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Idaho Statutes Title 54. Professions, Vocations, and Businesses § 54-2051. Offers to purchase

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) A broker or sales associate shall, as promptly as practicable, tender to the seller every written offer to purchase obtained on the real estate involved, up until time of closing. A purchase and sale agreement signed by the prospective buyer shall be deemed in all respects an offer to purchase.

(2) Immediately upon receiving any offer to purchase signed and dated by the buyer and any consideration, a broker or salesperson shall provide a copy of the offer to purchase to the buyer as a receipt.

(3) Upon obtaining any document signed by a buyer or seller, a sales associate shall provide a true and legible copy of such document to the designated broker or broker's office prior to the end of the next business day. If the document is a fully executed purchase and sale agreement, counter offer, or addendum, such sales associate shall also provide a true and legible copy of such document to both the buyer and the seller.

(4) The broker or sales associate shall make certain that all offers to purchase real property or any interest therein are in writing and contain all of the following specific terms, provisions and statements:

(a) All terms and conditions of the real estate transaction as directed by the buyer or seller;

(b) The actual form and amount of the consideration received as earnest money;

(c) The name of the responsible broker in the transaction, as defined in section 54-2048, Idaho Code;

(d) The “representation confirmation” statement required in section 54-2085(4), Idaho Code, and, only if applicable to the transaction, the “consent to limited dual representation” as required in section 54-2088, Idaho Code;

(e) A provision for division of earnest money retained by any person as forfeited payment should the transaction not close;

(f) All appropriate signatures and the dates of such signatures; and

(g) A legal description of the property.

(5) All changes made to any offer to purchase or other real estate purchase agreement shall be initialed and dated by the parties to the transaction.

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Cite this article: FindLaw.com - Idaho Statutes Title 54. Professions, Vocations, and Businesses § 54-2051. Offers to purchase - last updated January 01, 2024 | https://codes.findlaw.com/id/title-54-professions-vocations-and-businesses/id-st-sect-54-2051/

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