PF6: Closing, Possession, and More in TX Contracts

When a closing date is established, when can the closing take place?

• only on the day of

• "on or before"

• when the seller states

• when the buyer states

If the parties can agree on an earlier move-in date for the buyer, what must be completed?

• Seller's Temporary Residential Lease Form

• Amendment to the sales contract

• Statement in the Special Provisions section

• Buyer's Temporary Residential Lease Form

How long can a temporary residential lease term extend ownership?

• up to 90 days

• up to 60 days

• up to 30 days

• up to 100 days

The special provisions section of a sales project should be used for what types of information?

• a situation where a promulgated form exists

• factual statements and business details

• extensive provisions

• random notes

When can a party terminate a contract based on the settlement and expenses?

• Expense amount exceeds stated amount in sales contract

• At any time

• When the other party agrees to pay the excess

• Never

If the seller prepaid various costs on the real property, how would that be prorated in the sales contract at closing?

• Buyer debit

• Buyer credit

• Seller debit

• No one it is already paid

Which is NOT an example of a seller default?

• Failing to move out in the agreed-upon time

• Failing to keep utilities turned on

• Failing to provide completed disclosures

• Failing to complete loan papers within the time frame

Which is NOT an example of a buyer default?

• Failing to bring the full amount of money needed at closing

• Cancelling the sale even after removing all contingencies or without cause

• Failing to provide completed disclosures

• Failing to complete loan papers within the time frame

Which must happen first in the case of dispute on a contract?

• Arbitration

• Litigation

• Mediation

• Nothing

Who is liable for earnest money if it lost?

• Bank

• Buyer

• Seller

• Escrow agent