True or False: If there is an active lease on the property, the seller is required to provide a copy of the lease to the buyer within 7 days after the effective date.

The statement is true because, under certain real estate laws and practices, a seller is indeed required to provide a copy of the existing lease to the buyer when a property is under an active lease agreement. This obligation typically arises from the necessity to ensure transparency in the transaction process, as the buyer needs to be fully aware of any legal obligations tied to the property they are purchasing.

Providing a copy of the lease within a specific timeframe, such as 7 days after the contract's effective date, protects the buyer's interests by informing them of the terms and conditions they will inherit related to the tenant's rights, rent amounts, and duration of the lease. This requirement also helps to clarify any potential issues that may arise from the tenant’s leasehold interest in the property, enabling buyers to make informed decisions about their purchase.

Other choices may suggest variability based on the type of lease, or that the obligation is contingent upon a request, but the standard requirement focuses on ensuring the buyer receives this important information promptly following the execution of the contract. This is a routine part of due diligence in real estate transactions to maintain clear communication and fair practices between parties involved.