Term
| Purchase and Sales Agreement is AKA (4): |
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Definition
- Earnest Money Agreement
- Deposit Receipt
- Sales Contract
- Contract of Sale |
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Term
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Definition
| When the proceeds of the sale are disbursed to the seller, the deed is delivered to the buyer, and all appropriate documents are recorded |
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Term
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Definition
Foreign Investment in Real Property Tax Act
If seller is a "foreign" person, certain percentage of price must be withheld and turned over to IRS. |
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Term
| When is possession of the property usually transferred to the buyer? |
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Definition
| When the transaction closes |
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Term
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Definition
Allows the seller to demand that the buyer waive the "sale of the buyer's home" contingency or rescind the contract
This clause enables the seller to keep the property on the market pending fulfillent of a contingency, such as the sale of the buyer's current home. |
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Term
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Definition
Requires seller to give buyer a disclosure statement when a purchase and sales agreement is signed
- real property up to 4 units
- unimproved residentially zoned real property
- mobile or manufactured home (even if personal property) |
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Term
| Deadline for Disclosure statement |
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Definition
| within 5 business days after a purchase and sales agreemet is signed, unless right is waived or agreed in writing to another time frame |
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Term
| Deadline to rescission after receival of disclosure statement |
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Definition
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Term
| Lead-Based Paint Disclosure Law |
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Definition
For houses built before 1978, the seller must disclose information concerning lead-based paint to potential buyers.
- disclose location if seller is aware of it
- provide copy of any reports if it has been inspected
- give buyers or tenants a pamphlet prepared by US EPA |
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Term
| Exemptions to lead-based paint disclosure law (5): |
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Definition
- Zero-bedroom units (dorms, studios, room rentals...)
- Leases for less than 100 days
- Housing for elderly or disabled (unless kids)
- Rental housing inspected & free of lead-based paint
- Forclosure sales |
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Term
| Purchase and Sale Agreement |
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Definition
A binding contract between buyer and seller of real property, also a receipt for earnest money deposit.
Holds buyer and seller to original terms of agreement until transaction is ready to close |
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Term
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Definition
A contract clause which provides that unless some specified event occurs, the contract is not binding
Ex: inspection, sale of home, financing... |
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Term
| Time is of the Essence Clause |
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Definition
| A contract provision that imposes a legal duty to meet all of the deadlines in the contract |
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