days buyer terminate contract paragraph family residential contract quizlet

How many days does the buyer have to terminate the contract under paragraph 23 of the one to four family residential contract quizlet?

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Provides that in case of a casualty loss, such as fire, flood, hurricane, etc..., the seller is to restore the property to its previous condition as soon as possible. Should the seller be unable to complete such repairs without fault within the time limit, the buyer has the option of terminating the contract, extending the closing, or accepting the property in the damaged condition with an assignment of insurance proceeds and receive a credit from the Seller for the deductible, if any, and is permitted by the Seller's insurance carrier.

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What is the purpose of paragraph 23 of the one to four family residential contract?

Under Paragraph 23, Termination Option, buyers may pay a fee for the option to terminate the contract within a negotiated number of days. The option fee must be paid to the sellers—not to the title company—within three days after the effective date.

What is the purpose of paragraph 24 of the one to four family residential contract?

Buyer wishes to purchase a 10-day option to terminate the contract. How long does the buyer have to pay the option fee? What is the purpose of paragraph 24 of the One to Four Family Residential Contract? The parties may add contact information of their attorneys.

What is the purpose of the one to four family residential contract?

It is used for the resale of residential properties that are either a single family home, a duplex, a tri-plex or a four-plex. It is not for use for condominium transactions, new homes being sold by a builder, or farm and ranch properties.

What is the difference between a void contract and a voidable contract quizlet?

A void contract is an agreement that does not meet the tests for validity, and therefore is no contract at all. A voidable contract is one which initially appears to be valid, but is subject to cancellation by a party to the contract who is believed to have acted under some kind of disability. `

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