Contracts
What is a 'sight unseen' offer in Idaho and what does the buyer risk?
AAn offer made without reading the contract
BAn offer to purchase a property the buyer has not personally inspected; the buyer risks purchasing a property with unknown defects or conditions✓ Correct
CAn offer made through an agent
DAn offer with no price specified
Explanation
A sight unseen offer is made without the buyer physically viewing the property. While legal, the buyer risks accepting a property with conditions they are unaware of.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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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