Hide Words in the Real Estate Contract

Aug 6th, 2022
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How to Hide Words in the Real Estate Contract

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hello everybody its Zach here from realestelicensewizard.com today Im going to go over 38 real estate vocab terms pertaining to contracts these terms are super important to know and yes they will show up on your real estate exam now after this video if you want to study more real estate exam vocabulary head to our website there we have a completely free set of real estate exam vocabulary flash cards we have over 350 real estate terms all with detailed explanations and descriptions so definitely check that out if thats something that interests you link down below anyways buckle up and do me a favor and hit that like button if youre eager to pass the real estate exam without further Ado lets jump right into it alrighty lets start with valid contract what is a valid contract so the way this is going to work is Im going to give you guys just a couple moments to think about it in your mind come up with what you think the definition is what you need to know what you need to understand

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A contingency clause often states that your offer to buy property is contingent upon X,Y, Z. For example, the contingency clause may state, The buyers obligation to purchase the real property is contingent upon the property appraising for a price at or above the contract purchase price.
Here are the key components of a real estate purchase agreement: The address and description of the property being purchased. The name, address, and contact information of the buyer and seller of the property. The agreed purchase price. The type of sale. The terms of the sale. The closing date and costs.
First, it must include a valid home purchase agreement in writing. Second, the contract must contain an offer from the buyer and an acceptance from the seller. Third, the purpose of the contract must be legal. Finally, it must include an exchange of things that have value, like money for property.
The moral of the story is that it is far better to seek legal assistance before you engage in any negotiation concerning real property, even an informal exchange of text messages. So can text messages form a binding real estate contract? Yes.
They are: (1) obligatory force of obligations arising from contracts; (2) relativity of contracts; (3) consensuality of contracts; (4) autonomy of contracts; and (5) mutuality of contracts. These are the five general principles governing contracts. Below is a short discussion of each principle.
Some of the most common real estate contingencies include appraisal, mortgage, title and home inspection contingencies. Many home buyers also include a sale of prior home contingency, which allows them to withdraw an offer if they are unable to sell their current home within a specified timeframe.
Essential Elements of a Real Estate Contract The identity of the buyer and of the seller. A sufficient description of the real property to be sold. The sale price, or consideration to be paid for the real property by the buyer. The amount of any earnest money deposit to be paid by the buyer.
For a contract to be valid and recognized by the common law, it must include certain elements offer, acceptance, consideration, intention to create legal relations, authority and capacity, and certainty. Without these elements, a contract is not legally binding and may not be enforced by the courts.
To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.

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