chapter 6 l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Chapter 6 PowerPoint Presentation
Download Presentation
Chapter 6

Loading in 2 Seconds...

play fullscreen
1 / 9

Chapter 6 - PowerPoint PPT Presentation


  • 270 Views
  • Uploaded on

Chapter 6. Contracts in Real Estate Transactions. Contracts. An exchange of promises between parties, conditioned on certain events and enforceable by law. Necessary Elements of a Contract Offer and acceptance Consideration Capacity of parties Lawful purpose

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Chapter 6' - Anita


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
chapter 6

Chapter 6

Contracts in Real Estate Transactions

contracts
Contracts
  • An exchange of promises between parties, conditioned on certain events and enforceable by law.
  • Necessary Elements of a Contract
    • Offer and acceptance
    • Consideration
    • Capacity of parties
    • Lawful purpose
    • Writing requirement (Statute of Frauds)
contract issues
Contract Issues
  • Breach of Contract
      • One party does not fulfill contract
  • Specific Performance
      • If seller breach:
          • Sell property
          • Pay buyer fees
      • If buyer breach:
          • Earnest money
contract contingencies
Contract Contingencies
  • Specified conditions in a contract that relieve the parties of their promises to perform
      • financing contingency
      • title contingency
      • inspection and repair contingency
common real estate contracts
Common Real Estate Contracts
  • Real Estate Sales Contract
  • Option-to-Buy Contract
  • Contract for Deed
real estate sales contract
Real Estate Sales Contract
  • Bilateral – buyer & seller
      • See website for Standard Texas Contract
option to buy contract
Option-to-Buy Contract
  • Option fee
  • Property “held” for period
  • Seller must sell at agreed price if buyer decides to purchase
  • Common developer tool
contract for deed
Contract for Deed
  • A.K.A. Installment Sales Contract
  • Stretches payments over time
  • Buyer has possession
  • Seller keeps title until paid in full
  • Recent Texas changes (2001)
      • 60-day cure
      • Buyer’s equity