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Flashcards in 3.2 Deck (10):
0

Every page of the _______, including all addenda, must be numbered.

purchase agreement

1

Which formats should the earnest money amount be written in?

Text and numerals

2

For an electronically communicated offer, non-negotiable evidence of earnest money such as a photo copy of the buyer's _______ is allowed.

check

3

When in doubt about the accuracy or completeness of the legal description, you could write "street address to _______ legal" in this space.

govern

4

If the buyer is receiving financing for 100% of the purchase price, how should the earnest money be handled?

Stipulate in writing that it shall be returned to buyer at closing, or applied to buyer's closing costs.

5

In one option of "Seller's Disclusure Alternatives" form, the buyer voluntarily waives a seller furnished _______.

disclosure

6

Name the 4 main items that require disclosure and cannot be waived by state or federal law.

Presence of lead-based paint, presence of wells, presence of septic systems, knowledge of methamphetamine chemicals or production.

7

True or False:
The time-of-sale ordinances are the same from city to city.

False

8

If the time-of-sale inspection might require work, you could insert a ______ explaining that the seller will complete all work required by the inspection, at their expense, and provide evidence of completion.

clause

9

True or False:
The requirement of providing a Well Disclosure Statement to the buyers can be waived using the Seller Disclosure Alternatives form.

False