chapter 4

Question 1

termination option

Answer 1

for nominal consideration, the receipt of which the seller acknowledges, and the buyers agreement to pay the option fee within the time required, the seller grants the buyer the unrestricted right to terminate this contract by giving notice of the termination to the seller within __ days after the effective date of this contract ( option period). notice under this paragraph must be given by 5:00 pm

Question 2

time

Answer 2

time is of the essence for this paragraph and strict compliance with the time for performance is required

Question 3

option

Answer 3

if a buyer chooses to terminate under the option, they will receive a refund of earnest money but will not receive a refund of the option fee

Question 4

for a valid option to exist, the following are required

Answer 4

a . The applicable blanks in paragraphs 5.A. and 5.B. must be filled in
b. the option fee must be paid within three days after the effective date of the contract
c . The buyer must deliver the option fee to the escrow agent

Question 5

seller’s existing survey

Answer 5

t-47 affidavit

Question 6

objections

Answer 6

buyer may object in writing to defects, exceptions , or encumbrances to title. Buyer may object to any matters that might prohibit a specific use or activity of the property , such installing dish, operating a business out of the home, or parking an RV within view of the street

Question 7

lead based paint addendum

Answer 7

1978, the required lead-based paint addendum must accompany the contract