What is the offer reference date on the Utah REPC and where does it appear?
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by TorinWilding, Nov. 2016 Subjects: REPC, Utah real estate, Real Estate Purchase Contract
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What is the offer reference date and where does it appear in the REPC? The offer reference date is the date the buyer writes the offer. It first appears just below the Offer to Purchase and Earnest Money Deposit and then, assuming the buyer signs the REPC on the same date, it will appear again following the buyer's signature. How will a client know that the REPC is a legally binding contract? An agent should always cover the first words of the REPC with each client to make sure they understand this is a legally binding contract and that if they have any questions, they should ask their agent, the agent's broker, or their attorney or tax adviser. If the buyer and seller want to use a different contract other than the REPC, Can they do so? Buyers and sellers may use any contract they wish; however, when a Utah licensee will be writing the contract, they must use the REPC, as it is the only form a licensee is authorized to fill out. How should an agent advise their client regarding how to take title? An agent should never advise a client regarding how they should date title. An agent should always refer the client to the title company and/or the clients attorney, sot eh client can get legal advice as to the best way for them to take title given the client's own situation. Buyer's due diligence The period of time in which the buyer may review and approve/disapprove of the seller's property condition disclosure and any other test, evaluations and verifications the buyer felt it was appropriate to conduct and/or review. If the agent checks the "may" option in the mediation paragraph in the REPC, what happens in the event of a dispute? buyer and seller have the option to attempt to mediate their dispute or go right to the court system in an attempt to resolve the dispute Who can sign the REPC? only the buyers, sellers, or those with authority to sign in behalf of the buyers or sellers If the seller defaults on the terms of a REPC, the seller has already agreed to do what, and the buyer must accept it? give back the earnest money and also pay the buyer an additional amount equal to the amount of the buyer's earnest money What should appear in the section regarding water rights (1.4) on page 1 of the REPC if the seller wants to sell their existing water shares to their neighbor rather than include them with the sale of their property to the buyer named on the REPC? the water shares should be specifically named in 1.4 and excluded from this sale of the seller's real property to the buyer If the buyer cancels the REPC after the due diligence deadline, what happens to the earnest money deposit? the buyer is now in default, so it can be retained by the seller as liquidated damages What is covered in Section 1 of the REPC? Property location, standard included items, additional included items, excluded items, Water service/rights. What is the purpose of Section 5 in REPC?The purpose of Section 5 in the REPC is to: Reiterate relationship already established.
How are members of the Utah Real Estate Commission selected?The commission shall be comprised of five members appointed by the governor and approved by the Senate in accordance with Title 63G, Chapter 24, Part 2, Vacancies. hold an active principal broker, associate broker, or sales agent license. One commission member shall be a member of the general public.
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