Real Estate

Front 1

caveat exemptor

Back 1

let the buyer beware

Front 2

contract

Back 2

agreement between competent legal parties to do or refrain from some legal act in exchange for consideration

Front 3

Types of contracts

Back 3

express, implied, unilateral, bilateral, executory, executed, valid, void, voidable

Front 4

express contract

Back 4

written or verbal parties agree to terms

Front 5

implied contract

Back 5

inferred from behavior of the parties

Front 6

unilateral contracts

Back 6

only one bound by contract

Front 7

bilateral contracts

Back 7

both parties have agreed to terms of contracts

Front 8

executory contracts

Back 8

signed, not yet performed

Front 9

valid contracts

Back 9

binding and enforcable on all parties to the contract, with all essential elements

Front 10

void contracts

Back 10

no legal force or effect

Front 11

voidable contracts

Back 11

may or may not be legally enforceable. legal requirement not met in negotiation

Front 12

Essential elements of a contract:

Back 12

competent parties, voluntary mutual agreement, lawful objective, consideration, written format

Front 13

competent

Back 13

18 at least; mentally/emotionally syable

Front 14

Ways to discharge contracts

Back 14

agreement of the parties, full performance, impossibility of performance, or operation of law

Front 15

novation

Back 15

substitute a new contract for an old

Front 16

assignment

Back 16

replace a party on a contract

Front 17

Operations of law can discharge a contract when...

Back 17

statute of limitations, bankruptcy, or alteration of contract

Front 18

Contracting remedies against default...

Back 18

specific performace, rescission, compensatory damages, liquidated damamges, reformation, and injunction.

Front 19

specific performance

Back 19

court order stating the contract will be completed as originally agreed

Front 20

rescission

Back 20

to take back, remove, annul, or abrogate. court orders the parties placed back in their original positions as if the contract has never existed.

Front 21

compensatory damages

Back 21

rewarded by court for loss suffered from breach bc not in contract

Front 22

liquidated damages

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in contract an agreed amount of money in case of breach of contract

Front 23

reformation

Back 23

doctrine permitting the court to rewrite a contract which expresses the true intentions of the parties. *clerical era usually

Front 24

Injunction

Back 24

court order stipulating that a party must discontinue a specific act or behavior

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Offer and acceptance

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an accepted offer to purchase

Front 26

counteroffer

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acceptance that varies from the offer

Front 27

earnest money deposit

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shows the sincerity of the buyer, financial capability, and serves as possible liquidated damages to the seller in the event of default by the buyer.

Front 28

contingencies

Back 28

a condition in a contract that gives

Front 29

riders

Back 29

presale and postsale rental agreements supplementing the contracts

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"as is"

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without warranty as to condition and in present condistion subject to reasonable use, wear, and tear between the date of the contract and the closing date.

Front 31

time is of the essence

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closing must take place the day before or same day that is wrotten on the contract

Front 32

The cooperative apartment in _________property

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personal; use a proprietary lease

Front 33

Uniform Commercial COde

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provides for the lender to reatin a security interest in the personal property or chattel until the lender is paid in full.

Front 34

Condominium contracts have a right of refusal

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allows the condiminium association to have the first opp. to purchase.

Front 35

Binder

Back 35

written outline of the scope of the real estate transaction. Agreement to pay

Front 36

Installment Sales contract

Back 36

buyer contracts to obtain legal title to the property by paying the purchase price in installments and deed transfered after paid in full

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forebearance

Back 37

refreaining from taking legal action for payment of a mortgage despite it being due.

Front 38

lease with option to buy

Back 38

owner sells the right to purchase the property to an optionee at a particular price for a specific time. express unilateral. Usually tied to a lease.

Front 39

optionor

Back 39

owner

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right of first refusal

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allows the holder a right to purchase/lease a property if another lessee comes along

Front 41

broker entitled to commission if he produces.....

Back 41

-a ready, willing, able buyer

-buyer whom seller accepts