Chapter 17 Flashcards
When all parties have agreed to all terms and executed the REPC
Acceptance
Buyers review and approve all of the sellers disclosure
Due diligence
Seller can’t take out any new loans and can’t make changes to legal title of property
Financial encumbrance and changes to the legal title
If non-resident alien is involved in may legally be required to withhold taxi closing
Foreign investment in real property tax act of 1980 FIRPTA
Only if the property was built prior to 1978 this applies
Legal based paint disclosure for the property
No changes to any existing property management agreement. And no new property management agreement shall be made without prior written consent from the buyer.
Property management agreement
Seller must fill out this completely and honestly
Seller property condition disclosure for the property
Court requires the buyer to go through with the purchase
Pacific
An addition to the contract such as a change in terms
Addenda
Shall be credited towards the purchase price at closing
Additional earnest money deposit
Buyers obligation to purchase the property is not continued upon the property appraising for not less than the purchase price
Appraisal condition
Everything in all negotiations that you want to be valid in binding has to be put in writing
Complete contract
No earlier than seven days prior to settlement the buyer can conduct a final walk-through
Final pre-settlement walk-through inspection
Make sure you are using the most up-to-date form
Footer
As of closing fire is responsible for obtaining casualty and liability insurance coverage on the property
Insurance and risk of loss
