Contracts
Under Utah's REPC, if the seller fails to make required disclosures under the Seller Disclosure Act, the buyer may:
AProceed to closing without any recourse
BHave grounds to cancel the contract or pursue legal remedies for damages✓ Correct
COnly reduce the purchase price after closing
DFile a complaint only with the Division of Real Estate
Explanation
If a seller fails to comply with Utah's Seller Disclosure Act, the buyer may have grounds to cancel the contract or pursue a legal claim for damages caused by the non-disclosure.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
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.
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