approval of the tests.- adds a Survey Deadline Paid for by

Real Estate Forms (Utah) Flashcards Survey Addendum to REPCUsed when a buyer wants to survey the landCheck acres, boundaries, easements, encroachments, utility lines, etc Buyer's obligation to purchase is conditioned upon Buyer's approval of the tests.- adds a Survey Deadline Paid for by the buyer Buyer has (mutually agreed upon) calendar days to complete the testsIf findings are unacceptable, the buyer

can: provide written objections to seller cancel the REPC

with a copy of the report, and get earnest money back.If

buyer doesn't cancel the REPC: buyer will give written

objection and the report to Seller where buyer/seller will have 7 calendar days (response time) to agree in resolving the buyer's objections. seller may but is not required to

solve the problemsIf buyer/seller cannot resolve objections:

buyer may cancel the REPC in writing no later than 3 calendar days after the response period earnest money will be returned.Lease Agreement with Option to PurchaseUAR form 31Used when a person is renting a home and given an option to purchase Contains all the terms of the lease Specifies the option consideration, which can become part of the purchase price (similar to earnest money deposit) Has the terms of the purchase Any additional terms with be added in the Addendum to Lease Agreement with Option for Purchase If the buyer plans to go through with option to purchase, must give Notice of Intent to Purchase Property to seller by deadline, otherwise the chance to purchase is lost and option money becomes non-refundable.Tenant's Right to Due Diligence Property lease "is or is not" conditioned upon due diligence and has a deadline Tenant receives a Property Disclosure and any tests tenant wants to do Tenant can cancel and Option Money can be returned at this point if they cancel before

deadline Lease Terms: Start and End date or closing of the

purchase whichever comes first. Lease Payments, Late Charges, Security Deposit Utilities to be paid for by Tenant Landlord must have home owner's insurance not less than $1millionSection 5 - Option to Purchase Option Money will go towards the purchase price at closing. Otherwise, it is non-refundable. (Blank) amount of each rent received each month (before the 5th of the month) shall, subject to lender approval, be treated as Additional Option Money and credited against the purchase price. Rent must be

reasonable market value for the property. Anything above that can be considered as option money.Notice of Intent Deadline No later than this deadline, the tenant must provide written intent using the Notice of Intent to Purchase Property Form. If Tenant doesn't give intent and payment of purchase price, they waive their option.Not assignable Landlord can use an Addendum to Lease Agreement with Option to Purchase (addendum or counteroffer). Landlord and Tenant agree that deadlines either remain unchanged,

or changed as followsTransaction Schedule includes:

Landlord Disclosure Deadline Due Diligence Deadline Notice of Intent Deadline Settlement Deadline Multiple Offer SituationA disclosure form and two addenda to assist in multiple offer situations.Multiple Offer Disclosure Both buyer and seller should receive and sign during a short sale transaction. Seller receiving multiple offers should receive as wellDepending on what the seller chooses to do

determines on which one of these is used: Multiple Offer

Addendum (Counter Offer) Seller's Notice to Buyers of Multiple OffersThe ways the seller can respond to multiple

offers:1.Accept or Counter one of the offers and reject the

others2.Present Multiple Counteroffers3.Provide all Buyers

an Equal Opportunity to Present their "Best Offer"Option 1:

Accept or counter only one offer and reject all othersCould end up losing accepted offer during the due diligence, financing and appraisal stages and then the other offers could have already moved on by then. May have been willing to offer a higher price if they knew there were other offers on the table. Would just use a regular addendum to the REPC for this one since no others would know about

the multiple offers.Option 2: Present Multiple Counteroffers

Use UAR Form 22: Addendum to REPC (Multiple

Offers)Option 3: Provide all Buyers an equal opportunity to

present their "best offer" Use UAR Form 24: Seller's Notice

to buyers of multiple offers

Notice of Intent to Purchase PropertyUAR Form 33Used alongside the Lease Agreement with Option to Purchase only if tenant is exercising their option to purchase Lead-Based Paint Addendum to REPCUsed when the buyer wants to get a lead-based paint inspection Buyer's obligation to purchase is conditioned upon Buyer's approval of the tests.- adds a Risk Assessment Deadline Paid for by the buyer Buyer has 10 calendar days (or another mutually agreed upon time frame) to complete the testsIf findings are unacceptable,

the buyer can: provide written objections to seller cancel

the REPC with a copy of the report, and get earnest money

back.If buyer doesn't cancel the REPC: buyer will give

written objection and the report to Seller where buyer/seller will have 7 calendar days (response time) to agree in resolving the buyer's objections. seller may but is not required to solve the problemsIf buyer/seller cannot resolve

objections: buyer may cancel the REPC in writing no later

than 3 calendar days after the response period earnest money will be returned.State approved formsState approved forms have been approved by the Attorney General and the Real Estate Commission.They must be used unless an attorney has drafted the forms, and you

must verify it was drafted by that attorney.Examples:

Residential REPC New Construction REPC Assumption Addendum Lead Based Paint: Disclosure and Acknowledgment This must be given to any buyer if purchasing a property built prior to 1978 Seller should fill this out right away if property is built before 1978 If the seller knows anything about the past, seller must disclose it.3 important parts to

the form:1. Description of the dangers (lead warning

statement)2. Seller's disclosure and acknowledgement they either do or do not know about lead based presence in the

property3. Buyer's Acknowledgment: buyer has received

seller's disclosure buyer has received lead based paint pamphlet buyer has read warning statement abovebuyer

has two response options:1. 10 day opportunity to conduct

a risk inspection(if this is checked the Lead-Based Paint Addendum must be included)2. waive the inspectionSigned and dated by both seller, buyer, and agents.State approved form Addendum to REPC (Multiple Offers)Used when the Seller counters all offers Seller reserves the right to proceed with only one offer even if multiple accept.Important that buyer know it is not binding until Seller accepts their acceptance. Chance that one or more of the buyers will withdraw in fear of a bidding war.This

addendum includes: Notice of multiple offers Terms of the

Counteroffer Buyer has a deadline to replyUnless seller accepts, this counteroffer lapses, becoming null and void, earnest money deposit is returned Buyer Financial Information SheetUsed alongside Seller Financing Buyer must give this to the Seller. Separate sheet per buyer. Assets, Debts, etc Credit Report will cover any holes left out by buyer