A real estate agent discovers that their buyer client's mortgage pre-approval has expired, but the client insists on submitting an offer with a financing condition anyway. What should the agent do?
Correct Answer
C) Advise the client of the risks and document the advice given
The agent has a duty to provide professional advice about potential risks while respecting the client's right to make their own decisions. Documenting the advice protects both the client and agent, and ensures the client is making an informed decision despite the expired pre-approval.
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A property closes on March 15th with annual property taxes of $3,650 already paid by the seller for the full year. Using the standard adjustment calculation, how much will the buyer owe the seller for property taxes?
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A residential purchase agreement includes a 'time is of the essence' clause. The buyer fails to remove conditions by 11:59 PM on the specified date but attempts to do so at 9:00 AM the following morning. What is the legal status of the agreement?