Under the AREA purchase contract, who is typically responsible for providing the Real Property Report (RPR) with municipal compliance?
Correct Answer
A) The seller typically provides a current RPR with municipal compliance, at the seller's expense
Under the standard AREA residential purchase contract, the seller is typically responsible for providing a current Real Property Report with evidence of municipal compliance (compliance stamp) at the seller's expense. If compliance issues are found, the seller generally must resolve them before completion.
Why This Is the Correct Answer
Under the standard AREA residential purchase contract, the seller is responsible for providing a current RPR with evidence of municipal compliance (compliance stamp) at the seller's expense. If the RPR reveals non-compliance, the seller must generally resolve the issues before completion, such as obtaining development permits or removing encroachments.
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