Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
|
Installment Contract/Contract for Deed/Land Contract |
A. Means of financing a purchase: The buyer gives the seller a nominal down payment and regular periodic payments over a number of years, including interest. B. Legal title to real estate remains in the vendor's (sellers) name during the term of the contract. C. The vendee (purchaser) takes possession when the contract is executed. |
|
|
Other Real Estate Contractual Concepts Amendments |
licensees in many states are required to fill out amendment forms to change the language in either the listing contract or the offer to purchase. |
|
|
|
Adds further terms and conditions to the approved forms, thus incorporating them into the legal document; may or may not require preparation by an attorney. |
|
|
Contingency |
a condition in a contract that requires a certain event or events to happen before the contract is complete. |
|
|
Contingency Clauses have three distinguished features: |
1. Actions needed to satisfy the contingency. 2. Time frame within which actions must be performed. 3. Statement identifying (if necessary) who will be responsible for paying any related costs. |
|
|
Broker's Protection Clause |
States that the property owner will pay the listing broker a commission if, within a specified number of days after the listing expires, the owner transfers the property to someone the broker originally introduced to the owner. |
