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F - Chapter 11
Real Estate Purchase Contract
| Question | Answer |
|---|---|
| closing | the final state of a real estate purchase transaction, when the deed and the purchase money are exchanged (page 247) |
| contingency clause | a provision within a contract that makes performance under the contract conditional on the occurrence of a stated event (page 242) |
| earnest money | a cash deposit evidencing a good-faith intention to complete a transaction (page 246) |
| home warranty plan | included in a contract to provide protection for a home buyer, for a fee, to provide repair for major systems and appliances for a period of time, normally one year (page 246) |
| memorandum | a writing that contains essential terms in satisfaction of the statute of frauds (page 226) |
| parol evidence | oral or other evidence extraneous to a written contract (page 229) |
| real estate purchase contract | an agreement whereby a seller promises to sell an interest in realty by conveying a deed to the designated estate for which a buyer promises to pay a specified purchase price (page 225) |
| statute of frauds | a statute that necessitates that certain contracts, to be enforceable, be supported by a written memorandum and signed by the party against whom enforcement is sought (page 225) |
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