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Compound Interest, Future Value, and Present Value including Mortgages
This credential documents the basic knowledge and skills related to using basic and business mathematical equations to solve business problems. Business professional must be able to accurately and efficiently solve business problems related to pricing and discounts, payroll and payroll taxes, simple and compound interest, consumer credit, the future and present value of money, mortgages, annuities, sinking funds, stocks, bonds, mutual funds, depreciation, inventory, insurance, personal and business taxes, and the components of financial statements and ratios. Specifically, this badge demonstrates the earner's ability to solve business mathematical problems related to compound interest, future value, and present value.
Conditions, Contingencies, and Other Qualifications To Agreements of Sale
When drafting a sales agreement for purchase of real estate, especially for a residential sale, it is likely that the parties need to agree on contingencies that must be included in the contract. Contingencies protect the parties in case certain conditions do not occur, such as the buyer being unable to secure financing, or if the property cannot pass an inspection. Without having conditions and contingencies written into the contract, buyers who are unable to secure financing, for example, would have to forfeit any monies they deposited,and they could be sued for reneging on a contract. Contingencies could also relate to zoning, or even specific performance required of a party who makes certain promises related to the real estate deal. Sometimes contingencies are added to a contract as addenda. They must be added to the original contract, and they actually become part of the original contract to be enforceable. Financing contingencies should include the terms potential buyers are willing to accept. If buyers wish to cancel a contract because they were unable to obtain financing, they must prove that they made a good faith effort. Once buyers determine that they cannot qualify for a loan with terms they consider acceptable, the court does not expect them to keep looking. As long as potential buyers have valid reasons for being unable to go forward with a sale, the contract must be allowed to expire. This resource provides instruction for users to: Describe the conditions and contingencies that determine whether a real estate sales agreement is legally valid and enforceable Describe ways in which an addendum can affect the enforceability of a real estate sales agreement Draft the necessary addenda or conditional clauses for a real estate sales agreement for a given scenario Describe the elements commonly addressed as an addendum in a sales agreement Research a real estate issue involving environmental and hazardous conditions