Radon (No. 75-3-606) – The title disclosure statement should be included in the contents of the sales contract and recognized by the purchaser. When the building for sale is subject to a radioactive gas check, the seller is also required to provide the results of the test to the buyer. Water rights (No. 85-2-424) – The state requires the seller of a residential property to inform the buyer whether or not the property retains water rights and if the property exchange rights are transferred to the new owner. (This is not necessary if the property uses a utility for its water supply. If the water rights are transferred 100% to the new owner, they must complete the DNRC Water Right Ownership Update (form 608). 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. Seller`s Disclosure Statement – Although this is not necessary, the seller of a property may provide the buyer with a statement describing the condition of the property. Owner`s Declaration of Ownership (No.
37-51-313 (3) (a), No. 37-51-313 (a)) – Even if sellers are not legally required to complete a disclosure statement for the benefit of the purchaser, this remains a common practice in the State of Montana. The reason is that the buyer usually asks for this information to continue the transaction. Even if the seller is not required to provide information, any agent involved in the sale is legally required to disclose all known adverse material facts. 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.) The Montana sales contract is required to transfer real estate from one person to another. In Montana, any sale of housing must be written in accordance with .
It is important to list the different characteristics of the transaction in the form, such as the payment of the house, the terms of sale, the time and date of closing and the amount that the buyer intends to deposit in good faith. Once you understand how the exchange is going, the buyer and seller can enter into a binding agreement by admitting the necessary fields within the form. The contract must be signed by the buyer and seller, and each part of that contract must contain the initials of both parties.