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Chapter 10

Sales Contracts and Practices

QuestionAnswer
acceptance occurs when the offeree signs the offer without making any changes to it, thereby evidencing his acceptance and willingness to be bound by and perform all terms of the offer.
backup offer an offer submitted to the property owner with knowledge that the owner is already under contract; a secondary offer.
Contingency A provision in a contract that requires a certain act to be done or a certain event to occur before the contract becomes binding; a condition of the contract.
due diligence period The time a buyer has to have property inspected, title examined, and review any leases to determine if the property meets his or her needs.
installment land contract also known as a "contract for deed", it is seller financing whereby the purchase price is paid in periodic installments by purchaser. The seller retains legal ownership, while the buyer secures possession of and an equitable interest in the property.
mailbox rule A rule of law stating that once written acceptance is placed in control of the mailing service, it is considered accepted--not when the acceptance is actually received by the offeror.
option to purchase an agreement b/w property owner and possible buyer, secured by the payment of an option fee, to buy or not to buy property within a specific time period at negotiated terms.
right of first refusal created when a property owner promises to give the contracting party the first chance to buy the property or to match the bona fide offer of a third party, should the owner decide to sell.
Uniform Electronic Transactions Act (UETA) NC version of the federal E-sign legislations that allows contracts to be created by electronic means such as e-mails and faxes; the electronic signature is binding.
Created by: whitwill
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