Chapter 11 Slide 1 Copyright – David A. McGowan All rights reserved. Revised 7-30-08 Chapter 11 REAL ESTATE CONTRACTS (Page 195) Voluntary Agreement Made.

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Presentation transcript:

Chapter 11 Slide 1 Copyright – David A. McGowan All rights reserved. Revised Chapter 11 REAL ESTATE CONTRACTS (Page 195) Voluntary Agreement Made by legally competent parties Supported by consideration To perform a legal act

Chapter 11 Slide 2 Copyright – David A. McGowan All rights reserved. Revised CONTRACTUAL TERMS (Page 195) Express contract – specifically stated Implied contract – created by actions Bilateral – promise for a promise Unilateral – promise for an action

Chapter 11 Slide 3 Copyright – David A. McGowan All rights reserved. Revised CONTRACTUAL TERMS (Page 196) Seller Buyer Executory Contract Closing Executed Equitable Title Future Rights to the Title (Page 215)

Chapter 11 Slide 4 Copyright – David A. McGowan All rights reserved. Revised CONTRACTUAL TERMS Earnest Money (Page 205) Liquidated Damages (Page 215) Contingencies (Page 215) Amendments (change) Addendums (addition) (Page 216)

Chapter 11 Slide 5 Copyright – David A. McGowan All rights reserved. Revised CONTRACTUAL TERMS (Page 199) Valid – has all the legal elements Void – lacks one or more of the legal elements Unenforceable – has the legal essentials enforceable only between the parties Voidable – has all the legal elements; may be rescinded by the injured party

Chapter 11 Slide 6 Copyright – David A. McGowan All rights reserved. Revised Offer & Acceptance (Mutual Assent or Mutual Consent) (Page 196) Seller is asking $450,000 Buyer Offeror Seller Offeree $420,000 Seller options AcceptRejectCounter John Smith ESSENTIAL ELEMENTS Buyer

Chapter 11 Slide 7 Copyright – David A. McGowan All rights reserved. Revised Offer & Acceptance (Mutual Assent or Mutual Consent) Buyer Offeror Seller Offeree Buyer offers $420,000 Buyer options AcceptRejectCounter Harold Doe John Smith HD $435,000OfferorOfferee JS ESSENTIAL ELEMENTS BuyerSeller

Chapter 11 Slide 8 Copyright – David A. McGowan All rights reserved. Revised ESSENTIAL ELEMENTS Consideration Valuable Good (Page 197) Lawful Intent – legal purpose

Chapter 11 Slide 9 Copyright – David A. McGowan All rights reserved. Revised Competent Parties (Page 198) Ability to make a rational decision ESSENTIAL ELEMENTS

Chapter 11 Slide 10 Copyright – David A. McGowan All rights reserved. Revised DISCHARGE OF CONTRACTS Performance of a Contract (Page 200) Assignment (Page 200) Novation (Page 201)

Chapter 11 Slide 11 Copyright – David A. McGowan All rights reserved. Revised BREACH OF CONTRACT (Page 201) Remedies Rights of the Seller Buyer is in Default Recession Liquidated Damages Additional Damages Specific Performance Rights of the Buyer Seller is in Default Recession Additional Damages Specific Performance

Chapter 11 Slide 12 Copyright – David A. McGowan All rights reserved. Revised DISCHARGE OF CONTRACTS (Page 202) Impossibility of performance Mutual agreement Operation of law Rescission Partial performance Substantial performance

Chapter 11 Slide 13 Copyright – David A. McGowan All rights reserved. Revised QUINLAN TYSON DECISION (Page 203) 1966 Illinois Supreme Court decision Real Estate Licensees are marketing specialists Complete the blanks in pre-printed contractual forms with factual information Licensee can cross off a line but never add a line

Chapter 11 Slide 14 Copyright – David A. McGowan All rights reserved. Revised SPECIALIZED CONTRACTS Option contract (Page 216) Grants the purchaser the right to purchase the property at a given price within a certain period of time Installment contract (Page 217) Seller financing with buyer receiving possession while the seller holds the legal title until the seller is paid off

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