The Utah Statute of Frauds requires ever transactions involving real property to be in writing. There are exceptions, but only a few and they can be very difficult to prove. To ensure this is not a problem, every deal involving land should have a properly drafted contract including the language and warranties necessary to protect both parties.
The contract should include all material terms, such as the parties’ names, the property description, the purchase price, and any other conditions desired by the parties. The contract should also include timeframes for the transaction.
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.
Because a REPC is a standard form, it does not cover all the unique circumstances parties may find themselves in and it may make the transaction and rules governing real estate transactions appear simpler than they really are. Litigation sometimes results between parties when seemingly small aspects of the REPC are not perfectly abided by.
If you or your realtor is going to use a REPC to sell or purchase property, read it very carefully to ensure it includes every term it needs for your transaction and to ensure you follow rules regarding notice, time, and writing perfectly.
The attorneys at Slemboski & Tobler have purchased and sold real property in a variety of circumstances. This includes their own homes and investment properties as well as countless other properties for clients. The attorneys have also helped clients through both brief and prolonged litigation regarding the existence (or nonexistence) of a contract to purchase property and the failure of one or the other party to abide by the terms once there for sure was a contract.
Contact the attorneys at Slemboski & Tobler to assist with your real property transaction or help with the enforcement of your contract in case any such problems should arise.