Chapter 7 Flashcards
the sum of money, agreed to in advance and stated in the contract, that will be paid if a clause or condition in the contract is breached
liquidated damages
the policy issued after the title insurance company conducts its title search
policy of title insurance
takes precedence over all other pre-printed instructions on a real estate document
written or typed word
this part of the form combines the buyers and sellers instructions and sends them to the escrow holder for purchase of 1-4 residential units
joint escrow instructions
amount of time in which funds must be delivered as an initial escrow deposit
three business days after offer acceptance
earnest money deposit, usually a check given with the offer
initial deposit
party who agrees to pay for inspections and reports
allocation of termite costs
buyer will take possession three days after the close of escrow
CE + 3
if the residential property was constructed before 1978, the seller must provide the buyer with this notice
lead-based paint notice
buyers or sellers right to cancel the agreement if certain contingencies or time period requirements are not met
cancellation rights
a written proposal to purchase real property for a specified sum
offer
the written contract signed by both the buyer and seller of real property
purchase agreement
requires seller to deliver these to mandated forms
1) (TDS) Transfer Disclosure Statement
2) (NHD) Natural Hazard Disclosure Statement
statutory disclosures
the legal means of documenting the type of ownership interest in real property
title and vesting
and this type of agreement, the seller helps to finance the purchase by giving the buyer a trust deed loan on the property
seller financing addendum
