This form is an option to purchase real estate. The long form provides for any necessary easement to public roads and utilities to be included in the deed. This short form is recorded to serve as public notice.
Idaho Option to Purchase Real Estate - Short Form
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How to fill out Option To Purchase Real Estate - Short Form?
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FAQ
Most buyers and sellers will be buying and selling with 'vacant possession' (VP). Indeed, the Standard Conditions of Sale (Fifth Edition) normally adopted on residential sales usually impose a contractual obligation on a seller to sell its property with VP.
Stands for buyer's agent to verify all information.
A binding legal agreement that outlines key details of the home sale transaction, it may also be referred to as a real estate sales contract, home purchase agreement, real estate purchase contract or house purchase agreement.
If the Buyer Still Wants to Back OutThe buyer can absolutely back out even after the option period has expired, even without contingencies. That said, if the buyer cancels the sale without just cause or doesn't adhere to an agreed timeline, the buyer will lose all or part of their earnest money.
If you're unsure whether an agent is lying to you about their production, a simple phone call to their broker to find out their track record will usually uncover whether they're lying or not about their sales history.
A detailed, written document that makes an offer to purchase a property, and that may be amended several times in the process of negotiations. When signed by all parties involved in the sale, the purchase offer becomes a legally binding contract, sometimes called the Sales Contract.
Acronym. Definition. BTVA. Buyer to Verify All (real estate)
The Realtor Code of Ethics states that agents must disclose offers on the property to any other broker seeking cooperation. Realtors cannot lie to or hide information from another broker who is requesting information in an attempt to cooperate on the sale.
An option period is a short window of time after your offer is accepted during which you take a closer look at your new home. If you find red flags or major issues during the option period, you can terminate the purchase and get your earnest money deposit (EMD) back from the seller.
Agents may also shift the responsibility of a listing accuracy by adding BATVAI (buyer's agent to verify all information) or IDRBNG (information deemed reliable but not guaranteed) to listings.
