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Chapter 6 - PowerPoint PPT Presentation

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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

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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
end chapter 6