UTAH REAL ESTATE PURCHASE CONTRACT REPC Flashcards

UTAH REAL ESTATE PURCHASE CONTRACT (REPC) Flashcards #2.1Payment of Purchase Price #7(C)A Commitment for Title Insurance as referenced in Section 6.1; #8.2Appraisal Condition #12.5Short-Term Rental Bookings #2.1(B)Additional Earnest Money Deposit #24(D)Settlement Deadline #7(A)A written Seller property condition disclosure for the property, completed, signed, and dated by Seller as provided in Section 10.3; #10.1Home Warranty Plan #16.2Seller Default #7(L)Other (specify) #4.3(D)Utility Services #6.1Title to Property #12.4Long-Term Lease or Rental Agreements #8.3(i)Buyer's Right to Cancel Before the Financing & Appraisal Deadline #4.3(B)Rental Deposits/Prepaid Rents

#17ATTORNEY FEES AND COSTS/GOVERNING LAW

#24CONTRACT DEADLINES

#8.3(A)No Financing Required #3.1Settlement

#8BUYER'S CONDITION OF PURCHASE

#21TIME IS OF ESSENCE

#6.2Title Insurance #8.1(C)Failure to Cancel or Resolve Objections #6.1(A)Long-Term Lease or Rental Agreements #2.1(D)Seller Financing #3.2Closing #8.2(A)Buyer's Right to Cancel #7(H)A copy of any existing property management agreements affecting the Property; #24(A)Seller Disclosure Deadline

#15MEDIATION

#4.3(A)Escrow Fees #20.2Risk of Loss #3.3Possession #24(C)Financing & Appraisal Deadline #8.4Additional Earnest Money Deposit

#8.3(iii)Earnest Money Deposit(s) Released to Seller

#10HOME WARRANTY PLAN/AS-IS CONDITION OF

PROPERTY

#20.1Insurance Coverage

#7SELLER DISCLOSURES

#8.1(A)Due Diligence Items

#3SETTLEMENT AND CLOSING

#23ACCEPTANCE

#1.3Excluded Items

#1PROPERTY

#2PURCHASE PRICE

#24(B)Due Diligence Deadline #8.2(B)Failure to Cancel

#5CONFIRMATION OF AGENCY DISCLOSURE

#7(F)A copy of any long-term tenant lease or rental agreements affecting the Property not expiring prior to Closing; #7(B)A Lead-Based Paint Disclosure & Acknowledge for the Property, completed, signed and dated by Seller (only if the property was built prior to 1978) #7(J)Written notice of any claims and/or conditions known to Seller relating to environment problems and building or zoning code violations; #2.1(C)New Loan #16.1Buyer Default

#18NOTICES

#4.2Special Assessments

#9ADDENDA

#8.1(B)Buyer's Right to Cancel or Resolve Objections #12.2Financial Encumbrances/Changes to Legal Title #1.2Other Included Items #8.3Financing Condition (Check Applicable Box) #20INSURANCE & RISK OF LOSS

#4PRORATIONS/ASSESSMENTS/OTHER PAYMENT

OBLIGATIONS

#6.1(B)Short-Term Rental Bookings #8.3(B)Financing Required #1.1Included Items #7(D)A copy of any restrictive covenants (CC&R's), rules and regulations affecting the Property; #1.4Water Service #10.3Condition of Property/Seller Acknowledgements

#14COMPLETE CONTRACT

#7(E)A copy of recent minutes, budget and financial statement for the homeowners' association, if any;

#16DEFAULT

#10.2Condition of Property/Buyer Acknowledgements

#12CHANGES DURING TRANSACTION

#2.1(A)Earnest Money Deposit #7(K)In general, the sale or other disposition of a U.S. real property interest by a foreign person is subject to income tax withholding under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). A "foreign person" includes a non-resident alien individual, foreign corporation, partnership, trust or estate. If FIRPTA applies to Seller, Seller is advised that Buyer or other qualified substitute may be legally required to withhold this tax at Closing. In order to avoid closing delays, if Seller is a foreign person under FIRPTA, Seller shall advise Buyer in writing; and #6TITLE & TITLE INSURANCE #4.1Proration's

#25OFFER AND TIME FOR ACCEPTANCE

#19NO ASSIGNMENT

#12.1Alterations/Improvements to the Property #4.3Fees/Costs/Payment Obligations

#13AUTHORITY OF SIGNERS

#8.1Due Diligence Condition #7(I)Evidence of any water rights and/or water shares referenced in Section 1.4;

#11FINAL PRE-SETTLEMENT WALK-THROUGH

INSPECTION

#2.2Sale of Buyer's Property #2.1(E)Balance of Purchase Price in Cash at Settlement #4.3(C)HOA/Other Entity Fees Due Upon Change of Ownership

#22ELECTRONIC TRANSMISSION AND COUNTERPARTS

#8.3(ii)Buyer's Right to Cancel After the Financing & Appraisal Deadline #12.3Property Management Agreements #4.3(E)Sales Proceeds Withholding #7(G)A copy of any short-term rental bookings schedule (as of the Seller Disclosure Deadline) for guest use of the Property after closing;