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This is a form that a seller must give a buyer, which details all physical problems and defects that the seller is aware of. This is like the car lemon law, but for houses. It's a big crime for sellers to fail to disclose any problems they're aware of. Note, however, that it's no crime if the seller doesn't report a problem on the form simply because (s)he wasn't aware of it.
Option to purchase real estate form: buyer pays a fee for the right to purchase real estate at a predetermined price within the specified time period. The owner does not relinquish any ownership rights or transfer any obligations upon signing of the Option To Purchase Agreement. If buyer does not exercise the option within the specified time, the fee is forfeit and the option is null and void unless the parties agree, in writing, to an extension.
A contract between a real estate broker (or his/her agent representatives, acting in the broker's name) and a seller or sellers of real property to give the broker the right to offer the property for sale.
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