Contract Deadlines
In paragraph 16, if no box is selected, what is the inspection deadline?
10 days
How many days after ratification can the appraisal be ordered?
Up to 15 days after ratification
The purchaser's home inspector noted that the water was not turned on during the inspection. The buyer's agent then informed the listing agent that the water supply could not be verified during the inspection. What steps are taken to ensure that the purchaser can have the water systems thoroughly inspected?
The inspection period extends by 10 days
The purchasers settlement company ordered a title search. It reveled the sellers deed had a cloud dating back to 2001. How many days does the seller have to clear title defects?
30 days after seller receives notice.
Who is responsible for notifying the lender of the inspection deadline?
Purcahser
Name 1 of the 3 things listed in Paragraph 16 that should not be considered defective.
Cosmetic Flaws, Antiquated Systems, Grandfathered Components
The purchaser had an inspection deadline of 7 days. They had the home inspection and submitted their addendum by day 4. When does the negotiation period start?
Once the seller receives the inspection addendum.
The appraised value determines the maximum mortgage the department of HUD will insure for what two loan types?
VA and FHA
After receiving a horrible inspection report, the purchaser wants to terminate the purchase agreement. Currently, all parties have formally entered the negotiation period. Can the purchaser legally terminate? Why or Why not?
No party can terminate unilaterally during the Negotiation Period
How long is the “Negotiation Period” during the home inspection?
7 days
The purchaser has 5 days to submit a price reduction addendum once the appraisal results are received. How long is the “Response Deadline”.
5 days
In the optional paragraph box, if "Is Applicable" is selected, then what happens?
The purchaser can terminate the agreement if dissatisfied with inspection results or submit a repair request.
If by 5:00 PM on the 7th day of the “Negotiation Period”, no final agreement is reached, until when can the purchaser terminate the agreement?
until 5:00 p.m. on the second (2nd) day after the end of the Negotiation Period.
A home is sold as is and both parties agreed that no repairs are to be made by seller. The buyers appraisal required 2 repairs to get the full value. They submitted a request to the seller. Is the seller obligated to make the required repairs?
No
The Purchaser requested an "Experienced Contractor" to complete the requested repairs. The seller arranged for her uncle, a retired licensed contractor with 30 years of experience, to complete the repairs. Three days before closing, the buyer's agent asked for the contractor's license numbers. The seller said the Purchaser did not request licensed contractors, only an Experienced Contractor. Is there a problem here? Why or why not?
Paragraph 16 states that contractors are to be licensed OR any other person(s) selected by the Purchaser.