Real Estate Contract
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| Section 1 of Sales Contract | show 🗑
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| Section II of Sales Contract | show 🗑
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| show | 10. Means of conveyance of the property.
11. Possession clause, giving date buyer may take possession.
12. Closing time and place
13. Prorations adjustment.
14. "Seller's Risk" clause, the seller assumes risk of damage until settlement
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| Section IV of Sales Contract | show 🗑
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| show | 19. Signatures: All purchasers should sign the agreement and, when applicable, their status as joint
tenants in common or tenants by the entireties should be identified.
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| show | Two signatures are necessary to release homestead
rights.
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| clauses specifying provisions and conditions which must be met before an agreement is binding. If the contingencies are not met, the contract will not be valid. An example would be ability to obtain financing. | show 🗑
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| : states that the seller has inspected the property for termite damages and has remedied any damage found. | show 🗑
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| show | download
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| insures that the broker will receive a commission if his client buys the house within a certain time period after the listing agreement has expired. | show 🗑
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| show | Escape Clause:
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| was the first attempt at uniformity in the use of technology in business and commerce | show 🗑
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| show | Uniform Electronic Transactions Act (UETA)
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| show | 2000
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| show | INSTALLMENT SALE, LAND CONTRACT, or CONTRACT FOR DEED:
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| show | "equitable title" to the property. Legal title is received when all his
contractual obligations have been met.
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| show | _A lease is
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| The lessor conveys an interest in the property to the lessee. Like any other contract, a lease must meet certain legal requirements: | show 🗑
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| show | Revocation:"This offer is binding and irrevocable". In this case the offer must run its course.
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| When the deposit given is earnest money, either party may rescind the contract but must pay the sum designated as earnest money to the other party. Earnest money is also known as liquidated damages. | show 🗑
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| : If the deposit given with the contract is not earnets money, then it requires | show 🗑
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| This means that if either party withdraws from the contract, the other party can sue to have the terms of the contract performed. | show 🗑
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| show | personal property is included in the conveyance of the property
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| Actual performance of the contract takes place when? The time and place of the final transfer of property are to be included in ? | show 🗑
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| contract must be performed within the time limit specified. A party who fails to perform on time is liable for breach of contract. | show 🗑
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| show | equitable title.
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| The closing statement shows: | show 🗑
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| show | Debit to Buyer
Credit to Seller
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| show | Credit to Buyer
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| DEBITS & CREDITS Mortgage Payoff | show 🗑
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| DEBITS & CREDITS Interest on assumed mortgage | show 🗑
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| show | Credit to Buyer
Debit to Seller
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| show | Debit to Buyer
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| show | Credit to Buyer
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| show | Credit to Buyer
Debit to Seller
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| show | Credit to Buyer
Debit to Seller
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| show | Debit to Buyer
Credit to Seller
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| DEBITS & CREDITS Tenants Security Deposit | show 🗑
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| show | a
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| show | c
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| A buyer becomes obligated when: a. he signs the purchase agreement b. the seller accepts the purchase agreement c. agent presents him with the accepted contract d. the offer is presented. | show 🗑
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| In the closing statement, new loan proceeds are listed as: a. credit to the buyer b. credit to the seller. c. debit to the buyer d. debit to the seller. | show 🗑
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| show | b
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| show | b
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| A contract signed under duress is: a. void b. voidable c. null d. unenforceable | show 🗑
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| A contract is signed between buyer and seller. The contract would become impossible to perform if: a. the seller dies b. the buyer is under age. c. the buyer does not have the money d. the house burns down. | show 🗑
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| Mr. Jones sold his $200,000 home for $60,000. Mr. Jones’ daughter may rescind the sale under what Louisiana law? a. dation en paiment b. lesion beyond moiety c. redhibition d. lemon law | show 🗑
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| show | d
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| A broker in listing a house, wanted an exclusive right to sell the property for 90 days. The seller wanted to retain the right to sell the property himself. What type of listing would be best? c. exclusive agency d. exclusive right to sell | show 🗑
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Created by:
bvennen
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