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Real Estate Contracts
The legal agreements that underlie the transfer and financing of real estate, as well as the real estate brokerage business.
What are the most common types of contracts used in real estate?
Listing and representation agreements
Contract Law
Common law and statutory rules that govern the creation, interpretation and enforcements of contracts.
Contract
An agreement between two or more parties who,have pledged to perform or refrain from performing some act.
What are the six elements of a valid contract?
Competent parties
Consideration
Mutual agreement
Lawful objective
In writing and signed by the parties
Contain a legal description
Competent party
Addresses age, literacy, mental capacity, existence, and legal authority
The exchange of promises offered by one party to another
Legal benefit
Provides something to a party that he or she was not previously entitled to
Legal detriment
Something a party will do that her or she what’s not previously obligated to do
Liquidated damages
Funds paid by the defaulting party or the non-defaulting party according to the term of contract
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