Unit 24 Key Terms Flashcards
When checked as a condition for an agreement between the parties, if a certified appraisal of the property does not show a value equal to or greater than the contract price, the buyer has the right to terminate.
appraisal contingency
Monday-Friday, excluding Federal Holidays
Banking days
a
Broker
At closing the buyer is responsible for transfer tax, deed, recording fees and title insurance.
Buyer expenses
Broker assisting the buyer, who may be a client or customer of the broker.
Buyers broker
a
constructive eviction
An executed purchase and sale agreement between a buyer and a seller for the purchase of real property.
contract
This form instructs closing attorneys as to the specific distribution of the commission funds.
commission acknowledgement form
a
contract accpetance
a
contract exhibits
a
correlate/correlation
a
dispossessory affidavit
a
escrow agent
a
right of possession
a
exclusive buyer brokerage agreement
a
exclusive right-to-sell listing agreement
For Sale by Owner
FSBO
A
Georgia landlord-tenant code
May allow a verbal real estate contract to be enforced if both partied admit there is a verbal contract and agree with the terms.
Georgia statue of frauds
A right of, as well as, an obligation for the buyer to hire and independent, qualified professional to complete a ____ of the home. `
inspection
Refers to all persons named in the lease and signing the lease as landlord.
landlord
Material facts concerning the physical condition of the property that buyers could not discover through a reasonably diligent inspection of the property.
latent defects
The tenant and landlord mutually agree that at the end of the lease term, the tenant will purchase the property as buyer, and the landlord as seller.
lease/purchase offer
Establishes a right for the tenant to purchase, while committing the landlord to sell only if the tenant decides to buy the property. Unilateral option turns into bilateral if the tenant agrees to buy.
option to purchase leased property
Each person named in the contract as the buyer or seller, does not include any broker or other third party named in the contract.
party
In effort to avoid appearing to outright reject an offer, parties often refer to their counteroffers as _____.
qualified acceptance
The seller-client might pay the broker a predetermined sum of money that would help offset some of the brokerage costs in marketing a property if no commission is earned.
retainer fee
a
safety/protection clause
A landlord seeking to recover possession of property from a tenant in default and is prohibited by Georgia is called_____.
self-help eviction
The seller will bear the costs of the attorney fees if the attorney is representing the seller.
seller Closing Costs
The seller warrant that all information provided for the home, including adverse property defects is to the best of their knowledge true and accurate.
seller’s property condition disclosure
Conditional items found in the contract under______.
- The sellers rejection of dual agency
- Property showing instructions
- limitations on the property’s internet advertising
special stipulations
a
standard terms
a
survival clause
All persons named in the lease and signing the lease as tenant.
tenant
A party who occupies rental property with the landlords consent and makes rental payments without a written lease for an indefinite period.
tenant at will
The termination of the contract pursuant to a right to do so as provided in the contract.
terminate or termination
a
time is of the essence
By checking this box in the contract form, the buyer is essentially making the offer on “due diligence” and can terminate the contract for any reason by written notice and receive a full refund of any earnest money.
Buyers general right to terminate
