University of Missouri School of Law Scholarship Repository

USA real estate contract
University of Missouri School of Law Scholarship Repository
Hi, My Name Is Scott Thompson, With Homebased Realtors, And Thompson Management. The following forms may be used in our offer to purchase or listing your home for sale. They are State Approved forms that all Realtors use when agency is involved with those wanting to buy or sell using a realtor. These forms are not straight jackets, but guidelines to protect you, the public.
Real Estate Agents become licensed only to protect the public. Our license is a privilege to act in the behalf of those who desire to purchase or sell properties. In no way should our license be used to take advantage of those seeking home ownership or those who desire to sell their properties. 1. REAL ESTATE PURCHASE CONTRACT This is the standard form purchase contract that is approved by the Utah Real Estate Commission and the office of the Utah Attorney General.
It is required for use by all real estate agents. 1a. ADDENDUM/COUNTER OFFER This is the standard form addendum/counter offer that is approved by the Utah Real Estate Commission and the office of the Utah Attorney General. When preparing addenda and counteroffers, all real estate agents are required to use this standard form. 2. ASSUMPTION ADDENDUM This is a state form approved by the Utah Real Estate Commission and the office of the Utah Attorney General.
It is designed to be used when the buyer wants to assume an existing loan that the seller presently has on the property. 3. FHA/VA ADDENDUM This is a state form approved by the Utah Real Estate Commission and the office of the Utah Attorney General. It is designed for use when the Buyer desires to use FHA or VA financing when purchasing a property. 4. LEAD-BASED PAINT ADDENDUM This is a state form approved by the Utah Real Estate Commission and the office of the Utah Attorney General.
This form is used only if, as a condition of purchase, the buyer desires to have a lead-based paint inspection (referred to as a risk assessment) completed on the property. 5. LEAD-BASED PAINT DISCLOSURE ACKNOWLEDGEMENT This is a state form approved by the Utah Real Estate Commission and the office of the Utah Attorney General. It is required for use in all residential properties built prior to 1978. 5a. TRANSACTION DOCUMENT RECEIPT This standard form was developed and is copyrighted by the Utah Association of Realtors.
It is recommended for use by real estate agents when delivering any documents for which the agent will want to have a receipt. 6. EXCLUSIVE BUYER BROKER AGREEMENT ( DESIGNATED AGENCY BROKERAGE) This standard form buyer broker agreement was developed and is copyrighted by the Utah Association of Realtors. There are two important aspects to this buyer broker agreement: (1) it is an exclusive buyer broker agreement; and (2) it is designed for use by real estate brokerages that function as a designated agency brokerage. Since this is an exclusive buyer broker agreement Section 1 states that the brokerage will get paid its fee regardless of whether the brokerage, the buyer, or anyone finds the property for the buyer during the term of the agreement.
This form is designed for use by brokerages that function as a designated agency brokerage. The following is an illustration of a designated agency brokerage. Bill is affiliated with ABC Realty. There are 15 other agents who are also affiliated with ABC Realty.
Bill enters into an exclusive buyer broker agreement to represent the buyers, Mr. Mrs. Brown. Mr.
Mrs. Brown appoint (or designate ) Bill and his principal broker as the only agents with ABC Realty who will represent Mr. Mrs. Brown.
None of the other 15 agents in ABC Realty have any agency relationship with Mr. Mrs. Brown. That is an illustration of a designated agency brokerage. 6a.
EXCLUSIVE BUYER BROKER AGREEMENT ( SUBAGENCY BROKERAGE) This standard form buyer broker agreement was developed and is copyrighted by the Utah Association of Realtors. There are two important aspects to this buyer broker agreement: (1) it is an exclusive buyer broker agreement; and (2) it is designed for use by real estate brokerages that function as a subagency brokerage. Since this is an exclusive buyer broker agreement Section 1 states that the brokerage will get paid its fee regardless of whether the brokerage, the buyer, or anyone finds the property for the buyer during the term of the agreement. This form is designed for use by brokerages that function as a subagency brokerage.
The following is an illustration of a subagency brokerage. Bill is affiliated with ABC Realty. There are 15 other agents who are also affiliated with ABC Realty. Bill enters into an exclusive buyer broker agreement to represent the buyers, Mr.
Mrs. Brown. Mr. Mrs.
Brown appoint Bill and his principal broker to represent them. Mr. Mrs. Brown further agree that each of the other 15 agents in ABC Realty will also represent Mr.
Mrs. Brown as subagents. That is an illustration of a subagency brokerage. 6b. NON-EXCLUSIVE BUYER BROKER AGREEMENT ( DESIGNATED AGENCY BROKERAGE) This standard form buyer broker agreement was developed and is copyrighted by the Utah Association of Realtors.
