Once you’ve found the house that you want to buy, it’s time to make an offer. In Utah, this is done with a REPC, or a Real Estate Purchase Contract – everyone uses the word REPC for short – pronounced “REP – SEE”. Real estate contracts are special instruments, and have unique requirements in addition to the standard rules for contract formation. This article explains some of the elements that contracts for the sale of a home must contain and offers advice on how to get the most favorable contract as a buyer. Pay particularly close attention if you are not using a real estate agent, or if you are buying directly from the owner, in order to avoid problems with the deal down the line. The Statute of FraudsThe Statute of Frauds is an ancient piece of English common law that has been adopted in the United States. In essence, the Statute of Frauds requires certain types of contract to be in writing and contain specific sorts of details about the arrangement. This is to prevent a person from cheating someone else by claiming a breach of a fraudulent oral contract. Required Elements of the REPCNot only does the home sale contract have to be in writing, it must also contain certain elements in order to be enforceable. There are the elements: (1) List the parties involved in the transaction. (2) Contain the description of the property. Usually this involves both the address of the property and its legal description. (3) Include the purchase price for the property; and (4) Be signed by all the necessary parties to the sale. Additional REPC ElementsIn addition to what is required to enforce the contract under the Statute of Frauds, there are other elements that a home sale contract should include in order to protect the buyer and seller and ensure that the transaction goes down smoothly with as few opportunities for disagreement as possible. These additional elements that should appear in the contract include these things. The date that for the settlement of the transaction and the date when the buyer can take possession of the property. A clause, sometimes referred to as a “liquidated damages clause,” that requires the seller to pay the buyer a specified amount of money for each day that the buyer has to delay moving into the house. Getting the Best Deal on your REPC as a BuyerObviously the first step towards getting the best contract possible is to get the seller to agree to your preferred purchase price. Even if you’ve managed to achieve that, however, there are still other details you should include in the purchase agreement to make sure that you are protected in the deal. Decide beforehand which of these is the most important to you and be prepared to give up some of the others as concessions in order to keep the most important terms. Every REPC should have a clause allowing for inspections, but make sure that there is also a contingency clause that covers situations that could arise out of the inspections. Basically, the clause should state that the seller is responsible for repairing any damage or dealing with any pest infestations. You may also want to include a provision that allows you to back out of the deal if the problem is too severe. REPC Lawyer Free ConsultationWhen you need legal help with a REPC, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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via Michael Anderson https://www.ascentlawfirm.com/repc/
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About MeIn 2009 I was creating marketing channels for barbie dolls in Nigeria. Spent a weekend implementing dogmas in Naples, FL. Won several awards for writing about toy trucks in Mexico. Spent 2001-2007 analyzing deodorant in Pensacola, FL. Spent 2001-2004 researching heroin in Miami, FL. Enthusiastic about writing about clip-on ties in Naples, FL. Archives
June 2019
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