California Real Estate Practice 4th Edition, by Walt Huber and Arlette Lyons
Matching Vocabulary - Chapter 6
© 2005 Educational Textbook Company

a. California Residential Purchase Agreement and Joint Escrow Instructions
b. Purchase Contract
d. Liquidated Damages
e. CE+3
f.  Final Verification of Condition
g. Contingency Rights
h. Title Insurance Company
i.  Initial Deposit
j.  All Cash Offer
k. Supercede
 

1. ___ the sum of money agreed to in advance and stated in the contract, that will be paid for not fulfilling a clause or condition in the purchase agreement.
2. ___ most commonly used CAR form for the purchase of real estate in California; also called the deposit receipt or purchase contract.
3. ___ formerly referred to as the deposit receipt, this term is now more commonly used for the purchase agreement.
4. ___ means to take precedence, as in the “written or typed words supercede the printed words if there is a contradiction in the purchase offer.”
5. ___ under the closing and occupancy section of the purchase contract, this means the buyer will take possession 3 days after the close of escrow.
6. ___ section authorizing a “final walk-through” for the buyer within a specified number of days before close of escrow to verify condition of property.
7. ___ customarily conducts title searches, prepares preliminary reports, and issues title insurance policies in California.
8. ___ the deposit given to the agent submitting the offer, which must be disposed of within three days after acceptance of the offer, unless otherwise instructed in writing.
9. ___ if certain obligations are not met, the buyer need not perform and is not liable for breach of contract, therefore getting his or her deposit back, less any expenses incurred.
10. ___ a buyer must give written verification of these funds necessary to close within 7 days after acceptance (or the number of days inserted in the contract). If not provided to or approved by the seller, the seller may cancel the agreement.