What is commonly referred to in the 'Default' section of an Offer/Purchase Agreement?

The 'Default' section of an Offer/Purchase Agreement typically outlines the consequences that occur if one party fails to meet the obligations laid out in the agreement. This includes what actions can be taken if either the buyer or seller does not fulfill their commitments, such as non-payment, failure to close, or breach of contract terms. The specific repercussions might involve financial penalties, termination of the contract, or legal actions. This section is crucial because it protects both parties by clearly defining the expectations and potential outcomes of not adhering to the agreed-upon terms.

Choices that focus on dispute resolution, appraised value identification, or property inspection details encompass other aspects of real estate transactions but do not directly relate to the issues that arise specifically when one party defaults on the agreement.