From the course: Real Estate Contracts
Protecting against property tax charges and risk of loss or damage
From the course: Real Estate Contracts
Protecting against property tax charges and risk of loss or damage
- [Instructor] Section 13 deals with adjustments and prorations. Any adjustment that will be made at closing is covered in this section. In many states, these adjustments will include property taxes, water and sewer charges, estimated oil adjustments, and other similar adjustments or costs that will be prorated based on the closing date. Keep in mind that these may vary in your state, so check your local requirements to find out what is customary in your area. Section 15, risk of loss or damage. This section of the contract protects your interest in the event of damage to the property while you have it under contract. It also gives or grants you the option to exercise your right to purchase the property in the event of a fire or other significant damage and receive the insurance proceeds that are paid out for the damage claim.
Contents
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Identifying the parties involved1m 39s
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Identifying real property47s
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Itemizing what is included in the sale price49s
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How you can lay out the purchase price2m 42s
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Learn what happens to the deposit and financing contingency1m 4s
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Solidifying in legal terms, the inspections, and current conditions1m 19s
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When you need a lead-based paint disclosures40s
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Layout the closing and occupancy dates and titles1m 9s
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Seller agrees to a warranty deed to transfer ownership and has a clear title1m 1s
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Protecting against property tax charges and risk of loss or damage54s
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Disclosure for condos and other housing with common areas1m 14s
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Discussion of all other disclosures and equal housing1m 25s
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Listing the terms and conditions of the contract1m 24s
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Listed licenses and provisions for buyers and sellers1m 1s
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Accepting and signing to create a legally binding agreement1m 10s
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