2021-07-03T19:47:14+03:00[Europe/Moscow] en true Time is of the essence, Earnest money- how used, Contingencies , Amendments, Addendum , Deposit money on property sale, AK regulations for deposit , Forfeitures of deposit , seller’s death before title transfer, Options , Listing , role of seller in listing contract , roller of person listing the property in a listing contract , Net listing , open (non- exclusive listing) , Exclusive agency listing - time limited, Exclusive right to sell listing - time limited, Multiple listing services commissions , When broker is entitled to commission, specific performance, notarized signatures, parol of evidence rule, Novation , rescind , an option , When a prospective buyer makes a written purchase offer that the seller accepts, then the buyer , A bilateral contract is one in which, statute of frauds, Can a broker be sued by buyer for seller non-performance? , Assigning a contract means to , When does the buyer receive equitable title? , If a broker deposits the buyer's earnest money in a trust account, at what time is the seller entitled to receive it?, Who has the right to revoke the offer, Transfer Taxes are typically paid by: flashcards
Contract performance

Contract performance

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  • Time is of the essence
    indicates deadline, binding
  • Earnest money- how used
    standard 1%, shows buyers intention to buy, may be used to compensate party if other breeches
  • Contingencies
    actions necessary to satisfy, Any costs involved - who is responsible, taxes mortgage, inspections, property date, escape clauses
  • Amendments
    change in existing contract
  • Addendum
    addition or new provision to a contract
  • Deposit money on property sale
    put in trust fund,
  • AK regulations for deposit
    broker is in charge of trust fund, , deposit in 5 days
  • Forfeitures of deposit
    a provision that a deposit toward purchase by prospective buyer shall be divided between the seller and the broker if the prospective buyer breaches the contract
  • seller’s death before title transfer
    usually contains a provision which states that all the terms of the contract are to be binding upon the heirs
  • Options
    A contract - seller promises not to sell to someone else based on consideration - but keeps title
  • Listing
    written contract - sell property-
  • role of seller in listing contract
    seller is principal
  • roller of person listing the property in a listing contract
    agent and therefore owes agency and fiduciary duties to seller
  • Net listing
    clause in contract permits agent to retain as compensation all the money received in excess of the selling price
  • open (non- exclusive listing)
    seller may give to multiple licensees without notification, sale of property cancels contracts
  • Exclusive agency listing - time limited
    commission is payable to broker named whoever sells the property if owner sells then no commission
  • Exclusive right to sell listing - time limited
    a commission is due the broker named in the contract if the property is sold within the time limit by the said broker, by any other broker, or by the owner
  • Multiple listing services commissions
    Don’t set commissions individual brokers do -commissions are shared
  • When broker is entitled to commission
    when the terms of a personal services agreement are fulfilled and the broker is the procuring cause of the sale
  • specific performance
    legal action under a purchase contract to enforce the terms
  • notarized signatures
    NOT essential elements of a contract
  • parol of evidence rule
    The written contract is the complete agreement - other evidence is not allowed - if mistake or fraud the agreement can be revised by the court
  • Novation
    substitute a new obligation for an existing one
  • rescind
    cancel
  • an option
    specifies a time or action
  • When a prospective buyer makes a written purchase offer that the seller accepts, then the buyer
    receives equitable title to the property
  • A bilateral contract is one in which
    the promise of one party is given in exchange for the promise of the other party
  • statute of frauds
    The law that requires real estate contracts to be in writing to be enforceable
  • Can a broker be sued by buyer for seller non-performance?
    No
  • Assigning a contract means to
    transfer ones rights under the contract
  • When does the buyer receive equitable title?
    When a valid purchase contract is signed by the seller and the buyer
  • If a broker deposits the buyer's earnest money in a trust account, at what time is the seller entitled to receive it?
    At the time of settlement
  • Who has the right to revoke the offer
    the offeree
  • Transfer Taxes are typically paid by:
    seller