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The North Dakota Real Estate Purchase Agreement is a crucial document in the home buying process, serving as the foundation for the transaction between buyers and sellers. This form outlines essential details, including the purchase price, property description, and closing date, ensuring that both parties are on the same page. It addresses various contingencies, such as financing and inspections, which protect the interests of the buyer while also setting clear expectations for the seller. The agreement typically requires both parties to provide their signatures, signifying mutual consent to the terms laid out within the document. Additionally, it includes provisions for earnest money, which demonstrates the buyer's commitment to the purchase. Understanding the intricacies of this agreement is vital for anyone looking to navigate the North Dakota real estate market effectively.

Sample - North Dakota Real Estate Purchase Agreement Form

North Dakota Real Estate Purchase Agreement

This Real Estate Purchase Agreement (“Agreement”) is entered into by and between _____________ (“Buyer”) and _____________ (“Seller”), collectively known as the “Parties,” regarding the purchase and sale of the property located at _____________, North Dakota (“Property”). This Agreement is subject to the laws of the State of North Dakota.

The Parties agree as follows:

  1. Property Description. The Property is described as follows: _____________.
  2. Purchase Price and Deposit. The purchase price for the Property shall be $_____________, with a deposit of $_____________ to be paid by Buyer upon execution of this Agreement, and the balance to be paid at closing.
  3. Closing and Possession. The closing of the purchase and sale of the Property shall take place on _____________, at which time possession of the Property shall be transferred from Seller to Buyer.
  4. Inspections. Buyer shall have the right to inspect the Property within _____________ days following the execution of this Agreement. Should the Buyer find the condition of the Property unsatisfactory, Buyer may cancel this Agreement within _____________ days after the inspection.
  5. Financing. This Agreement is contingent upon Buyer obtaining financing for the purchase of the Property on terms acceptable to Buyer within _____________ days from the date of this Agreement. If Buyer is unable to obtain financing, Buyer may cancel this Agreement and receive a refund of the deposit.
  6. Title and Closing Costs. Seller agrees to provide clear title to the Property at their own expense and shall pay for any necessary surveys, unless otherwise agreed upon. Buyer is responsible for all other closing costs.
  7. State-Specific Requirements. This Agreement adheres to the North Dakota Century Code, ensuring compliance with state-specific requirements and regulations regarding real estate transactions.
  8. Dispute Resolution. Any disputes arising from this Agreement shall be resolved through arbitration in accordance with the laws of the State of North Dakota.
  9. Notices. All notices related to this Agreement shall be in writing and delivered via certified mail or in person to the addresses provided by the Parties.
  10. Amendments. No amendment to this Agreement shall be effective unless it is in writing and signed by both Parties.
  11. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Dakota, without regard to its conflict of laws principles.
  12. Entire Agreement. This Agreement, including any attachments and exhibits, constitutes the entire agreement between the Parties regarding the subject matter hereof and supersedes all prior agreements and understandings, both written and oral.

Executed on this ____ day of _____________, by:

Buyer: ____________________

Seller: ____________________

▼ PDF Form

PDF Overview

Fact Name Description
Governing Law The North Dakota Real Estate Purchase Agreement is governed by North Dakota Century Code, Chapter 47-10.
Purpose This form is used to outline the terms of a real estate transaction between a buyer and a seller.
Parties Involved The agreement includes information about the buyer, seller, and the property being sold.
Property Description A detailed description of the property, including its address and legal description, is required.
Purchase Price The total purchase price and any earnest money deposit must be clearly stated in the agreement.
Contingencies Buyers can include contingencies, such as financing or inspection, which must be met for the sale to proceed.
Closing Date The agreement specifies a closing date, which is when the ownership of the property is officially transferred.
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