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Chapter 11 Real Estate Contracts

Chapter 11 Real Estate Contracts. The signing of a valid real estate contract is the keystone of a real estate transaction. 11 Contracts. Learning objectives Identify the requirements for a valid contract Describe the various types of contracts used in the real estate business

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Chapter 11 Real Estate Contracts

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  1. Chapter 11Real Estate Contracts The signing of a valid real estate contract is the keystone of a real estate transaction.

  2. 11 Contracts • Learning objectives • Identify the requirements for a valid contract • Describe the various types of contracts used in the real estate business • Explain how contracts may be discharged • Distinguish among bilateral and unilateral, executed and executory, and valid, void, and voidable contracts

  3. 11 Contracts • Contract law • A contract is a • voluntary • agreement or promise between • legally competent parties • supported by legal consideration • to perform (or not perform) a legal act

  4. 11 Contracts • Types of contracts • Express or implied • Bilateral or unilateral • Executed or executory

  5. 11 Contracts • Essential Elements of a valid contract • Offer and acceptance • Consideration • Reality of consent • Legal purpose • Legally competent parties

  6. 11 Contracts • Validity of contracts • Valid: meets all the essential legal elements • Void: lacks some or all of the essential legal elements • Voidable: appears to be valid, but may be rescinded or disaffirmed by one or both parties based on some legal principle • Unenforceable: appears to be valid but neither party can sue the other for performance

  7. 11 Contracts • Discharge of contracts • Performance: “time is of the essence” • Assignment: transfer of existing contractual rights or duties • Novation: substitution of a new contract in place of the original

  8. 11 Contracts • Termination • Breach • Statute of limitations • Partial performance • Substantial performance • Impossibility of performance • Mutual agreement • Operation of law • Rescission and cancellation

  9. 11 Contracts • Contracts used in the real estate business • Listing Agreements (also known as brokerage engagement agreement in Georgia) • Buyer agency agreements • Real estate sales contracts • Options • Land contracts or contracts for deed • Leases • Escrow agreements

  10. 11 Contracts • Contract details • Sales price and terms • Legal description • Condition of tile and form of deed • Tile evidence and title defects • Land contracts or contracts for deed • All terms and conditions between the parties • Contingencies

  11. Sales Contract Issues 11 Contracts • Offer • Counteroffer • Acceptance • Binder • Earnest money deposit • Equitable title • Destruction of the premises • Liquidated damages • Parts of a sales contract • Contingencies • Amendments and addendums • Disclosures

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