Idaho Residential Purchase and Sale Agreement

Offer Date: [[Offer Date]]
Offer Expiration Date: [[Offer Expiration Date]]

BUYER(S):
[[Buyer Name(s)]]
[[Buyer Address]]
[[Buyer City]], [[Buyer State]] [[Buyer ZIP]]
Phone: [[Buyer Phone]] | Email: [[Buyer Email]]

SELLER(S):
[[Seller Name(s)]]
[[Seller Address]]
[[Seller City]], [[Seller State]] [[Seller ZIP]]
Phone: [[Seller Phone]] | Email: [[Seller Email]]

Property Address: [[Property Address]]
Legal Description: [[Legal Property Description]] (or see Exhibit A attached), -

1. Parties, buyer and seller full legal names and addresses

The above-named Buyer(s) ("Buyer") offers to purchase from the above-named Seller(s) ("Seller") the real property described above (the "Property"), together with all improvements, fixtures, and appurtenances, subject to the terms and conditions of this Agreement.

2. Legal property description and purchase price

Purchase Price: $[[Purchase Price]]
(Payable as follows)

Earnest Money Deposit: $[[Earnest Money Amount]]
Earnest Money Holder: [[Earnest Money Holder, typically the Title/Escrow Company]]
Earnest money shall be deposited within [[Business Days, e.g., 3]] business days after mutual acceptance.

3. Earnest money, amount, holder (title/escrow company), and forfeiture terms

Earnest money is held by the Title/Escrow Company identified above in a non-interest-bearing trust account (unless otherwise required by law or agreed). Upon closing, earnest money shall be credited to Buyer. If this Agreement terminates without default by Buyer, earnest money shall be returned to Buyer. If Buyer defaults after removal of all contingencies, Seller may retain the earnest money as liquidated damages (see Default section).

4. Financing contingency, loan type, amount, commitment deadline

Financing Type: [[Financing Type, Conventional / FHA / VA / Cash / Other]]

Loan Amount: $[[Loan Amount]] (approximately [[Loan-to-Value %]]% of Purchase Price)

Financing Contingency Deadline: [[Financing Commitment Deadline, e.g., 21 days after acceptance]]

Buyer shall apply for financing within [[X]] days and use reasonable efforts to obtain a loan commitment. If Buyer is unable to obtain financing by the deadline despite good-faith efforts, Buyer may terminate and receive return of earnest money. Buyer shall provide written denial or commitment notice to Seller.

If this is a cash offer, Buyer represents that funds are available and will be verified within [[Verification Period]] days.

5. Inspection and due-diligence period with end date and buyer's right to cancel

Inspection / Due-Diligence Period Ends: [[Inspection Period End Date]]

Buyer shall have the right, at Buyer's expense, to conduct physical inspections, environmental testing, surveys, and reviews of documents during this period. Buyer may cancel this Agreement for any reason or no reason during the inspection period by delivering written notice to Seller. After the inspection period expires, Buyer accepts the Property in its present condition except for any written repairs or credits negotiated and agreed in an addendum.

Seller shall provide reasonable access. Buyer shall restore the Property to its prior condition after inspections.

6. Appraisal contingency and minimum appraised value

Appraisal Contingency Deadline: [[Appraisal Contingency Date]]

This Agreement is contingent upon the Property appraising at or above the Purchase Price (or such lower amount as Buyer may accept). If the appraisal is lower, Buyer may: (a) terminate and receive earnest money back; (b) renegotiate price; or (c) proceed without the contingency. Buyer must notify Seller in writing within [[Days after appraisal]] of intent.

7. Title and escrow terms, title insurance commitment, title company

Title Company / Escrow Holder: [[Title Company Name]]

Seller shall convey marketable title by warranty deed (or special warranty deed if customary) free and clear of liens and encumbrances except standard exceptions and those approved by Buyer. Seller shall order a preliminary title commitment within [[Days]] after acceptance and deliver it to Buyer promptly.

Buyer shall receive an owner's title insurance policy in the amount of the Purchase Price at Seller's expense (or as negotiated). Escrow shall close at the Title Company. Closing costs shall be allocated per local custom and the parties' agreement (see addendum if any).