There are two important aspects to this buyer broker agreement: (1) it is a non-exclusive buyer broker agreement; and (2) it is designed for use by real estate brokerages that function as a designated agency brokerage. Since this is a non- exclusive buyer broker agreement Section 1 states that the brokerage will get paid its fee only if the brokerage negotiates a transaction for the buyer during the term of the agreement. This form is designed for use by brokerages that function as a designated agency brokerage. The following is an illustration of a designated agency brokerage.
Bill is affiliated with ABC Realty. There are 15 other agents who are also affiliated with ABC Realty. Bill enters into this non-exclusive buyer broker agreement to represent the buyers, Mr. Mrs.
Brown. Mr. Mrs. Brown appoint (or designate ) Bill and his principal broker as the only agents with ABC Realty who will represent Mr.
Mrs. Brown. None of the other 15 agents in ABC Realty have any agency relationship with Mr. Mrs.
Brown. That is an illustration of a designated agency brokerage. 6c. NON-EXCLUSIVE BUYER BROKER AGREEMENT ( SUBAGENCY BROKERAGE) This standard form buyer broker agreement was developed and is copyrighted by the Utah Association of Realtors. There are two important aspects to this buyer broker agreement: (1) it is a non-exclusive buyer broker agreement; and (2) it is designed for use by real estate brokerages that function as a subagency brokerage.
Since this is a non- exclusive buyer broker agreement Section 1 states that the brokerage will get paid its fee only if the brokerage negotiates a transaction for the buyer during the term of the agreement. This form is designed for use by brokerages that function as a subagency brokerage. The following is an illustration of a subagency brokerage. Bill is affiliated with ABC Realty.
There are 15 other agents who are also affiliated with ABC Realty. Bill enters into this non-exclusive buyer broker agreement to represent the buyers, Mr. Mrs. Brown.
Mr. Mrs. Brown appoint Bill and his principal broker to represent them. Mr.
Mrs. Brown further agree that each of the other 15 agents in ABC Realty will also represent Mr. Mrs. Brown as subagents.
That is an illustration of a subagency brokerage. 7. LIMITED AGENCY CONSENT AGREEMENT This standard form agreement was developed and is copyrighted by the Utah Association of Realtors. Under Utah law, if an agent or a brokerage is going to act as a Limited Agent, the buyer and seller must give their prior written consent to that limited agency. This form is designed to meet that requirement.
It doesnt matter whether one agent in ABC Realty is representing both the buyer and the seller in the same transaction; or whether one agent in ABC Realty is representing the buyer, and another agent in ABC Realty is representing the seller. If ABC Realty is representing both the buyer and the seller in the same transaction (an in-house sale) the Limited Agency Consent Agreement must be signed by the buyer and the seller prior to starting negotiations for the purchase and sale of the property. 8. EXCLUSIVE RIGHT TO SELL LISTING AGREEMENT ( DESIGNATED AGENCY This standard form listing agreement was developed and is copyrighted by the Utah Association of Realtors. There are two important aspects to this listing agreement: (1) it is an exclusive- right- to- sell listing agreement; and (2) it is designed for use by real estate brokerages that function as a designated agency brokerage.
Since this is an exclusive-right-to-sell listing agreement Section 1 states that the brokerage will get paid its fee regardless of whether the brokerage, the seller, another agent, or anyone else locates a buyer for the property during the term of the agreement. This form is designed for use by brokerages that function as a designated agency brokerage. The following is an illustration of a designated agency brokerage. Sally is affiliated with XYZ Realty.
There are 15 other agents who are also affiliated with XYZ Realty. Sally enters into an exclusive-right-to-sell listing agreement with the sellers, Mr. Mrs. Smith.
Mr. Mrs. Smith appoint (or designate ) Sally and her principal broker as the only agents with XYZ Realty who will represent Mr. Mrs.
Smith. None of the other 15 agents in XYZ Realty have any agency relationship with Mr. Mrs. Smith.
That is an illustration of a designated agency brokerage. 8a. EXCLUSIVE RIGHT TO SELL LISTING AGREEMENT ( SUBAGENCY This standard form listing agreement was developed and is copyrighted by the Utah Association of Realtors. There are two important aspects to this listing agreement: (1) it is an exclusive- right- to- sell listing agreement; and (2) it is designed for use by real estate brokerages that function as subagency brokerages. Since this is an exclusive-right-to-sell listing agreement Section 1 states that the brokerage will get paid its fee regardless of whether the brokerage, the seller, another agent, or anyone else locates a buyer for the property during the term of the agreement.
This form is designed for use by brokerages that function as subagency brokerages. The following is an illustration of a subagency brokerage. Sally is affiliated with XYZ Realty. There are 15 other agents who are also affiliated with XYZ Realty.
Sally enters into this exclusive-right-to-sell listing agreement with the sellers, Mr. Mrs. Smith. Mr.
