People also ask
What is the offer reference date on the Utah REPC and where does it appear?
What is the Offer Reference Date on the Utah REPC and where does it appear? (A) It is the date the buyer first drafts the offer and it appears on the first page of the REPC.
Is the Utah REPC a legally binding contract?
This is a legally binding Real Estate Purchase Contract (\u201cREPC\u201d). Utah law requires real estate licensees to use this form. Buyer and Seller, however, may agree to alter or delete its provisions or to use a different form. If you desire legal or tax advice, consult your attorney or tax advisor.
Can seller back out of contract before closing?
Can a seller cancel their agreement by refusing to close? The answer is no. The buyer can sue the seller if this happens.
Can a seller cancel a contract for no reason?
For example, a seller can make the sale contingent upon having a contract to buy another house, so they have a place to move to. Or the seller can get contractual latitude by adding a time frame or deadline for all purchase offers. \u201cGenerally, a seller can't cancel without cause,\u201d Schorr says.
What is the purpose of Section 5 in the REPC?
The purpose of Section 5 in the REPC is to: Reiterate relationship already established.
real estate purchase agreement