Closing | Agency | Earnest Money | Purchase and Sale Agreement | Terminology |
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Unilaterally
In specific circumstances, the Buyer or Seller may give notice to __________ extend the closing date.
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Written agreement
State law prohibits a Broker from representing a Buyer as a client without first entering into __________ .
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Not Required (Zero)
The minimum amount which is legally required in a real estate transaction.
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Material Relationship
A known personal, familial, social, or business relationship which could impair the ability of the broker or licensee to exercise fair and independent judgment.
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Real Estate or Real Property
Land and the improvements to the land, and the right to use them.
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8 Days
A unilateral extension of the closing date can be for this amount of time.
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Dual Agency
The Buyer and Seller are both represented as clients by the same agent.
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Binding Agreement Date
Can be paid to the Holder within a specified number of days from this date.
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Calendar Days
Unless otherwise specified, the contract defaults to this type of “day”.
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Fixture
An object that has been attached to the land so as to become real estate.
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Terminate
GAR form F201 states "if the right to unilaterally extend the closing date is exercised once by either the Buyer or the Seller, the right shall hereafter __________ ."
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Designated Agency
When the Buyer and Seller are both clients, and represented by different agents with the same brokerage.
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F511 Agreement of Closing Attorney to Serve as Holder of Earnest Money
When the closing attorney is the holder, the attorney must sign this form, which is not an exhibit to the contract.
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Due Diligence Period
Buyer shall determine whether or not to exercise Buyer's option to proceed or not proceed with the purchase of the property during this time.
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Deed
A written document that when properly executed and delivered conveys title to land.
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Buyer
The pre-printed verbiage on the Purchase and Sale Agreement says that this party shall have the right to select the closing attorney.
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Dual Agency
Broker is representing two clients whose interests are or at times could be different or even adverse.
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Liquidated Damages
When disbursed to the Seller because the Buyer defaults, earnest money constitutes this type of damages to the Seller.
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Buyer’s Mortgage Lender
Allows, or does not allow the full amount of the seller’s contribution at closing.
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Consideration
Anything of value given to induce another to enter into a contract.
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Buyer
When there is no mortgage financing, the closing attorney represents this party to the contract.
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Dual Agency
Buyer does not have to consent.
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$600
If disbursed to the Seller, the Holder may require Seller to sign a W-9 before issuing a check to Seller for liquidated damages of __________ or more.
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Date of Closing
Unless otherwise specified, no time deadline shall be extended by virtue of it falling on a Saturday, Sunday or federal holiday except for this date.
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Metes and Bounds
A detailed method of land description that identifies a parcel by specifying its shapes and boundaries.
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