Utah law- Financial Responsibility

HOME Forum General Questions Utah law- Financial Responsibility

This topic contains 2 replies, has 2 voices, and was last updated by  Brian Swan 1 year, 8 months ago.

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  • #6859

    Erica Stoddard
    Participant

    On the quiz, the answer to # 11 is B- 4 days. Is the reason it’s 4 not 3 because it didn’t specify the word BUSINESS days and so we should assume it means calendar days?
    Thank you

  • #6860

    Erica Stoddard
    Participant

    Also, the answer to # 10 is A- get their earnest money back and an equal amount as liquidated damages. I know they get their earnest money back but I did not read or hear the teacher talk about liquidated damages…..

  • #6868

    Brian Swan
    Keymaster

    Hi Erica, 

    The 4 day rule is because the REPC specifies 4 calendar days in the very first paragraph. Under the law, earnest money must be deposited in 3 calendar days unless the contract specifies otherwise. We know the REPC so stipulates; thus, it is 4 days in that question.

    Secondly, if you look at Section 16 of the REPC, the earnest money is liquidated damages. In the event of the seller breaching, the buyer gets their earnest money back and an amount equal to the earnest money.

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