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Answer Upon - The Real Estate Contract
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1) The contract must identify both of the parties involved in the real estate transaction – the buyer(s) and the seller(s). Both parties have to be at least 18 years old and be mentally competent.
2) Both parties must be in mutual agreement about the terms of the contract. This is often called a “meeting of the minds” or “mutual assent.” In other words, the buyer has made an offer, a
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1) The contract must identify both of the parties involved in the real estate transaction – the buyer(s) and the seller(s). Both parties have to be at least 18 years old and be mentally competent.
2) Both parties must be in mutual agreement about the terms of the contract. This is often called a “meeting of the minds” or “mutual assent.” In other words, the buyer has made an offer,
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1) The contract must identify both of the parties involved in the real estate transaction – the buyer(s) and the seller(s). Both parties have to be at least 18 years old and be mentally competent.
2) Both parties must be in mutual agreement about the terms of the contract. This is often called a “meeting of the minds” or “mutual assent.” In other words, the buyer has made an offer,
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2) Both parties must be in mutual agreement about the terms of the contract. This is often called a “meeting of the minds” or “mutual assent.” In other words, the buyer has made an offer,
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3) Contracts have to be in writing to be enforceable. It’s true that a contract can be verbal. But, but if one party decides he wants out of a verbal deal, he can legally walk away with no penalty.
4) The contract must state consideration. Usually the consideration is money (and the amount must be stated). However, you can legally give anything of value. Regardless of what consideration you choose, the contract is not enforceable if it is a free agreement. Occasionally you’ll see in tax records that someone bought land or a house for practically nothing (I think the
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