Real estate contract is one of the widely used tools in real estate business. Eventhough you are a beginner, you should know the nuts and bolts of how a real estate contract works. Contracts are usually drafted like an offer which will be signed by the buyer. Once a mutual assent arises, the contract becomes applicable.
To make a real estate contract valid, the following requirements are needed:
Mutual Assent - There must be a mutual agreement between the buyer and seller.
In Writing - The contract for purchase and sale of real e
state must be written to be enforceable.
state must be written to be enforceable.
Identify the Parties - The contract must exactly identify the parties.
Identify the Property - The contract must exactly identify the property as well.
Purchase Price - The contract must exactly state the purchase price of the property.
Consideration - A contract must have consideration which is the interest that induces a promise.
Signatures - Contracts must be signed to be enforceable.
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