Module 16 + 17 Flashcards

1
Q

Offer mathematics

A

Subtracting the deposit from the offer price = balance due upon completion

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2
Q

purpose of an offer plan

A

organize required information that would be included in a aop&s

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3
Q

Spousal consent is signed on

A

the successors and assigners section

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4
Q

balance upon completion is paid from

A

the lawyers trust account

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5
Q

supplemental deposits are given in the case of

A

a buyer waiting on an investment to come through

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6
Q

GIC

A

Interest bearing investment

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7
Q

Direction or consent clauses

A

give authority or instruction for a party to take action

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8
Q

permissive covenant

A

gives permission for the owner of a property to do something

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9
Q

Condition precedent

A

for a contract to be binding something must be completed first

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10
Q

condition subsequent

A

for people to not be bound to a contract something must happen

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11
Q

waiver proivison

A

either party forfeits their right to a claim without the other party being liable

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12
Q

true Condition precedent

A

must be met, cannot be waived

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13
Q

Condition precedent for financing would include

A

waiver and notice fulfillment provisions

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14
Q

Condition subsequent for financing would include

A

no waiver

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15
Q

max interest rate

A

provides information on how long the property will be affordable

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16
Q

home inspections can be waived by

A

the party requesting it as it no longer needed

17
Q

an escape clause is usually added when

A

the offer is conditional on the sale of the buyers home

18
Q

clause identified in every offer

A

balance due clause

19
Q

unsuccessful offers retention

A

retained for 1 year either in its entirety or a summary of the document for 1 year after its signed

20
Q

summary documents are used as appose to

A

keeping an offer in its entirety (cannot be used as a substitute for aop&s)

21
Q

summary documents only apply

A

when offers fail

22
Q

amending a counter offer

A

Adding in all of the changes (inserting/deleting terms) to the original document and resubmitting it

23
Q

Options for countering an offer

A

amending it, drafting a new offer, preparing a counter offer form

24
Q

counter offer form

A

itemized list of all the changes made to the original offer