Contracts
A Wisconsin buyer who requests a credit at closing for inspection-identified defects in lieu of repairs receives:
AA reduction in the purchase price
BA dollar amount credited on the closing statement, reducing the buyer's cash due at closing✓ Correct
CA reduction in the commission only
DA warranty from the seller covering all future repairs
Explanation
A seller credit at closing gives the buyer a dollar amount that reduces their cash due at closing, which the buyer may then use to make repairs after closing.
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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.
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.
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.
Math Concepts
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