Although many sellers may deposit serious money into their own account, or some other way to hold the cheque, it is highly recommended that the parties agree to a trust agent to deposit the money and keep it. The most likely candidate would be the title company on which both parties can agree on the conduct of the accounts. Section 8 of the Utah REPC contains a condition for exempting the buyer from the obligation to purchase the property in the scenario in which the information disclosed by the seller is not acceptable to the buyer. Many buyers who are not serious about buying a particular home will make an offer for a home, hire the seller`s agent, and then use that part of the REPC to withdraw from the store. Under this section, the potential buyer will also be allowed to be refunded from the serious money deposit used to induce acceptance of the offer. As with most other legal agreements, the most recent version of an ongoing contract is usually the one in place. 6.1 allows the buyer to recognize that the purchase of the property is subject to existing real estate or rental contracts. This section does not change these conditions. In less frequent scenarios, an agent may represent both the buyer and the seller as a limited agent. Because of the conflict of interest in this situation, the use of a single agent or broker by a seller and buyer requires the signing of a restricted Agency approval agreement, which is a formal recognition of the situation. Since agents in the same brokerage often share information and for other reasons that may tend to compromise their fiduciary commitment to their respective clients, a limited agent contract is generally discouraged. The time for a seller to take into account a buyer`s actual needs in order to obtain a genuine inspection for real purposes is to negotiate the sales contract, where a seller can know if there is a buyer`s actual needs to obtain such an inspection, instead of getting a possible abusive tactic from a buyer who can request additional items later. A very short period of time can be negotiated carefully, or the terms can be agreed in an endorsement, which are very strict to put an end to this type of buyer abuse.
This is an area in which competent advisors, who have commitments on the problems of this regulatory due diligence, can be of great help. A seller may rightly want to obtain financial information about a buyer before authorizing the seller`s financing. Here you will find a form approved by the State of Utah and normally used for the buyer`s financial information. The seller`s role in this due diligence process is to provide accurate information about the property sold. It is usually a matter of filling out the seller`s property disclosure form, available on the Utah State website.