Final Acceptance -This is where the buyer signs, and where the sellers will

Section 9: The Sales Contract in Delaware Flashcards

MiscellaneousThe miscellaneous section is basically lawyers covering all the bases. It states that the subheads for the provision are merely labels, and it defines some terms such as buyer, seller, broker, contract, and agreement.Camille, a buyer, wants to change the price already agreed to in a sales contract. She should use a(n) ______.Amendment Final Acceptance-This is where the buyer signs, and where the sellers will sign, either as accepting our offer, or below, rejecting our offer. If they reject, they'll likely provide a counteroffer to the price, and/or one or more terms. They'll likely not reject it outright, although it could happen.-Finally, the brokerage firm contact information is included here, and below that we list the deposit received, in what form, and eventually, once we've got acceptance, the effective date of the agreement, on which all deadlines are based.What's in the contract between the parties? -The sales contract, as signed by the parties-Any associated amendments signed by the parties-Any associated addenda signed by the parties According to the Delaware residential sales contract, the buyer can negotiate with the seller for permission to conduct environmental testing as a condition of the sales contract. (T/F) True. Any agreement relating to environmental testing must be in writing and signed by both the buyers and sellers.

Preparing To Sign"Number one: You two, as my clients, shouldn't contact

listing agents directly. Instead, make all arrangements to view and inspect properties through me and my

broker."Number two: In the event you do come in contact

with a seller's agent, immediately inform the seller's agent

that you're represented by a broker."Number three: This

contract is a commitment between you and my brokerage.If you purchase properties covered in this agreement through another real estate licensee or a seller's agent or directly from the seller, you'd still owe us a commission.The assurance of a commission is what allows my brokerage and me to offer you the highest level of service possible." Erik and Jon are buying a house in Dover. They love the rocking chairs on the front porch, and would love to have them remain with the house. What should they do?List the rocking chairs under the Inclusions provision in the sales contract.Which of the following statements about the Lead-Based Paint Disclosure Form is true?a. It must be provided for all commercial properties.b. It must be provided for all

residential properties.c. It must be provided for all residential properties built before 1978.d. It must only be provided when the sellers know they have lead-based paint on the property.

• It must be provided for all residential properties built

before 1978.

Fact or Fiction: The Contract VersionUntil closing, the

buyers' earnest money is placed in a non-interest-bearing account.True INCLUSIONS/ EXCLUSIONSUnless specifically excluded by this Agreement the purchase price shall also include the following, as and if

now installed, stored in, or located on the Property:all

presently existing plumbing, heating, electrical and central air conditioning systems; and all other permanent or attached fixtures including but not limited to, all existing shutters, awnings, wall to wall carpeting, radiator covers, cabinets, shelves, mirrors fixed in place, attic/exhaust fans, lighting and plumbing fixtures, and landscaping.Certain other now existing items which may be considered personal property, whether installed or stored upon the

Property are included, as follows: (If neither column is

checked, item shall be considered excluded. Should the Sellers Disclosure of Real Property Condition Report differ from the below list of included items, the below list shall

supersede):

A Licensee's Role in Preparing the Agreement of SaleIf you assist a consumer in completing an agreement of sale, use caution to ensure you don't act outside the scope of your license. If you give the parties legal advice, or go beyond filling in the blanks and draft addenda using non-standard language, you could be found guilty of unauthorized practice of law. If there's any room for interpretation, courts will usually rule against the party who prepared the contract. All parties should be given the opportunity to review the contract with their attorneys before signing. This is true whether you represent the party as your client or your customer.As a buyer's agent, it's your responsibility to describe the agreement provisions before your clients sign it. You should also consult with your clients as to how the agreement should be formed, the appropriate price (based on comparable sales you've researched), how the earnest money should be structured in amount and type, the options for terms such as closing date, deadline to respond, date of possession, and any contingencies such as financing, inspection, and appraisal.If you don't represent the buyer but are assisting with the paperwork, you shouldn't offer any advice as to how the offer should be structured.Unimproved LandUnimproved land is raw land-land without structures or services, such as sewer, water, and power.Under the terms of the sales contract, any licensed pest control person in Delaware can treat a WDI infestation.

(T/F) False. The wood-destroying insect inspectors