Replace Initials Field in the Real Estate Purchase Contract and eSign it in minutes

Aug 6th, 2022
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How to Replace Initials Field in the Real Estate Purchase Contract

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Speaker 1: Very nice. Okay. Lets move to Taylor B in Hartland, Michigan and Taylor writes, I initialed a change to purchase. I initial, excuse me, let me start this over again. Sure. I initialed a change to a purchase offer that concerns some items in the home that the buyer wanted, but I decided to keep them before I sell. I crossed out the fact that a large chandelier would remain with the home. It wont. I crossed it out with a line through it, and then I initialed it. We have a closing in a week and the chandelier came up during the walkthrough. I told the buyers agents that the chandelier is coming with me now all hell has broken, loose, a little dramatic tailor. The value of the chandelier is about $15,000. Okay. They want the $17,000. They want a $17,000 credit, or they say, theyre going to walk seriously. Can they do that from Taylor and Hartland? Wow. Wow. Speaker 2: Well, first I want to know how they went from 15 to 17, but you know, Im just going to give a hope. I would

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Required Elements of a Real Estate Contract To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
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.
The Offer. Acceptance. Consideration. Mutuality of Obligation. Competency and Capacity. Other Considerations. Types of Contracts. Why Are Contracts Necessary?
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 basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.
Elements of a Contract Offer - One of the parties made a promise to do or refrain from doing some specified action in the future. Consideration - Something of value was promised in exchange for the specified action or nonaction. Acceptance - The offer was accepted unambiguously.
At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.
Essential Elements of a contract: Offer And Acceptance. A Contract always involves two or more parties where one proposes and other accepts. Lawful Consideration. Intention Of Giving Rise To Legal Obligations. Capacity. Free Consent. Lawful Object. Agreements Not Expressly Declared Void. Possibility Of Performance.

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