Chapter 14 - Contract Preparation

Question 1

This contingency will allow the buyers to terminate the purchase contract and get a refund of their deposit if they cannot obtain adequate financing.

Answer 1

mortgage contingency clause

Question 2

Who typically prepares the sales contracts in downstate New York?

Answer 2

Seller’s Attorney

Question 3

Issues that are not covered in the purchase and sale agreement itself are usually dealt with using preprinted ______ that can be attached to the sales contract.

Answer 3

Riders

Question 4

What is the customary amount of an earnest money deposit?

Answer 4

Up to 10 percent of the purchase price.

Question 5

Parties would need to sign a lead-based paint disclosure only if the the property was built before _____

Answer 5

1978

Question 6

A condition in the contract that says that the contract is subject to the approval of each of the client’s attorneys. is referred to as ________

Answer 6

an attorney review clause