Sale of Land Contracts
Read the short text about sale of land contracts, then select the correct option from the list to complete (1) ….. to (10) ….. .
The sale of land is governed by the laws and practices of the jurisdiction in which the land is ___1___. It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing.
It is the responsibility of the ___2___ of real property to ensure that he or she obtains a ___3___ —ie., that the ___4___ is the owner, has the right to sell the property, and there is no factor which would ___5___. Some jurisdictions have legislated some protections for the buyer, besides the ability for the buyer ___6___ relating to the property in the land registries.
The sale of land contract is designed to ensure that the buyer___7___ title to the land together with all the ___8___, and is notified of any ___9___in advance of purchase. Thus, a well-drafted agreement will include provisions about the purchase price and its payment; the ___10___ (checking the condition of the property) and taking possession of the real property; collateral commitments; and the registration of the change of ownership.
Now, press the START button to select the correct option from the list to complete (1) ….. to (10) ….. .
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