The Utah purchase agreement substantiates the exchange of a particular piece of real property for a determined sales price. The conditions discussed within the contract can be negotiated between the parties before the signing of the document. The information listed within the paperwork contains details on the property, buyer, seller, purchase price, and closing date.
Buyer Beware – The state of Utah identifies as a “buyer beware state”, meaning that the burden of ensuring that the home is inspected and free of defects is the responsibility of the purchaser of the property.
Required Disclosures
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – The federal government demands that any dwelling built in or before 1978 must include disclosing information on the dangers presented by lead-based paint.
Buyer Due Diligence Checklist – A checklist is offered to buyers as an informal inspection assessment detailing any issues with a property. An inspection by a qualified professional should be conducted prior to signing the contract to ascertain the condition of the structure, title, and any other potential liabilities.
Disclosure of Property Conditions (Utah Code § 57-27-201) – Any property that has been utilized for the production of Methamphetamines on the premises will require additional disclosure. Should there be any contamination due to the illegal drug manufacturing process, a potential buyer or lessee must be informed before the transaction. Should the property present any defects that would classify the property as “stigmatized”, the seller or selling agent may want to disclose them before the sale, but will not be held liable for any issues after the transaction has concluded (Utah Code § 57-1-37).
Government Version
Real Estate Purchase Contract – PDF