After closing on a property, what responsibilities might the buyer have according to the Licensee Buyout Addendum?

After closing on a property, what responsibilities might the buyer have according to the Licensee Buyout Addendum?

• A. Transfer utilities to their name
• B. Absorb any financial loss or profit
• C. Pay taxes on the property
• D. Complete home inspections

Answer: (B)

The correct answer addresses the buyer's potential financial responsibilities as outlined in the Licensee Buyout Addendum. After closing on a property, if the buyer chooses to go forward with the transaction, they assume ownership and any associated financial implications. This includes absorbing any losses or profits linked to the value of the property, particularly if they decide to sell or take any further financial actions related to it. While options like transferring utilities, paying taxes, and completing home inspections are common responsibilities that buyers generally have when purchasing property, they are not specifically tied to the unique context of the Licensee Buyout Addendum. This addendum primarily focuses on the financial aspects of ownership and the buyer's obligations regarding potential profits or losses after they have closed the deal.

The correct answer addresses the buyer's potential financial responsibilities as outlined in the Licensee Buyout Addendum. After closing on a property, if the buyer chooses to go forward with the transaction, they assume ownership and any associated financial implications. This includes absorbing any losses or profits linked to the value of the property, particularly if they decide to sell or take any further financial actions related to it.

While options like transferring utilities, paying taxes, and completing home inspections are common responsibilities that buyers generally have when purchasing property, they are not specifically tied to the unique context of the Licensee Buyout Addendum. This addendum primarily focuses on the financial aspects of ownership and the buyer's obligations regarding potential profits or losses after they have closed the deal.