Idaho License Law
When must an Idaho real estate licensee provide a copy of a signed purchase agreement to all parties?
AWithin 5 business days
BAs soon as practicable after signing, generally at the time of or immediately after execution✓ Correct
COnly at closing
DOnly if requested by the party
Explanation
Idaho IREC rules and standard practice require that all parties receive copies of a signed purchase agreement as soon as practicable — generally immediately or very shortly after the document is signed.
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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.
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.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
State-Specific Concepts
Continuing Education
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