Mrs. Smith appoint Sally and her principal broker to represent them. Mr. Mrs.
Smith further agree that each of the other 15 agents in XYZ Realty will also represent Mr. Mrs. Smith as subagents. That is an illustration of a subagency brokerage. 8b.
FOR SALE BY OWNER COMMISSION AGREEMENT This standard form agreement was developed and is copyrighted by the Utah Association of Realtors. This agreement is designed for use when an agent, who is already representing a buyer, locates a property that the buyer desires to purchase, and that property is For Sale By Owner. This agreement allows the agent to enter into an agreement with the owner of that property. Under the terms of that agreement, the owner will pay the agent a commission if the owner and that buyer enter into a purchase contract with each other.
The owner recognizes that although the owner agrees to pay the agent a commission, the agent will still be representing the buyer. 9. AGENCY DISCLOSURE This standard form agreement was developed and is copyrighted by the Utah Association of Realtors. This agreement has a very narrow purpose. This form is needed when the listing agent is asked to prepare a purchase offer (on the listed property) for a buyer who does not want to be represented by an agent.
The following is an illustration. The listing agent is holding an open-house at a model home in new subdivision. A buyer comes through the model home. The buyer is not represented by a real estate agent; and the buyer is not interested in having a real estate agent represent him.
The buyer is however, interested in making an offer on the new home, and asks the listing agent if the listing agent can prepare the offer. The listing agent can prepare the offer, but needs to make certain that the buyer signs this Agency Disclosure form – acknowledging two things: (a) the listing agent represents only the seller/developer (and the buyer); and (b) the buyer elects not to be represented by a real estate agent in that transaction. 10. SELLER PROPERTY CONDITION DISCLOSURE This standard form agreement was developed and is copyrighted by the Utah Association of Realtors. This is a standard property condition disclosure form designed for use by sellers who list their property for sale.
It provides the seller an opportunity to disclose to potential buyers, sellers knowledge of the condition of the property. 10A. SELLER PROPERTY CONDITION DISCLOSURE (LAND) This standard form agreement was developed and is copyrighted by the Utah Association of Realtors. This is a standard property condition disclosure form designed for use by sellers who list land for sale. It provides the seller an opportunity to disclose to potential buyers, sellers knowledge regarding the condition of the land. 11. REAL ESTATE PURCHASE CONTRACT (COMMERCIAL) This is a standard form real estate purchase contract designed for use in commercial transactions.
It was developed by the Utah Association of Realtors. Use of this form is optional. 12. PROPERTY CHECKLIST This standard form agreement was developed and copyrighted by the Utah Association of Realtors. It is designed to provide buyers with a checklist of important issues that should be considered by the buyer prior to making a decision to purchase a property. 13.
SELLER FINANCING ADDENDUM This is a state form approved by the Utah Real Estate Commission and the office of the Utah Attorney General. This form is designed for use in transactions in which the seller will provide some or all of the financing for the buyer. It outlines the basic terms of the seller financing. 14. SURVEY ADDENDUM This is a state form approved by the Utah Real Estate Commission and the office of the Utah Attorney General.
It is designed for use when the buyer wants to make the offer to purchase conditioned upon: (a) completion of a survey; and (b) approval of the contents of the survey. 15. REAL ESTATE PURCHASE CONTRACT FOR RESIDENTIAL CONSTRUCTION This is a standard form real estate purchase contract designed for use with new construction. It is approved by the Utah Real Estate Commission and the office of the Utah Attorney General. According to the requirements of the Utah Division of Real Estate, this form should be used when agents are selling new construction. 16.
BUYER FINANCIAL INFORMATION SHEET This is a state form approved by the Utah Real Estate Commission and the office of the Utah Attorney General. This form is designed as an attachment to the Seller Financing Addendum (See Paragraph No. 16). This is brief summary of the buyers financial condition. The buyer provides this document to the seller.
It is designed to enable the seller to make an informed decision regarding the financial strength of the buyer. 17. REAL ESTATE BROKERAGE ESCROW INSTRUCTIONS This form was developed by the Utah Real Estate Commission. It is designed to be used by real estate brokerages when giving escrow instructions to title companies regarding the disbursement of brokerage commissions. 100. STANDARD SUPPLEMENTARY CLAUSES These clauses were developed by the Utah Association of Realtors.
There are a number of standard contingencies that sellers and buyers often want to include in the purchase contract, i. e. subject to the sale of buyers home; 72 hour clause, etc. These standard supplementary clauses contain wording for many of these standard contingencies. All forms developed by the Utah Association of Realtors are copyrighted forms and may be used only with the permission of the Utah Association of Realtors. Due to the unique nature of each real estate transaction, the Utah Association of Realtors makes no representations or warranties regarding the legal impact of any form in any specific real estate transaction.
DESCRIPTION OF STANDARD REAL ESTATE FORMS 8. 15.
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