In Delaware, which party generally controls the choice of settlement company in a residential transaction?
Why RESPA gives either party the right to choose; the party paying typically selects, and sellers cannot require buyers to use a specific company Is Correct
Answer B: RESPA gives either party the right to choose; the party paying typically selects, and sellers cannot require buyers to use a specific company
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
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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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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