Contracts for the sale of residential real estate generally contain promises and provisions that guarantee the condition, security and/or value of a property. In most countries, sellers are required to submit a sales contract with documentation guaranteeing the condition of the property. However, Montana law places the responsibility to determine if there are problems with the property on the buyer. This is known as: Seller`s Disclosure Statement – Although this is not necessary, the seller of a land can provide the buyer with a statement describing the condition of the property. The deadline for the agreement is set in the text. The contract must be signed by the buyer and seller, and each part of that contract must contain the initials of both parties. Condominium (No. 70-23-613 (2)) – When selling a unit as part of a larger project, owners/sellers must provide the potential buyer with a copy of the Single Property Act and all relevant documents listing the rules and regulations prescribed by the association/administration. (If the individual/corporatist/moral who sells the property makes up the majority of the entity`s shareholders, they must also disclose this information.) New Apartments (No. 28-2-2202) – Only for new and unoccupied real estate, this disclosure requires sellers/developers to provide the buyer with documents relevant to all inspections/tests carried out by the general contractor. An explicit guarantee with the minimum 1-year sustainability date must also be served on the future owner when the contract is concluded. Montana`s residential purchase agreement (“general residential sales contract”) outlines the terms of a residential real estate agreement between a buyer and a seller. The agreement sets the amount to be paid to the seller, the buyer`s financing information and the completion date of the transaction.
The contract is usually accompanied by other documents, including an insurance policy, inspection forms, a financing plan, etc. The parties agree on the necessary documents before the contract is signed. Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – Specifically for homes built before 1978, these federal requirements require home sellers to equip buyers with documents relating to all lead paint discoveries on the site, as well as general information about the chemical itself.