Prescott Valley AZ Arizona Real Estate - Home Sale Offer
March 9th, 2007
Mirror Image Offer
When a buyer makes an offer for the full purchase price of the seller’s Prescott Valley AZ home, and that it meets all of the terms that the seller has stated that will be part of the agreement, this is referred to as being a mirror image offer because of how it mirrors the terms of the listing contract.
If a seller rejects this type of offer, the broker who listed the property is usually entitled to a commission because the buyer was found who fulfilled the terms of the listing agreement with the broker.
Equitable versus Legal Title
When the buyer and seller come to an agreement in the terms of a sales contract and the sales contract is signed, the buyer now has ownership interest in the property that is recognized by law. Although the buyer doesn’t have legal title in the property, he does have something referred to as equitable title which does give him a certain amount of legal rights to the property.
Legal title is passed to the buyer during the end of the escrow process.
The Vendor and Purchaser Risk Act
There is a piece of legislature that states have enacted called the Vendor and Purchaser Risk Act which states that a seller will bear any loss that occurs to the property from the signing of the sales contract until title passes or the buyer takes possession, whichever comes first.
Entry Filed under: Prescott Arizona AZ Real Estate Market
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