In a licensing seminar in Glendale, a seller breaches after the buyer fully performed and the buyer wants the property rather than just money. Which statement should the broker communicate?
Correct Answer
C) specific performance may be an available remedy in an appropriate Arizona real estate contract dispute
Under Arizona contract remedies; current AAR contract remedy framework, specific performance may be an available remedy in an appropriate Arizona real estate contract dispute.
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Related Topics & Key Terms
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Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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