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REAL ESTATE PURCHASE CONTRACT - Utah - Utah Division of ... 2025

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The document is a legally binding Real Estate Purchase Contract (REPC) used in Utah, outlining the terms and conditions for the purchase of real estate between a Buyer and Seller. It includes sections on earnest money deposits, property details, purchase price, settlement and closing procedures, possession transfer, title insurance, seller disclosures, buyer's conditions of purchase, and remedies for default. The REPC emphasizes the importance of due diligence by the Buyer and provides guidelines for handling disputes and legal obligations.

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Can you back out of buying a house after signing a purchase agreement?

In most cases the answer is no, as long as the contract has been signed. When a buyer puts in an offer on the house and the seller accepts it, both parties sign a home purchase agreement. This legally binding contract sets out the sale price, closing date and other terms of the sale.

What is a Utah real estate purchase contract?

A Real Estate Purchase Contract, or REPC, is a very standard form contract used by most realtors that includes the basic language necessary for a buyer or seller to make an offer and the other party to accept or counter that offer.

Who writes a real estate purchase agreement?

Agents are responsible for putting together the final draft of a real estate purchase agreement for a house or other property. However, several parties are usually involved in creating the real estate contract, including the buyer, seller, real estate agents, and sometimes real estate attorneys.

Can a seller cancel a real estate contract in Utah?

In Utah, the real estate purchase contract is not so friendly to the seller. Unlike buyers, a seller doesnt really have many rights based on the Utah purchase contract. In fact, the seller cannot cancel the contract after acceptance. Only the buyer can cancel.

How legally binding is a purchase agreement?

Yes, you can back out at any time - but there might be a provision in your contract stating that the seller can keep all or part of the deposit for ``damages. Read your contract thoroughly and consult an attorney ASAP.

for sale by owner contract pdf

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How binding is a real estate purchase agreement?

A purchase and sale agreement, also called a sales and purchase agreement or a purchase and sales contract, is a legally binding document that parties in a transaction use to stipulate the terms and conditions that will guide the sale and transfer of goods or property.

Can a seller back out of a real estate purchase agreement?

Dont Sign Without Legal Advice Real estate contracts are legally binding documents with significant consequences. You should obtain legal advice to ensure that you fully understand your rights and obligations. A real estate attorney can provide valuable insights and help protect your interests.