Test ?
Essential element of a real estate contract? (3)
Offer, Acceptance, Legal Purpose
Both parties agree to the terms voluntarily
What is Mutual Consent
To hold funds or documents until conditions are met
What is Escrow
A pre-determined amount paid for breach of contract
What is Liquidated Damages
A less severe violation that doesn't fundamentally undermine the contract's purpose.
What is Minor Breach
The legal ability of parties to enter into a contract
What is Capacity
The buyer must sell their current home first
What is Contingency
The seller refuses to hand over the deed
What is Material Breach
The buyer's careful inspection and evaluation of a property
What is Due Diligence
A change made to an existing contract, agreed upon by all parties.
What is Amendment
Something of value exchanged between parties
What is Consideration
A gesture of good faith from the buyer
What is Earnest Money
An addition or change to the original contract
What is Addendum
It marks the completion of a real estate transaction
What is the Closing Date
The day when the sale is finalized, and the property's ownership is transferred.
What is Closing Date
A failure to fulfill any term of a contract
What is Breach of Contract
A court order to complete the sale as agreed
What is Specific Performance
Timely performance is a critical requirement
What is Time is of the Essence
The cancellation of a contract
What is Recission
The act of transferring ownership of real property from one party to another.
What is Conveyance
To require certain contracts to be in writing
What is the Statue Of Frauds
It is a legal document showing ownership
What is Title
A document that TRANSFERS ownership
What is Deed
A breach that occurs before the performance is due
What is Anticipatory Breach
A legally binding agreement between parties for the purchase, sale, or transfer of real property.
What is a Real Estate Contract