Under the AREA purchase contract, how are adjustments for property taxes and utility costs handled on completion day?
Correct Answer
B) Property taxes and other costs are prorated between buyer and seller as of completion day
Under the AREA purchase contract, property taxes and certain utility costs are prorated between the buyer and seller as of completion day. The seller is responsible for costs up to and including completion day, and the buyer is responsible for costs from the day after completion onward.
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Under REDMA, a buyer signs a pre-sale purchase agreement and, the same day, signs the developer's receipt acknowledging they had the opportunity to read the disclosure statement. What rescission right does the buyer have?
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Under the AREA purchase contract, who is typically responsible for providing the Real Property Report (RPR) with municipal compliance?