What does a 'survival clause' accomplish in an Arizona real estate contract?
Correct Answer
A) Extends certain contract provisions beyond closing
Correct: A survival clause specifies which contract provisions remain enforceable after closing, such as warranties or indemnification clauses. Why not B: Death situations are handled by estate law, not survival clauses. Why not C: Survival clauses don't prevent termination; they extend certain provisions post-closing. Why not D: Real estate purchase contracts are not renewable agreements.
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Related Topics & Key Terms
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Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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A Chandler buyer's contract includes a clause stating 'Seller warrants that all systems and appliances will be in working order at closing.' Three days before closing, the air conditioning system fails. What are the seller's obligations under Arizona law?
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A Tempe seller includes a clause requiring the buyer to assume the existing $200,000 mortgage at 3.5% interest. The buyer qualifies for a new loan at 4.2% but prefers the assumption. During the assumption process, the lender requires a $5,000 assumption fee not mentioned in the contract. Who is responsible for this fee?