms, and included items, to ensure accuracy.
Don't leave any pertinent sections blank if they apply to your transaction. For sections that do not apply, ensure to mark them as "N/A" to indicate they are not applicable.
Don't forget to include all necessary attachments, such as addenda for legal descriptions, financing terms, or other essential items, as referenced in the main agreement.
Don't neglect to have all parties initial and date every page of the agreement, including any addenda, to acknowledge their understanding and agreement with the terms.

Misconceptions

There are several misconceptions about the Idaho RE-21 Real Estate Purchase and Sale Agreement that are important to clarify for both buyers and sellers engaged in real estate transactions. Understanding these points can help streamline the process and set clear expectations for all parties involved.

The RE-21 form is only applicable in Idaho; it's specifically designed to comply with Idaho state laws and regulations concerning real estate transactions.
Read the entire document before signing implies that while the contract is detailed, parties are encouraged to thoroughly review and consult professionals, stressing the importance of understanding legal documents.
Listing and selling agencies' details are prominently mentioned, underscoring the collaborative and transparent nature of real estate transactions between agencies and parties.
The "All Cash Offer" section clarifies that an all-cash purchase eliminates the need for financing contingencies, simplifying the buying process.
The earnest money deposit is a critical component, serving as good faith from the buyer and being subject to conditions like financing and inspections.
The "New Loan Proceeds" section addresses the contingency of obtaining a mortgage, which can impact the execution of the contract.
Inspection clauses provide buyers the right to inspect the property, a vital step in ensuring the property's condition meets their expectations.
Lead Paint Disclosure is a federal requirement for homes built before 1978, emphasizing the importance of safety in older homes.
Home warranty plans, homeowner's association fees, and subdivision regulations are optionally covered, highlighting the diverse factors affecting the desirability and responsibilities of property ownership.

Understanding these components of the RE-21 form can demystify the buying or selling process, ensuring all parties are well-informed and prepared for a successful real estate transaction.

Key takeaways

The Idaho RE-21 Real Estate Purchase and Sale Agreement is a comprehensive document utilized in the buying and selling of real estate, designed to cover all aspects of the transaction. Below are five key takeaways regarding the completion and application of this form:

It is imperative that all parts of the Idaho RE-21 form be read thoroughly before signing, as it constitutes a legally binding contract between the buyer and seller. Important details regarding the property, terms of sale, purchase price, and agreements on conditions such as inspections and financing are outlined within the document.
Financial terms within the agreement allow for a variety of conditions to be set, including the amount of earnest money to be deposited, the details surrounding any new loan proceedings, and culmination of the terms under which the purchase price will be paid. This encompasses all methods of payment, from all-cash offers to arrangements involving new loans or seller financing.
The agreement details specific obligations regarding property inspections, disclosing the buyer’s rights to inspect the property within a definite time frame and to request repairs or modifications based on the findings. It also outlines the processes and potential outcomes dependent on the inspection results, thereby protecting the buyer’s interests.
Title and insurance coverages are addressed, specifying the types of title insurance available and the responsibilities of the buyer and seller in securing a policy. The form also sets forth the importance of receiving a preliminary title commitment, which confirms the condition of the title before closing.
Various aspects concerning the condition and specifics of the property are included, such as inclusions and exclusions in the sale (e.g., fixtures and fittings), mineral and water rights, and disclosures related to lead paint and potential hazards like mold. It also touches on any homeowner association fees, covenants, conditions, and restrictions (CC&Rs) affecting the property.

Given the depth and legal implications of the Idaho RE-21 form, consideration and advice from legal counsel or a real estate professional are advised before finalizing any agreement. This ensures understanding and compliance with all terms and conditions, offering protection and clarity for both the buyer and seller in the real estate transaction.

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