Chapter 19 Flashcards
Buyer must disclose if the property they are trying to sell us listed through a real estate brokerage
Buyer disclosures
If the repairs are not completed by the settlement date, the buyer may enter an escrow agreement with the seller to finish the repairs after closing
Buyer remedies for unfinished repairs
The buyer must disclose the acceptance date, the due diligence deadline, the financing and appraisal deadline, and the settlement date
Buyers property is currently under contract
When naming the agenda stick with the same classic vacation system
One, two, three etc. or a, B, C etc.
Seller and buyer agree the buyer accepts the property as described in Repsie seller would contribute a dollar amount at settlement to be applied towards fees
Closing costs
This addendum is designed to conflict to the real estate purchase agreement. Use this form when representing the buyer.
Contingent cancellation addendum
The last mutually accepted due diligence or financing an appraisal deadline
Deadline to accept this addendum
This needs to be discussed at the very beginning along with the REPC
Disclosure of interest
Disclose if the buyer or seller is related to the broker or the sales agent
Disclosure of principal as licensee or as relative of licensee
The buyers due diligence is deemed resolved and is removed unless checked below
Due diligence condition
When a buyer doesn’t respond to the sellers notice, allows the REPC to become canceled and releases earnest money deposit to the buyer
Failure to respond
The right to accept other offers write to move conditions, failing to respond to the sellers notice
Option to keep house on market the time clause addendum
Places to access forms
realestate.utah.gov
Utahrealtor.com
MLS website
The buyers obligation to purchase property is conditioned upon the closing of the sale of the buyers property by the buyers closing deadline
Subject to sale condition
The most dangerous document in all of real estate because of all of the blank lines
The blank addendum
Things to remember when using the blank addendum
Use correct spelling
Use proper grammar
Don’t use big words or legal words
Say it simple
Be clear and specific
Which form should you use as a last resort?
The blank addendum
As a real estate license, we have a license too
Fill in approved forms
The resolution of due diligence addendum accomplishes what
Allows the seller to contribute to the buyers closing cost
Allows buyer and seller to agree that specific repairs will be made
Allows buyer and seller to agree to purchase price reduction
In reference to the subject to sale of buyers property addendum, if the buyers ability to purchase a property is conditioned on the sale of another property in that property is not under contract. What happens?
The seller may cancel the REPC if the buyer has not entered into a third-party contract by the third-party contract deadline
In reference to the subject to sale of buyers property addendum, if the buyers ability to purchase, the property is conditioned on the sale of another property in that property is under contract. What happens?
The buyer does need to disclose to the seller if the purchaser on their third-party contract cancels
The conditions addressed on the option to keep house on market time clause addendum are
The due diligence condition
The financing an appraisal condition
The subject to sale of buyers residence condition
The option to keep house on market time clause addendum does what?
Allows the seller to accept other offers
Requires that the seller to notify buyer of seller does accept additional offers
Allows the buyer a specified number of hours to agree and remove conditions from the REPC
The purpose of the disclosure of interest addendum is to
Disclose that the principle is a licensee or related to the licensee
What is true regarding the contingent cancellation addendum?
It can extend the due diligence deadline
It can extend the financing and appraisal deadline
It can cancel the contract if the seller does not agree to extend the deadlines
