The North Dakota purchase agreement embodies the fulfillment of a residential property transaction through a detailed written record. The terms and conditions of the accord are established, and the agreement is solidified upon application of signatures of the participating buyer(s) and Seller(s). It is customary to enter into the contract with the contingency that the buyer can obtain proper financing form an approved financial institution.
Buyer Beware – North Dakota is recognized as a Caveat Emptor state, placing the burden of thoroughly inspecting a property on the buyer. This statutory principle protects the seller from any legal entanglements after the sale has concluded.
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – A supplementary educational packet and lead waring statement are obligated to be given to the purchaser of any home constructed in 1978 or earlier.
Seller’s Property Disclosure (47-10-02.1) – In August 2019, an added property condition disclosure will need to accompany the purchase agreement for residential homes occupied by the owner and used as a primary residence. This is necessary for any house to be sold with the assistance of a real estate professional, and the seller must divulge all known existing defects with the premises and associated buildings.