New Madrid Seismic Zone earthquake risk is a disclosure consideration because:
Correct Answer
B) Southeastern Missouri is in the most significant seismic zone east of the Rockies, and earthquake history is a material fact for property in the region
The New Madrid Seismic Zone in southeastern Missouri produced some of the largest earthquakes in U.S. history (1811-1812). Properties in the zone may be affected by seismic risk, affecting insurance and value.
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An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
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