Download Idaho Contract for Deed Legal Forms

In Idaho, a Contract for Deed is typically used in real estate transactions where the buyer cannot obtain traditional financing, or the seller and buyer prefer an alternative arrangement for transferring property ownership. The contract allows the buyer to take possession of the property while making payments to the seller over time, but the seller retains the legal title until the purchase price is fully paid.

This Form includes Financing options, traditional installment payments or with a balloon payment if applicable.

LATE CHARGE additional charge when a payment is delinquent.

NON-SUFFICIENT FUNDS: Fees for bad checks.

IN ADDITION TO ANY OTHER REMEDIES available to the Lender if this Note is not paid in full at the Maturity Date, Borrowers shall pay to Lender an Overdue Loan Fee

RIGHT TO PREPAY. Buyer has the right to prepay

Use this form for residential, a condominium, rental property, vacant land, a Planned Unit Development and small commercial property

Key Considerations:
Statute of Frauds Compliance: Under Idaho law, certain agreements must be in writing to be enforceable. Specifically, contracts for the sale of real property or interests therein are required to be in writing. This is outlined in Idaho Code §9-505, which states that agreements for the sale of real property must be in writing and signed by the party to be charged.

IDAHO LEGISLATURE: Property Condition Disclosure: Idaho's Property Condition Disclosure Act mandates that sellers of residential property provide a disclosure form to buyers. This form details the property's condition and must be completed and delivered to the buyer within ten days of accepting the buyer's offer. This requirement applies to various transfer methods, including installment sale contracts.

A contract with stringent default terms can be beneficial to the seller in the case of default. For use in Idaho only.