Real Estate in Idaho

The first thing that you will have to take into account when dealing with real estate in Idaho is the purchase and sale agreements. These agreements are sent from a serious buyer to the seller as a legally biding agreement to purchase. In this agreement, you will lay out your terms for the sale which may include: names and contact information of both parties involved, purchase price and down payment, financing agreements, legal description of the property, provisions concerning the property and reasonable easements, the condition that the property is in at the time of sale, closing date and possession, statement of closing costs, and any liens that are currently on the property. Before you sign this contract, make sure that you contact your attorney. This paperwork can bring up countless legal questions that you may not be experienced enough to handle.

Issues with Legal Titles

When you purchase your real estate in Idaho, you will have to purchase title insurance as well. You should also engage in a title search. What this will do is alert you of any possible problems that are involved with the title before you get too far along in the purchase process. Title insurance will cover you in case there any problems with the title exist that did not turn up in the title search. Once again, contacting a lawyer to assist you in performing a title search and explain the results to you is priceless. Another issue with the title includes implied easement. When you are sold a piece of land that has no right of way except over his or her land, then it is implied that the right of way has been granted. Property that you are purchasing may also have a lien on it. These liens can hinder its being sold and include: mortgages, deeds of trust, land sale contracts, and involuntary liens.

Closing Costs

Finally, an overview of real estate in Idaho would not be complete without the discussion of closing costs. You and the seller must determine who is responsible for paying these costs. They may include: broker’s sales commissions, proration of property taxes, recording fees, closing fees, loan discount points, home owner’s warranty, credit report, flood certification, condominium or home owner’s association fee, home inspection costs, survey if the lender requires it, title insurance coverage for both lender and borrower, and the loan origination fee.