Practice | Unit 6

Question 1

Option Contract

Answer 1

Unilateral contract where the optionee has the right to buy or lease the owner’s property at a fixed price within a stated period of time.

Question 2

Amendment to an Agreement

Answer 2

Changes a provision in the original agreement

Question 3

When should the buyer & seller be provided with estimated closing costs?

Answer 3

Prior to signature of the agreement of sale