This form is for an option to purchase a residential real estate lot or track of land. It provides for the payment of option money and the procedures for exercise of the option.
Idaho Option For the Sale and Purchase of Real Estate - Residential Lot or Land
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How to fill out Option For The Sale And Purchase Of Real Estate - Residential Lot Or Land?
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FAQ
The economy is strong, nature is close, and the cost of living makes it a highly desirable investment market. Idaho, with a strong state economy and growing population, is a great place to consider acquiring an investment property.
Yes, unless the seller disputes your claim to the money. Earnest money is the buyer's money. Because there is no exchange of property, the escrow account holder issues a refund. But, if the escrow holder is not comfortable with disbursing funds, the buyer and seller have to work it out.
The average price of land parcels for sale in Idaho is $931,766.
Do I get my earnest money back if the seller defaults? Yes, unless the seller disputes your claim to the money. Earnest money is the buyer's money. Because there is no exchange of property, the escrow account holder issues a refund.
Idaho Farmland Prices Over the last 20 years, the price of farmland per acre in idaho has risen by an average of 5.8% per year to $4,070 per acre as of 2019. This represents an increase of $2,540 per acre of farmland over this time period.
Cropland Cash Rent Cash rent expense for all cropland in Idaho is estimated at $171 per acre for 2020, up $12.00 per acre from last year. Irrigated cropland is estimated at $225 per acre, up $9.00 per acre from 2019. Non-irrigated cropland rental expense is $62.00 per acre, up $6.00 per acre from last year.
A seller must provide written disclosures regarding property conditions and other matters the seller knows about and that adversely affect the property. This is done on a separate form called a Real Estate Condition Report.
Earnest money is usually due within three days of a signed and accepted offer. The earnest money check can be wired to an escrow account, or delivered to the seller's agent. It's important to get that money to the seller as soon as your offer has been accepted.
Per the same report, Idaho irrigated farm land values, on average, were up 5.8% per acre, and non-irrigated farm land values rose 3.8%. This places average irrigated cropland prices across the state at approximately $6,020 per acre and average non-irrigated cropland at roughly $1,650 per acre.