One question says if buyer moves in before closing does the owner cancel insurance and buyer get rental insurance or does owner insurance cover if it if it's within 10days and other answers.. it also asks which changes can be made to contract after offer is made? Repairs, earnest money, and I a few other choices.. it also says the buyer can cancel if not given the mineral rights disclosure they can cancel within 7 days.. help please lol
In NC if not given the mineral rights disclosure the buyer gets 3DAYS to cancel. The date to cancel begins starting from the date the buyer was given the disclosure or 3DAYS from the date the buyer was entered into the contact - whichever of the 2 events occurs first will determine when the 3DAYS TO CANCEL begins.
Hi Trevor, im starting your class next month and I’ve been prepping with your videos here. One thing I was curious about is Does the due diligence fee override a contingency clause? For example, buyer states that the purchase is contingent on loan approval, would they lose the due diligence fee they’ve paid to the seller even if they have such clause in place?
The 2T contract (which is the contract calling for a due diligence fee) does not have the possibility of contingencies. It is a contract without contingencies.
TEST QUESTIONS: 1) i've been watching all of ur videos, i remember u said something about brokers are not allowed to draft or edit any of preprinted offer UNLESS the broker is one of the parties? 2) if buyer A has higher offer than buyer B, then agent can have A's permission to disclose B the amount of the A's offer right? not just seller's permission
test question I think I missed (end of pre-license course test, not state administered exam): buyer makes offer, seller communicated acceptance same day, next morning the seller changes the earnest money amount and sends to his agent, seller's agent then sends to buyer. at this point, what is the status of the offer to purchase? - question never stated that the offer was signed by both parties nor did it state that the acceptance was communicated back to buyer that first day, just said communicated. very misleading to me as this could mean communication was on one side - seller side only (he could have just told his agent about the acceptance and agent could have not yet relayed that to the buyers side). ??? 1- does communication of offer acceptance simply mean a text/call/email/letter saying "i accept" to buyer without actually seeing a signature from the seller? if so, the contract is formed and binding even without both parties actually seeing signature? ??? 2- when a test question says "communicated offer" without specifying that the acceptance made it back to the offeror, am i supposed to assume that it was? on that same note, when a question doesn't specify that the offer was signed by both offeror and offeree, am i supposed to assume it was signed since question stated "acceptance communicated" and also stated "sent to ... agents" (if not signed, i would assume either agent would have caught that) ??? 3 - what's the answer to the question? to me, this is a counteroffer terminating the original offer
You're making it harder than it is. "Acceptance" is defined as being signed. When you "communicate acceptance" legally speaking you are informing the other side that you have signed. Thats a contract.
Travis I recently saw you on Love it or List it. Love your home!
Absolutely stunning!
@@vleak76 which episode
One question says if buyer moves in before closing does the owner cancel insurance and buyer get rental insurance or does owner insurance cover if it if it's within 10days and other answers.. it also asks which changes can be made to contract after offer is made? Repairs, earnest money, and I a few other choices.. it also says the buyer can cancel if not given the mineral rights disclosure they can cancel within 7 days.. help please lol
Yes please answer these questions. I’ve had these as well and taken the NC state portion twice and need help. Thanks.
In NC if not given the mineral rights disclosure the buyer gets 3DAYS to cancel. The date to cancel begins starting from the date the buyer was given the disclosure or 3DAYS from the date the buyer was entered into the contact - whichever of the 2 events occurs first will determine when the 3DAYS TO CANCEL begins.
Hi Trevor, im starting your class next month and I’ve been prepping with your videos here. One thing I was curious about is Does the due diligence fee override a contingency clause? For example, buyer states that the purchase is contingent on loan approval, would they lose the due diligence fee they’ve paid to the seller even if they have such clause in place?
The 2T contract (which is the contract calling for a due diligence fee) does not have the possibility of contingencies. It is a contract without contingencies.
@@traviseverette thank you very much for clarifying this.
TEST QUESTIONS: 1) i've been watching all of ur videos, i remember u said something about brokers are not allowed to draft or edit any of preprinted offer UNLESS the broker is one of the parties? 2) if buyer A has higher offer than buyer B, then agent can have A's permission to disclose B the amount of the A's offer right? not just seller's permission
test question I think I missed (end of pre-license course test, not state administered exam): buyer makes offer, seller communicated acceptance same day, next morning the seller changes the earnest money amount and sends to his agent, seller's agent then sends to buyer. at this point, what is the status of the offer to purchase?
- question never stated that the offer was signed by both parties nor did it state that the acceptance was communicated back to buyer that first day, just said communicated. very misleading to me as this could mean communication was on one side - seller side only (he could have just told his agent about the acceptance and agent could have not yet relayed that to the buyers side).
??? 1- does communication of offer acceptance simply mean a text/call/email/letter saying "i accept" to buyer without actually seeing a signature from the seller? if so, the contract is formed and binding even without both parties actually seeing signature?
??? 2- when a test question says "communicated offer" without specifying that the acceptance made it back to the offeror, am i supposed to assume that it was? on that same note, when a question doesn't specify that the offer was signed by both offeror and offeree, am i supposed to assume it was signed since question stated "acceptance communicated" and also stated "sent to ... agents" (if not signed, i would assume either agent would have caught that)
??? 3 - what's the answer to the question? to me, this is a counteroffer terminating the original offer
You're making it harder than it is. "Acceptance" is defined as being signed. When you "communicate acceptance" legally speaking you are informing the other side that you have signed. Thats a contract.
Seth- we cant see your handsome face!!!