Which Of The Following Is True Concerning Changes To The Purchase Agreement Form

If the item has been affixed to the property (or permanently related), it is presumed to be included in the sale, unless it is expressly excluded from the sales contract. This means that if the seller forgets to exclude a fixture (such as a chandelier), it would be sold as part of the property. At that time, the buyer would essentially own it and could resell it to the home seller if the buyer so wished. You should be able to obtain the legal description of your property from the County Recorder`s Office (also known as County Clerk or Register of Deeds Office). You will also find the legal description of your property on your basic title, in tax information and in your mortgage agreement. Real estate financing refers to the process of paying for a real estate purchase over time and not as a package. A buyer borrows money from a lender (such as a bank or credit bureau) and repays the loan over time, as required by the loan agreement. This process can also be described as amortization. An agent is an independent third party who holds property in a trust until the terms of the purchase agreement for the house are fulfilled. The representative is responsible for collecting the buyer`s payments and sending them to the seller.

Earnest money is the down payment that the buyer must make available to the seller in advance to make the seller understand that the buyer is serious about buying the property. This is a cash deposit paid to the seller as proof of the buyer`s good faith in concluding the purchase transaction. The specific benefit is a legal action that is used to compel a contracting party to fulfil its obligations under a contract they have signed. It should be noted that this type of real estate sale contract does not transfer property ownership from the real estate as a guarantee deed. This contract only mentions the rights and obligations of the buyer and seller before the security can be permanently transferred. Title insurance is a form of insurance by which the insurer undertakes to compensate the insured for the damage caused by a defect of ownership unknown to the buyer at the time of the sale. A serious money deposit can be credited from the sale price (sometimes applied to the down payment) at closing, but may expire if the buyer is late.