In Arizona, personal property included in a real estate sale should be itemized:
Why In writing in the purchase contract to avoid disputes at closing Is Correct
Answer B: In writing in the purchase contract to avoid disputes at closing
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
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Key Terms to Know
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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