1. 4 Real Estate Transactions
A real estate sale can include:
Listing agreement
Buyer’s representation agreement
Financing instruments
Escrow agreement
Inspections
Title insurance, and more

2. Elements of a valid contract
Parties with legal capacity
Offer made and accepted
Lawful object
Consideration
In writing, if required by
Statute of Frauds

3. Other contract facts Counteroffer rejects original offer
Statute of limitations sets time for enforcement
Contract can be discharged by
Performance
Rescission
Release
Novation
Reformation
Assignment
Breach (but other party may sue for specific performance)

4. Requirements for Valid Deed
Must be in writing and describe the parties and the property Grantor must be legally capable of executing the deed and there must be a granting clause Deed must be signed by grantor and delivered to and accepted by grantee

5. Types of Deeds Grant deed Quitclaim deed Warranty deed
Bargain and sale deed
Trust deed
Reconveyance deed
Sheriff’s deed
Tax deed

6. Recording
Acknowledgment of grantor’s signature entitles document to recording
Recording of document serves as notice to the world of the transfer of title
Recorded deed places grantee in the chain of title to the described property

7. Lease Agreements
Lessor (landlord) is property owner Lessee (tenant) is party acquiring right of use of the property Fair housing laws protect tenant’s rights

8. Lease Agreements Commercial property may be subject to Gross lease
Net lease
Escalator clause
Percentage lease