Key Takeaways
- Due diligence periods, financing contingencies, and representation survival periods are among the most impactful purchase agreement terms.
- Casualty, condemnation, and MAC provisions allocate risk for events occurring between contract and closing.
- Tenant estoppel requirements verify the seller's representations about lease terms, rents, and deposits.
- Earnest money structures (refundable, hard, phased) reflect the balance between buyer commitment and buyer protection.
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Test Your Knowledge
1.What purchase agreement provisions most affect buyer risk?
2.What is a tenant estoppel requirement?
3.How should earnest money deposits be structured?