Podcast
Questions and Answers
What is NOT included in the sale, unless otherwise stated?
What is NOT included in the sale, unless otherwise stated?
Which of the following must be owned to be included in the sale?
Which of the following must be owned to be included in the sale?
What is considered part of the sale regarding heating and cooking fuels?
What is considered part of the sale regarding heating and cooking fuels?
Which of the following is NOT part of the sale's inclusions?
Which of the following is NOT part of the sale's inclusions?
Signup and view all the answers
What action will cause the Buyer to be in default of the Agreement?
What action will cause the Buyer to be in default of the Agreement?
Signup and view all the answers
Within how many days should the Buyer make a completed mortgage application from the Execution Date of the Agreement?
Within how many days should the Buyer make a completed mortgage application from the Execution Date of the Agreement?
Signup and view all the answers
Who is authorized to communicate with the mortgage lender(s) to assist in the mortgage loan process?
Who is authorized to communicate with the mortgage lender(s) to assist in the mortgage loan process?
Signup and view all the answers
What action must the Buyer take if the mortgage lender(s) allow it to lock in interest rates at desired levels?
What action must the Buyer take if the mortgage lender(s) allow it to lock in interest rates at desired levels?
Signup and view all the answers
Who is permitted to contact the mortgage lender(s) at any time to determine the status of the mortgage loan application?
Who is permitted to contact the mortgage lender(s) at any time to determine the status of the mortgage loan application?
Signup and view all the answers
What must Seller provide access to what, as required by mortgage lender(s)?
What must Seller provide access to what, as required by mortgage lender(s)?
Signup and view all the answers
What does the Seller and Buyer certify in relation to the contract?
What does the Seller and Buyer certify in relation to the contract?
Signup and view all the answers
In the mortgage contingency section, which one is true?
In the mortgage contingency section, which one is true?
Signup and view all the answers
What does it mean that the sale is NOT contingent on mortgage financing?
What does it mean that the sale is NOT contingent on mortgage financing?
Signup and view all the answers
When should the Buyer deliver documentation of mortgage approval to the Seller?
When should the Buyer deliver documentation of mortgage approval to the Seller?
Signup and view all the answers
What is the purpose of the Loan-To-Value ratio (LTV) for lenders?
What is the purpose of the Loan-To-Value ratio (LTV) for lenders?
Signup and view all the answers
How does the appraised value of the property influence the mortgage loan?
How does the appraised value of the property influence the mortgage loan?
Signup and view all the answers
How does the appraised valuation influence buyer's obligations in purchasing a property?
How does the appraised valuation influence buyer's obligations in purchasing a property?
Signup and view all the answers
Which entity determines the appraised value of a property?
Which entity determines the appraised value of a property?
Signup and view all the answers
Which legal warning is provided in the text for those dealing with the Department of Housing and Urban Development? (FHA/VA loans)
Which legal warning is provided in the text for those dealing with the Department of Housing and Urban Development? (FHA/VA loans)
Signup and view all the answers
What does Section 1010 of Title 18, U.S.C. specifically warn against?
What does Section 1010 of Title 18, U.S.C. specifically warn against?
Signup and view all the answers
What is emphasized by the HUD Notice 'For Your Protection: Get a Home Inspection'?
What is emphasized by the HUD Notice 'For Your Protection: Get a Home Inspection'?
Signup and view all the answers
Why does the Buyer need to satisfy themselves about the price and condition of the Property?
Why does the Buyer need to satisfy themselves about the price and condition of the Property?
Signup and view all the answers
Buyer is responsible for flood insurance, fire insurance, and hazard insurance costs only if the mortgage lender(s) require it.
Buyer is responsible for flood insurance, fire insurance, and hazard insurance costs only if the mortgage lender(s) require it.
Signup and view all the answers
Seller is obligated to make any required appraisal required repairs to the Property at Seller's own expense, unless agreed upon otherwise.
Seller is obligated to make any required appraisal required repairs to the Property at Seller's own expense, unless agreed upon otherwise.
Signup and view all the answers
If Seller completes the required repairs to the satisfaction of the mortgage lender and/or insurer, Buyer can still terminate the Agreement.
If Seller completes the required repairs to the satisfaction of the mortgage lender and/or insurer, Buyer can still terminate the Agreement.
Signup and view all the answers
Buyer needs to provide Seller with a copy of the repair requirements from the mortgage lender within 3 days of receiving them.
Buyer needs to provide Seller with a copy of the repair requirements from the mortgage lender within 3 days of receiving them.
Signup and view all the answers
Title search and mechanics’ lien insurance (title insurance) costs are covered by Seller according to the terms of the Agreement.
Title search and mechanics’ lien insurance (title insurance) costs are covered by Seller according to the terms of the Agreement.
Signup and view all the answers
In your own words, briefly explain pages 3 and 4 as if you were explaining them to a buyer. (Role Play)
In your own words, briefly explain pages 3 and 4 as if you were explaining them to a buyer. (Role Play)
Signup and view all the answers
