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16 Cards in this Set
- Front
- Back
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Uniform Electronic Transaction Act (UETA) |
Contracts can be created by electronic means such as email and faxes; electronic signatures are binding |
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Right of first opportunity to purchase |
right of a party to have opportunity of first purchase or lease real estate for designated price |
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Right of first refusal |
When property owner promises to give contracting party first chance to buy the property or match a 3rd party offer |
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Preemptive right |
provision giving a person the first right to purchase real property |
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Optionor |
property owner |
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optionee |
possible buyer |
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option |
agreement between owner and possible buyer secured by payment of OPTION FEE to buy or NOT to buy in specific time; non-refundable |
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offer |
promise by one party to act or perform in a certain manner if other party agrees to act or perform as requested; intention to create contract |
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offeree |
Buyer; receiving offer |
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offeror |
Seller; person who makes offer |
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Mailbox rule |
once written acceptance is placed in control of mail service, it is ACCEPTED |
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Installment land contract |
Sales contract & financing document for owner financed purchases |
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Due Diligence |
Examination period buyer has to inspect property under contract |
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Contingency |
provision in a contract that requires certain act to be done or a certain event to occur before binding |
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Backup offer |
Offer submitted to property owner with knowledge that other owner is already under contract; secondary offer |
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Acceptance |
expression of intent by offeree to be bound by terms of the offer; in writing + communicated to opposite party to create contract |
