Question

Occasionally, items of personal property are included in the sale price of the listing of real property. If these items have been included as a part of the listing contract: Select one:

a. It is not necessary to re-state them in the offer to purchase
b. It is still necessary to re-state them in the offer to purchase
c. It makes no difference whether or not they are re-stated in the offer to purchase.
d. They are included in the offer to purchase only if the buyer is willing to pay an additional amount for them

Answer 1

It is necessary to re-state personal property items in the offer to purchase even if they are included in the listing contract to avoid post-sale disputes. Warranties and service contracts can reassure buyers and clarify the terms of the sale.

Step-by-step explanation:

When personal property items are included in the sale of real property and listed in the listing contract, it is crucial to re-state them in the offer to purchase. This is essential to ensure that there is a clear agreement between the buyer and the seller regarding what items are included in the sale. Failure to re-state these items could lead to disputes or misunderstandings post-sale.

Sellers often use various methods to reassure potential buyers, especially in the presence of imperfect information. One common way is through offering warranties, which serve as promises to fix or replace goods for a certain time period. Additionally, sellers can offer service contracts for an extra fee that cover repairs for items such as cars, appliances, and houses over a stipulated duration.

The ownership of property also comes with the right to enter into contracts with others concerning the use of the property. Ensuring all details are clearly listed in the contract safeguards the transaction for both parties.