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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
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
Anyone who makes an offer to purchase property
Anyone who receives an offer
This occurs when the offeree signs the offer without making any changes to it
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.