The North Dakota purchase agreement documents and establishes the terms of a residential property transaction. If both parties agree to the terms of sale, they may sign the document to secure a legal contract. It is customary to enter into the contract with the contingency that the buyer must 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.
Required Disclosures
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.