Contract Breakdown
THIS section includes the Property's Legal Description
What is Section 1?
If the Buyer selects DOES intend to occupy when they actually do not, they could be committing THIS
What is loan fraud?
THIS is issued when the Buyer no longer qualifies for financing: olan dianel
What is loan denial?
The Standard Purchase Agreement is defined as THIS
What is "Agreement"
If Section 17 is left blank, the Selling Firm will not receive THIS
What is the Brokerage Fee?
Seller represents that they own "good and THIS fee simple title to the Property"
What is marketable?
Date when all timeframes in the Agreement begin: Rtiafiaoctni Adte
What is Ratification Date?
THIS is the defined term for the Earnest Money Deposit
What is the "Deposit"
The definition of THIS term is the amount a Seller is willing to pay towards repairs stated in Section 13
What is the "Cap"
With FHA/VA financing, if the Appraised Value comes in lower than the Purchase Price, the Buyer still has the right to walk away even if THIS happens
What is Seller agrees to lower Purchase Price to Appraised Value?
When Buyer or Seller do not have the right to terminate, their agent would send THIS in an attempt to void the Agreement: Learees
What is Release?
When writing an addendum to extend the Agreement, the day of closing should be written as THIS defined term
What is "Settlement Date"
Under section 4, the Buyer (if using a loan) is required to apply for financing within THIS number of days from ratification
What is 7?
Seller may seek damages if the Buyer fails to notify the Seller of THIS in writing within 3 days of any communication to Buyer
What is loan denial?
Property Inspections, Common Interest Communities, and Financing can all act as THIS: tncinyoencg
What is Contingency?
THESE two defined terms can be an individual person, a corporation, company, Estate, or Trust
What are "Buyer" and "Seller"
In addition to "Other Inspections," THESE three inspections are listed under Section 14B
What are Property Inspection, EIFS, and Lead-Based Paint?
Termite and Moisture reports must be delivered to THIS party within the agreed upon timeframe--or the other party may order their own reports.
What is settlement agent?
Miscellaneous terms to the Agreement can be written HERE: rothe visoropin
What is Other Provisions?
If negotiations are needed after an appraisal, when changing THIS in an Addendum, be sure to also change the down payment and loan amount
What is "Purchase Price"