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10 Cards in this Set
- Front
- Back
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binder |
a short purchase contract used to secure a real estate transaction until a more formal contract can be signed |
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counteroffer |
an offer made in response to an offer |
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default |
failure to perform a legal duty, such as a failure to carry out the terms of a contract |
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earnest money deposit |
money that accompanies an offer to purchase as evidence of good faith |
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equitable title |
the right to demand that title be conveyed upon payment of the purchase price |
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installment contract |
a method of selling and financing property whereby the seller retains title but the buyer takes possession while making the payments |
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lease option |
allow the tenant to buy the property at preset price and terms for a given period of time |
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right of the first refusal |
the right to match or better an offer before the property is sold to someone else |
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time is of the essence |
a phrase that means that the time limits of a contract must be faithfully observed or the contract is voidable |
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