Sales contracts and purchase agreements
Provides assurance to the seller that the buyer intends to go through with the sale.
Earnest money
What's the purpose of the mortgage contingency provision?
Establish if the sale of the property depends on the buyer obtaining mortgage financing.
what's the purpose of the sales contract?
Identify the terms and conditions under which a seller will transfer a property to the buyer.
best describes a sales contract
A legally binding, written contract between a property's potential buyer and seller
the property does not appraise at or more than the sales price, the buyer can terminate.
Appraisal contingency
Protects the buyer's earnest money in the event the buyer is unable to obtain financing.
Mortgage contingency
The buyer has made the offer to purchase based on the buyer's current property selling.
Sales contingency
What's the purpose of a sales contract?
To document the agreement between a buyer and seller in a real estate sales transaction
What's the purpose of the mortgage contingency section in the agreement of sale?
To provide a place in the contract where the buyer can indicate whether the sale of the property is contingent upon their obtaining a loan
What's the purpose of the earnest money deposit?
To show the seller that the buyer is serious and intends to go through with the purchase
contingency
condition that must be met before the sales contract is complete and enforceable
What type of agreement accounts for commission to be paid and includes the seller's permission for marketing the property?
listing agreement
Identifies the date by which the seller will turn over the property to the buyer.
possession
Which residential sales contract provision specifies the date by which the buyer will have unfettered access to the property?
possession
Which one of the following is used to document a buyer's offer to a seller?
sales contract
What's the role of the mortgage contingency in a sales contract?
Documents the type of and timeline for financing, and outlines what to do if financing falls through.
What's the role of the mortgage contingency in a sales contract?
Documents the type of and timeline for financing, and outlines what to do if financing falls through.
Identifies which items are to remain with the property.
Fixtures and Personal Property
Allows the buyer to terminate it an issue arises during the inspection that cannot be successfully negotiated.
Inspection contingency
If the buyer is unable to obtain insurance for a specific amount, the buyer can terminate and receive a refund.
Insurance contingency
Which of the following is synonymous with a sales contract?
Offer to purchase
Contingencies normally include the responsible party's name, the deadline for the contingency removal, and________.
The actions required for remova
Which two documents constitute a contract between the buyer and the seller?
The agreement of sale, as signed by the parties Any associated addenda signed by the parties