Sign Here, Here, And Here
If the Buyer is unprepared to close and the Seller chooses to extend the closing date the Buyer must pay a _______. This is calculated by ______________.
Per diam, Purchase Price x 15% divided by 365.
If the buyer uses VA financing who pays the escrow fee for that transaction?
The seller pays the full escrow fee and any other fees that the Buyer’s lender is prohibited from collecting from Buyer per VA regulations.
. If the buyer can choose upgrades or options for the home, the details and costs will be listed in an ____________or separate agreement.
Amendment or Change Order
What is the timeframe to finalize all options and upgrades if the Estimated Closing Date is 60 days or less from the Offer?
The buyer has 2 days from Mutual Acceptance to finalize selections, sign the Change Order, and deliver the deposit.
This is where contracts mysteriously disappear after being sent to a buyer for e-signature
What is the spam folder
True or False: Any extension payments made will count towards the purchase price and or go towards closing costs upon closing of Escrow?
False
True or False: if a buyer is Obtaining a VA or FHA loan and the Appraisal is lower than the purchase price the Buyer must bring the difference in cash at closing?
False. The buyer has 10 days to decide whether they want to continue with the purchase, they can terminate and receive their EMD back or bring cash at closing (the difference cannot be borrowed)
Before filing a lawsuit for_________, the buyer must follow Washington state law (RCW 64.50), which requires notifying the seller or builder 45 days in advance of any alleged defects and giving them a chance to offer repairs.
construction defects
If the total cost of upgrades is over_______, the Buyer must pay 50% of the upgrade cost as a non-refundable deposit.
$6000.00
This is what buyer’s are shocked is not included even though you have mentioned it 50 times?
What is a refrigerator or garage door opener.
What does proof of funds for a cash sale mean?
Buyer must show that they have enough cash to close the sale, and Seller must be satisfied with proof.
True or False: The seller can make changes to the house's plans, materials, and features as long as the changes are similar in quality and approved by local authorities.
True
Any disputes between the buyer and seller, whether before or after closing, must be resolved through __________(a private, out-of-court process).
binding arbitration
True or False: A third-party inspector can inspect the roof so long as he or she has the proper safety harness and has requested permission to do so?
False. An inspector is not authorized to climb on the roof prior to closing.
This person, although not a licensed professional feel like they know how our homes should be built.
The buyer’s dad
How many days does a buyer have to submit loan application?
5 Days
When can the buyer move into the home and or get their Keys?
After the close of Escrow.
If any parts of the house don’t meet construction standards, they will be listed on a____________, which the buyer must sign.
Delivery Agreement
How much notice is required if a buyer wants a third-party inspection of the property?
The inspection must be scheduled 5-10 days before the Homeowner Demonstration, and the buyer must notify the seller early.
This is what a buyer thinks they deserve if they are a cash buyer or do not have a Realtor.
What is a discount
If closing is within 60 days: Buyer must provide proof of conditional loan approval from the lender within how many days?
20 Days
True or False: During a third party inspection it is discovered that their was a defect that was a code violation. The Buyer can terminate the agreement and receive their full deposit back?
False the only remedy is for the Seller to Repair or Replace the defect.
At the Close of Escrow, the seller will arrange for a __________________in the buyer's name. The policy will cover the property up to the purchase price and will list any exceptions to the title.
Standard Title Insurance Policy.
What happens if the City or County issues a Certificate of Occupancy for the home but exterior improvements are incomplete?
The buyer must still close escrow on the Closing Date, even if exterior improvements like painting or landscaping are incomplete due to weather conditions.
This is what a buyer believes is covered under the standard builder warranty and definitely isn’t.
What is nail pops, drywall cracks, caulking and emotional damage.