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Real Estate Purchase Contracts: Default Scenarios Quiz
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Real Estate Purchase Contracts: Default Scenarios Quiz

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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?

  • Seller (correct)
  • Auctioneer
  • Attorney
  • Purchaser

    • 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?

  • Seller
  • Attorney
  • Purchaser (correct)
  • Auctioneer

    • How should the sale of the land be advertised in case of default?

    <p>Once a week for Three (3) successive weeks</p> Signup and view all the answers

    What is the commission percentage retained by the Seller from the sale proceeds?

    <p>5%</p> Signup and view all the answers

    What is the order of priority for payments from the sale proceeds?

    <p>First - court costs, Second - principal of the contract, Third - liens, Last - vendor</p> Signup and view all the answers

    When is the remaining balance of the contract immediately due and payable upon sale?

    <p>Before maturity of the contract</p> Signup and view all the answers

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