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Questions and Answers
Which party has the right to declare the entire unpaid balance of the purchase price due and payable in the event of default?
Which party has the right to declare the entire unpaid balance of the purchase price due and payable in the event of default?
- Seller (correct)
- Auctioneer
- Attorney
- Purchaser
What action can the Seller take if the Purchaser defaults in the payment of any instalment of purchase price?
What action can the Seller take if the Purchaser defaults in the payment of any instalment of purchase price?
- Terminate the contract
- Demand full payment
- Sell the land at public auction
- All of the above (correct)
Who is responsible for paying the attorney's fees in case of default?
Who is responsible for paying the attorney's fees in case of default?
- Seller
- Attorney
- Purchaser (correct)
- Auctioneer
How should the sale of the land be advertised in case of default?
How should the sale of the land be advertised in case of default?
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What is the commission percentage retained by the Seller from the sale proceeds?
What is the commission percentage retained by the Seller from the sale proceeds?
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What is the order of priority for payments from the sale proceeds?
What is the order of priority for payments from the sale proceeds?
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When is the remaining balance of the contract immediately due and payable upon sale?
When is the remaining balance of the contract immediately due and payable upon sale?
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