Contracts
What Idaho document serves as the primary residential real estate purchase and sale agreement?
AThe IREC Standard Form 100
BThe Real Estate Purchase and Sale Agreement published by the Idaho Association of REALTORS✓ Correct
CThe IDAPA Contract Template
DThe Idaho Housing Authority Purchase Form
Explanation
The Idaho Association of REALTORS publishes the Real Estate Purchase and Sale Agreement widely used in Idaho residential transactions. This form is drafted to comply with Idaho law and reflects local real estate customs and practices.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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