Unit 10: Obtaining the offer and creating the sales agreement

Question 1

4 Contingencies

Answer 1

DIAL

1) Disclosure
2) Inspection
3) Appraisal
4) Loan

Question 2

Disadvantages of homeownership

Answer 2

Increase in expenses, risk, and lack of liquidity

Question 3

Liquidated damages

Answer 3

If the buyer breaches the contract, the buyer can lose the deposit or 3% of the sales price, whichever is less.