Chapter 7 - Completing the Residential Purchase Agreement Flashcards
to insure a binding contract, buyers are to approve all the sellers disclosures
as quickly as possible
before making an offer, the buyer needs to know the total cost of the purchase, including the monthly payments. The form used to calculate this estimate is called the
estimated buyers costs
how many years does a buyer have to sue an agent for failure to make proper disclosures in the transfer disclosure statement
2
who must complete the entire transfer disclosure statement
the seller
in an “as is” sale of a single-family residence by a private person
the seller is required to complete a transfer disclosure statement
you must provide the seller with a signed copy of the buyer’s inspection advisory and
have it signed and initialed by the seller, and return a copy to the selling agent
if any issues are reported in the wood pest report it is customary for
the seller to pay the section to 2C-1 (active infestations
when the offer is not accepted in its entirety
counter offers are made back and forth between the parties
the buyers affidavit is signed by the buyer to affirm that
the buyer is acquiring the property for use as a residence, and the sales price does not exceed $300,000
FIRPTA refers to the
Foreign Investment in Real Property Tax Act
who signs the request for repair form
the buyer and the seller
who signs the contingency removal form
the buyer and the seller
the notice to buyer to perform
is more specific than the notice to seller to perform, and gives the right to the seller to cancel the escrow within 24 hours
a few days prior to the closing of the sale, a verification of property condition form is used to confirm that
the property is basically in the same condition as when the offer was made, and the agreed-upon repairs and or alterations have been satisfactorily performed
if the buyer declines to have a final inspection
the buyer should note it on the verification of property condition form and sign
