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© OnCourse Learning Chapter 8 : Real Estate Sales Contracts
to allow time to ascertain that the parties can each perform the terms of the agreement which are written and signed promises to perform. THE PURPOSE SALES CONTRACT © OnCourse Learning
Shows buyer’s “good faith” No law governs the amount Earnest money is not consideration Not required for valid contract EARNEST MONEY DEPOSIT © OnCourse Learning
Provision for buyer’s earnest money deposit Buyer’s offer to purchase Acceptance of the offer by seller Provisions for payment of broker fees Instructions to closing agent Possession PURCHASE CONTRACTS © OnCourse Learning
Closing Agent Prorating Inspections Loan Conditions Property damage Buyer default Time limits © OnCourse Learning CONTRACT TERMS
This is a legal term which means the time limits set by the contract must be faithfully observed or the contract is voidable by the non-defaulting party. Due to the legal nature of this term, it should not be used by the real estate agent! “TIME IS OF THE ESSENCE” © OnCourse Learning
Signatures Acceptance Notification Federal Clauses Preprinted Clauses Riders Negotiation © OnCourse Learning ADDITIONAL CONTRACT TERMS
LEAD-BASED PAINT IN HOUSING Approximately three-quarters of the nation's housing built before 1978 contains some lead- based paint. Federal law requires that before a buyer or tenant becomes obligated under a contract for sale or lease the seller or landlord must disclose the possibility of lead-based paint and lead-based paint hazards and provide available reports along with the pamphlet “Protect Your Family From Lead in Your Home.” © OnCourse Learning
A short purchase contract used to secure a real estate transaction until a more formal contract can be signed. © OnCourse Learning BINDER
Used to express the mutual intention to buy, sell, lease, develop, or invest Outlines agreement of terms No obligation is created LETTER OF INTENT © OnCourse Learning
If the preprinted form requires extensive cross-outs, changes, and riders, the contract should be drafted by a lawyer. A real estate license is not a license to practice law. © OnCourse Learning PRACTICING LAW
Installment Contracts Option Contracts Lease with Option to Buy Right of First Refusal Exchange Agreements OTHER TYPES OF CONTRACTS © OnCourse Learning
Deed and Installment Contract Compared DeedInstallment Contract BuyerSeller Deed BuyerSeller BuyerSeller BuyerSeller BuyerSeller Deed © OnCourse Learning
Possible Trading Combinations © OnCourse Learning
The job of the real estate agent is to determine the business details of the transaction and not to practice law! A real estate license is not a license to practice law. © OnCourse Learning
Binder Default Earnest money deposit Equitable title Installment contract Lease-option Qualified intermediary Right of first refusal Tax-deferred exchange “Time is of the essence” Key Terms © OnCourse Learning
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Thomson/South-Western©2008 Chapter 8 Real Estate Sales Contracts _______________________________________.
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