Description

Topic F  1.5hrs  Course: subject pending approval  Instructor:  Diamond Smith, MD REALTORS via Zoom

1. Review of Contract Elements 30 min

a. Price and Material Terms

b. Offer & Acceptance (Formation)

i. Delivery of Acceptance in Maryland

ii. Counter-Offer

c. Consideration – EMD as consideration, not contract requirement

i. Per Maryland law, who’s responsible for holding EMD?

ii. Who determines who holds EMD?

iii. If broker holds, broker and salesperson requirements

iv. Best practice if the parties agree that the title company will hold the earnest money deposit?

1. Update to Brokers Act

d. Termination

i. Mutual Agreement

ii. Unilateral Termination

2. Specific Contract Terms 30 min

a. First-time Buyers

b. Time is of the Essence

c. Void vs. Voidable

d. Home Inspections/ “As Is” Sales

e. Wood Destroying Insect

f. Fixtures

g. Contingencies

h. New and Updated Forms

3. Contract FAQs 15 min

a. Default

b. Multiple Offers

c. Disclosures

d. Deposit Disputes

e. Home Inspections

4. Questions and Answers 15 min