Contracts in Real Estate Transactions

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Chapter 6

• Contracts in Real Estate Transactions

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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)

3
Contract Issues

• Oral Contracts
• Specific Performance
• Partial Performance
• Breach of Contract

4
Contract Contingencies

• Specified conditions in a contract that relieve
  the parties of their promises to perform
• Financing contingency
• Title contingency
• Inspection and repair contingency

5
Common Real Estate Contracts

• Real Estate Sales Contract
• Option-to-Buy Contract
• Contract for Deed

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Figure 6.1
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Figure 6.1 (continued)