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An overview of real estate sales contracts, discussing the elements of a valid contract, common provisions, and additional tidbits. Topics include offer and acceptance, consideration, capacity to contract, legal purpose, names of parties, property description, purchase price, type of interest and deed, closing and possession, agency disclosure, contingencies, seller obligations, escrow arrangements, remedies for default, broker's commission, and differences between residential and commercial contracts.
Typology: Exercises
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a) Elements of a valid contract Offer and acceptance
Consideration
Capacity to contract
Legal purpose
Real estate sales contracts are subject to the statute of frauds , meaning that they must be _______________________ to be enforceable.
b) Real estate sales contracts generally outline the following provisions
Names of the buyer and seller
Description of the property
Fixtures
Purchase price and terms of financing
Type of interest to be transferred and the type of deed to be conveyed
Date and time of closing and possession
Agency disclosure
Contingencies
Seller obligations
Escrow arrangements
Provisions should the property be destroyed or damaged prior to closing
