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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 18: Standards For Real Estate Transactions

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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 18: Standards For Real Estate Transactions

January 7, 2016
Tanishia Stokes
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Title Evidence; Restrictions; Easements; Limitations Continued

Part A of Section 18 continues the discussion of title by focusing on the time limits that arise following the Buyer’s receipt of the Title Commitment. The Buyer has 5 days to notify the Seller about any specific defects in the title. If the Seller gives the Buyer the Title Commitment less than 5 days before the Closing date, the Buyer can extend the Closing date by an additional 5 days. The Seller is then given a 30 day period to correct the defects. If Buyer does not give Seller any notification of present defects, he is deemed to have accepted the property as it is. Seller must fix the defects within the Cure Period. The Cure Period is the time frame that the Seller is given to fix the defects. If the Seller does not cure the defects within the Cure Period, the Buyer may exercise one of three options: 1) extend the Cure Period to a time no longer than 120 days, 2) agree to accept the title with the defects, or 3) terminate the contract and receive a refund.

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