Module 16 + 17 Flashcards
Offer mathematics
Subtracting the deposit from the offer price = balance due upon completion
purpose of an offer plan
organize required information that would be included in a aop&s
Spousal consent is signed on
the successors and assigners section
balance upon completion is paid from
the lawyers trust account
supplemental deposits are given in the case of
a buyer waiting on an investment to come through
GIC
Interest bearing investment
Direction or consent clauses
give authority or instruction for a party to take action
permissive covenant
gives permission for the owner of a property to do something
Condition precedent
for a contract to be binding something must be completed first
condition subsequent
for people to not be bound to a contract something must happen
waiver proivison
either party forfeits their right to a claim without the other party being liable
true Condition precedent
must be met, cannot be waived
Condition precedent for financing would include
waiver and notice fulfillment provisions
Condition subsequent for financing would include
no waiver
max interest rate
provides information on how long the property will be affordable
home inspections can be waived by
the party requesting it as it no longer needed
an escape clause is usually added when
the offer is conditional on the sale of the buyers home
clause identified in every offer
balance due clause
unsuccessful offers retention
retained for 1 year either in its entirety or a summary of the document for 1 year after its signed
summary documents are used as appose to
keeping an offer in its entirety (cannot be used as a substitute for aop&s)
summary documents only apply
when offers fail
amending a counter offer
Adding in all of the changes (inserting/deleting terms) to the original document and resubmitting it
Options for countering an offer
amending it, drafting a new offer, preparing a counter offer form
counter offer form
itemized list of all the changes made to the original offer
