A purchaser of a home in the state of Idaho must engage a licensed realtor. A good reputed realtor will have a range of homes that fit the purchaser’s budget. If the realtor is a member of National association of Realtors or the Idaho Association of Realtors, the realtor would have sworn by a code of ethics and can use the MLS or Multi Listing Service, by which member realtors share information about houses available in different locations. The purchaser has a varied choice of houses in different locations through the MLS. Once the property is located the purchaser makes an offer to the seller in the form of a purchase and sale agreement with the description of the property, stating the price offered, the down payment, the time schedule for the transaction, financing of the purchase, who will bear the cost of any damage occurring before the closure and the date of closing and handing over possession of the property. The seller must disclose in a legally mandated Property Condition Disclosure Form in the State of Idaho under 55-2508 Idaho Statutes, the condition of the property and any other relevant information. The statement should contain a disclosure of any known physical defects, additions, alterations, and all other legal or physical problems with regard to the property. The report should be given by the seller to the buyer before the signing of the binder and is deemed to be a good faith statement. Under the laws of the State of Idaho, the seller is encouraged to make an independent professional inspection of the property and the disclosure statement by the seller is not a substitute for expert opinions. A newly constructed building however is exempted pursuant to S.55- 2505 of the Idaho Code. Once the seller and the purchaser agree on terms, they will sign the agreement and make it a binding contract.

The purchaser should now engage a house inspection service and title search Company. The purchaser should engage a certified inspector to assess structural defects, pest control, lead paint usage, radiation problems and environmental hazards. The laws of the State of Idaho encourage purchasers to conduct independent expert inspections and the Sellers disclosure statement is not a warranty. . The purchaser should hire an attorney, a real estate title company or a trust and title company to scrutinize the title of the property and to check public and court records for possible encumbrances of the title of the property. The American Land Title association has a list of title search professionals for the purchaser’s reference. Encumbrances that affect the title of property in the State of Idaho are easements and liens. Idaho laws recognize implied easements of necessity. Other encumbrances are liens on the property arising out of mortgages, deeds of trust, land sale contracts, and involuntary liens like unpaid taxes, construction dues and amounts due under judgments. Other encumbrances are forged documents and property boundary marking disputes. The purchaser should buy a title insurance to avoid defending possible title claims that were not found by the title search before the date of settlement.

Page 1 of 2 :: First | Last :: Prev | 1 2 | Next