People also ask
Is earnest money required in Utah?
While there is no real "standard" amount of earnest money required, the amount submitted with an offer can have a strong affect on the offer's strength. In Park City Utah, it is typical to see the earnest money at about 1-2% of the purchase price for the property.
How do you write a real estate contract for sale?
How to write a real estate purchase agreement. Identify the address of the property being purchased, including all required legal descriptions. Identify the names and addresses of both the buyer and the seller. Detail the price of the property and the terms of the purchase. Set the closing date and closing costs.
Can a seller cancel a real estate contract in Utah?
Yes, you can, if your contract has the right contingencies built in and you don't wait too long. The seller can, too. Your contract to purchase the home likely includes a contingency clause that states both the buyer, as well as the lender, must sign off on the home inspection and the appraisal.
What are the 5 elements of a contract real estate?
Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.
Who holds earnest money in Utah?
Earnest money is handed over to the seller's agent or the title company when a purchase contract is signed.
real estate purchase contract utah