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A Utah real estate contract is a legally binding agreement that is created when a buyer makes an offer on real estate that is for sale. If the seller accepts the buyer’s offer, the parties can agree to contract terms and then sign the real estate contract to make it legally binding. This stage of the real estate buying process is known as being “under contract”.
The purpose of a real estate contract is to establish terms and conditions surrounding the transaction to ensure that both party’s interests are protected. For this reason, real estate contracts must include specific information about the property and payment terms.
It is common to find the following terms included in a Utah real estate contract:
In Utah, the Division of Real Estate has two popular contract templates that are approved by the Utah Real Estate Commission and the Utah Attorney General.
All real estate contracts in Utah should contain these 4 essential contract elements:
If a real estate contract is missing any of these elements, a court could rule that the contract is void and unenforceable.
Yes. Utah is considered a "caveat emptor" state, which means "buyer beware”. This means that the buyer is responsible for conducting their own due diligence and inspections before purchasing a property, and the seller is not required to disclose certain information about the property's condition.
Under Utah law, there is one exception to this rule. The seller must disclose if the property has ever been contaminated due to the storage, manufacturing, or use or methamphetamine.
In Utah, a seller can back out of a real estate contract if the contract includes a contingency or escape clause that allows them to do so under certain conditions. For example, a common contingency in real estate contracts is a "home sale contingency," which allows the seller to back out of the contract if they are unable to sell their current home.
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My career interests are to practice Transactional Corporate Law, including Business Start Up, and Mergers and Acquisitions, as well as Real Estate Law, Estate Planning Law, Tax, and Intellectual Property Law. I am currently licensed in Arizona, Pennsylvania and Utah, after having moved to Phoenix from Philadelphia in September 2019. I currently serve as General Counsel for a bioengineering company. I handle everything from their Mergers & Acquisitions, Private Placement Memorandums, and Corporate Structures to Intellectual Property Assignments, to Employment Law and Beach of Contract settlements. Responsibilities include writing and executing agreements, drafting court pleadings, court appearances, mergers and acquisitions, transactional documents, managing expert specialized legal counsel, legal research and anticipating unique legal issues that could impact the Company. Conducted an acquisition of an entire line of intellectual property from a competitor. In regards to other clients, I am primarily focused on transactional law for clients in a variety of industries including, but not limited to, real estate investment, property management, and e-commerce. Work is primarily centered around entity formation and corporate structure, corporate governance agreements, PPMs, opportunity zone tax incentives, and all kinds of business to business agreements. I have also recently gained experience with Estate Planning law, drafting numerous Estate Planning documents for people such as Wills, Powers of Attorney, Healthcare Directives, and Trusts. I was selected to the 2024 Super Lawyers Southwest Rising Stars list. Each year no more than 2.5% of the attorneys in Arizona and New Mexico are selected to the Rising Stars. I am looking to further gain legal experience in these fields of law as well as expand my legal experience assisting business start ups, mergers and acquisitions and also trademark registration and licensing.