8. Property disclosure receipt acknowledgment (Idaho Code §55-2506)

Seller has delivered / will deliver prior to or with acceptance the Idaho Residential Property Disclosure Statement required by Idaho Code § 55-2501 et seq. (and § 55-2506 regarding timing). Buyer acknowledges receipt of the disclosure: [[Date of Receipt or "To be delivered prior to acceptance"]].

Buyer has three (3) business days after receipt to rescind under the Act (see separate disclosure form).

9. Contingencies, HOA document review, sale of buyer's home (if applicable)

HOA / Condo Document Review Contingency (if applicable):
Buyer shall have [[Days, e.g. 10]] days after receipt of HOA documents, financials, rules, and meeting minutes to review and approve or terminate.

Sale of Buyer's Existing Home Contingency (if applicable):
This Agreement is contingent on Buyer closing the sale of Buyer's current home at [[Buyer's Current Address]] by [[Deadline]]. If the contingency is not satisfied, Buyer may terminate.

Other Contingencies: [[List additional agreed contingencies, e.g., "Sale of buyer's home", "Well / septic inspection", "Survey", or "None beyond those above"]]

10. Inclusions, exclusions, and personal property

Inclusions (convey with Property at no additional cost):
All existing fixtures, attached appliances, window coverings, ceiling fans, light fixtures, and: [[Specific inclusions, e.g., refrigerator, washer/dryer, shed, etc.]]

Exclusions (do not convey):
[[Exclusions, e.g., staging furniture, certain light fixtures, seller's personal property]]

Personal Property to be included (bill of sale): [[List if any, e.g., "None" or specific items]]

11. Closing date, possession date, and pro-rations

Closing Date: [[Closing Date]] (target 30, 45 days from acceptance unless otherwise agreed)

Possession Date: [[Possession Date]] at [[Time, e.g., 5:00 p.m.]]
Possession shall be delivered upon successful closing and recording, unless otherwise agreed in writing. If Seller remains after closing, a separate post-closing occupancy agreement is required.

Pro-rations: Real property taxes, HOA dues, rents, and utilities shall be prorated as of the closing date using the latest available information. Security deposits (if any) shall be transferred to Buyer at closing.

12. Default and remedies, earnest money as liquidated damages or specific performance

Buyer Default: If Buyer defaults after all contingencies are satisfied or waived, Seller may terminate and retain the earnest money as liquidated damages (reasonable estimate of actual damages), or pursue other remedies including specific performance.

Seller Default: If Seller defaults, Buyer may terminate and receive return of earnest money plus reimbursement of reasonable out-of-pocket costs, or pursue specific performance and/or damages.

Neither party shall be in default until written notice and a reasonable cure period (if curable) have been provided.

13. Additional terms, addenda, and signatures with date

Additional Terms:
[[Any special terms, e.g., "Buyer to assume existing solar lease", "Seller to complete repairs per inspection addendum", "Home warranty at Seller expense", or "None"]]

Addenda Attached and Incorporated:
- Property Disclosure (required)
- Lead-Based Paint Disclosure (if pre-1978)
- [[Other addenda: HOA docs review, financing addendum, inspection response, etc.]]

Entire Agreement: This Agreement, including all addenda and exhibits, constitutes the entire agreement. No oral agreements are binding. Modifications must be in writing signed by both parties.

Governing Law: This Agreement shall be governed by the laws of the State of Idaho. Venue shall lie in the county where the Property is located.

Time of Essence: Time is of the essence.

Signatures

BUYER
[[Buyer Name(s)]]

Signature: ___________________________________________ Date: [[Offer Date]]
Print: [[Buyer Name(s)]]

Signature: __________________________________________ Date: _________
Print: [[Co-Buyer if any]]

SELLER
[[Seller Name(s)]]

Signature: __________________________________________ Date: _________
Print: [[Seller Name(s)]]

Signature: __________________________________________ Date: _________
Print: [[Co-Seller if any]], -

Acceptance: Seller accepts this offer (as may be modified by counter) on [[Acceptance Date]]., -

*This is a sample Idaho Residential Purchase and Sale Agreement template prepared in accordance with Idaho Code § 55-2501 et seq. and common IREC practices. It is not legal advice. Parties should consult Idaho-licensed real estate counsel or use forms approved by the Idaho Real Estate Commission. Earnest money is typically held by a title company. Verify all deadlines, contingencies, and local customs. As of 2026.*