Question

Contracts for sale may contain provisions that require the final completion of the contract to depend on the successful completion of some prior action such as the buyer’s ability to obtain financing on specified terms. These provisions are commonly referred to as a(n)______.
A. contract assignment
B. equitable title
C. contract with contingencies
D. uniform settlement statement

Answer 1

Answer: D

uniform settlement statement

Explanation:

When buyers pick interest or when they assign their rights to someone else, they escape liability under the original contract.

Uniform Settlement Statement that the buyers and sellers should retain with their important records, so that they can both prepare their income tax returns following their real estate closings, as some of the expenses for both parties are actually tax-deductible.