Q&A Hero

Question


a. "as is" k. letter of intent
b. bill of sale l. loan commitment
c. binder m. optionee
d. closing date n. option fee
e. delayed exchange o. prorating
f. dry rot p. purchase contract
g. earnest money deposit q. qualified intermediary
h. equitable title r. right of first refusal
i. installment contract s. "time is of the essence"
j. lease-option t. vendee
1> a written and signed agreement specifying the terms at which a buyer will purchase and an owner will sell
2> a short-form purchase contract to hold a real estate transaction together until a more formal contract can be prepared an designed
3> money that accompanies an offer to purchase as evidence of good faith
4> property offered for sale in its present condition with no guarantee or warrant of quality provided by the seller
5> rotted wood; usually the result of alternate soaking and drying over a long period of time
6> the day on which the buyer pays his money and the seller delivers title
7> written evidence of the sale of personal property
8> a phrase meaning that all parties to a contract are expected to perform on time as a condition of the contract
9> also known as a conditional sales contract, land contract, contract for deed, or agreement of sale
10> the buyer under a contract for deed
11> the right to demand that the title be conveyed upon payment of the purchase price
12> allows the tenant to buy the property at a preset price for a given period of time
13> the right to match or better an offer before the property is sold to someone else
14> expresses a mutual intention to buy, sell, lease, develop, or invest without creating any firm obligation
15> the party receiving an option
16> an agreement by a lender to make a loan
17> money paid for the privilege of having an option
18> a non-simultaneous real estate trade
19> a third-party escrow agent used in tax-deferred exchanges
20> the process of dividing ongoing expenses and income items

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