What is a condition in a real property purchase contract

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Reference no: EM133296552

Question 1:- Lois Lane is the listing broker for Jimmie Olsen's $200,000 home. Lois has found a buyer for the home. The buyer is pre-qualified for the home. What does it mean for a buyer to be pre-qualified for the home?

Question 2:- In a dual agency arrangement, explain the obligations of, and restrictions on, the real estate agent.

Question 3:- On November 1, Archie offered to sell Jughead his home for $500,000 (a pretty nice home). Jughead needed to see if he could arrange for financing to purchase the home. He gave Archie $500 in exchange for Archie's promise not to sell the property before December 15. Jughead was not having much luck finding a bank that would make him a loan so that he could purchase Archie's home, so on December 1, Jughead told Archie that he would not go forward with the purchase of Archie's home. Archie then sold the home to Betty on December 8. Then, lo and behold, Jughead was approached by Bank of Samuels and was informed on December 10 that he would qualify for a loan to allow Jughead to buy Archie's home. On December 12, Jughead called Archie and told him that he was ready to proceed with the purchase of his home. Archie told Jughead that he had already sold the property to Betty. Jughead sued Archie and Betty and he brought a motion for summary judgment. How would a court rule on his motion. Please explain.

Question 4:- Jack Aquaman entered into a contract with Greg Arrow to sell him his home for $200,000. As part of his contractual obligations, Arrow deposited into escrow $40,000 as earnest money. Before the closing date of the contract, Arrow lost his job and decided that he could no longer afford to purchase Aquaman's home. Arrow contacted Aquaman and told him that he was going to back out of the transaction. What is/are Aquaman's remedies

Question 5:- what is an example of a condition precedent in a real property purchase contract.

Reference no: EM133296552

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