Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
|
Offer to Purchase Contract; Real estate sales contract
|
Sets forth all details of the agreement between a buyer and a seller for the purchase and sale of a parcel of real estate
|
|
|
Contingencies
|
Conditions set forth in an offer to purchase real estate
|
|
|
An offer made, an acceptance of that offer, and communication of the acceptance to the other party
|
What is required to form a valid real estate sales contract? 3 things
|
|
|
Offeror
|
Anyone who makes an offer to purchase property
|
|
|
Offeree
|
Anyone who receives an offer
|
|
|
Acceptance
|
This occurs when the offeree signs the offer without making any changes to it
|
|
|
Counteroffer
|
When the offeree receives the offer and makes any changes to that offer
|
|
|
It has been rejected and no longer exists
|
When an offer a received the offer and makes changes to that offer (counteroffer), what is the status of the original offer?
|
|
|
Mailbox rule, does NOT apply to FedEx or UPS, and only applicable to the CREATION of a contract
|
If an acceptance is placed into the mail service to the other party or that party's agent, it is considered as having been delivered when mailed
|
|
|
One banking day after written request from seller, seller has unilateral right to terminate the contract afterwards
|
Number of days buyer has to cover dishonored funds ( such funds being due diligence fees, etc. which were paid directly to seller with an Option to Purchase Contract)
|
|
|
3 banking days of contract formation (or sooner if agent so chooses)
|
Number of days earnest money must be deposited into a trust account by broker
|
|
|
The date when the last offeree to sign the offer or initial the last change COMMUNICATES this action to the last offeror
|
How is the effective date defined when an option to purchase becomes a contract?
|
|
|
At closing, which is officially after recordation of the deed
|
At what point does the purchaser of a property officially take possession?
|
|
|
Upon recordation of the deed
|
When is the closing on a property official?
|
|
|
Immediately, but no later than 5 days from the date of the offer (telephoning not considered sufficient delivery)
|
When are real estate brokers obligated (by license law and commission rules) to disclose all offers to seller?
|
|
|
Installment land contract
|
A combination sales contract and financing instrument, whereby the seller agrees to owner financing with some type of installment payment method for the buyer
|
|
|
Conventional option to purchase realestate (unilateral contract, Optionee has right to buy and owner is obligated to sell if the Optionee decides to exercise the option)
|
A contract by which an optionor gives an optionee the irrevocable right to buy or lease the owner's property at a fixed price within a stated period of time (initiated by buyer / tenant)
|
|
|
Preemptive right (the two types are: right of first refusal and right of first opportunity to purchase)
|
Gives a party the first right to purchase real property (initiated by seller / landlord)
|
|
|
Right of first refusal
|
A preemptive right created when a property owner promises to give the contracting party the first chance to buy the property or to match the bona fide offer of a third party, should the owner decide to sell some time in the future (*no terms are pre negotiated)
|
|
|
Right of first opportunity to purchase
|
A preemptive right given a particular buyer whereby if the property owner decides to sell the property, the seller must offer to sell the property to this buyer (*at a designated price) first.
|
