Question $13(16$ points$)$

Match each term with its best definition: $($options $1-4)$

Question $13$ options:

Offered at the time of the purchase and sale agreement $($offer to purchase$)$; returned if Buyer terminates the agreement.

Not returned; money that is contributed toward the purchase price if the deal closes and is lost if doesn't.

Cost used to pay for third$-$party due diligence, application fees, etc.

The point in time that the Seller conveys the Property and construction financing starts.

$1.$

Refundable or "soft" earnest money

$2.$

Non$-$refundable or "hard" earnest money

$3.$

Pre$-$development costs

$4.$

Closing