RE 310 Principles of Real Estate Contracts for Sale 1 Contracts in Real Estate a Elements of a valid contract Offer and acceptance Consideration Capacity to contract Legal purpose Real estate sales contracts are subject to the statute of frauds meaning that they must be to be enforceable b Real estate sales contracts generally outline the following provisions Names of the buyer and seller Description of the property Fixtures Purchase price and terms of financing Type of interest to be transferred and the type of deed to be conveyed Date and time of closing and possession Agency disclosure Contingencies Seller obligations Escrow arrangements Provisions should the property be destroyed or damaged prior to closing 2 Remedies in case of default Broker s commission Signatures of all parties 2 Other Real Estate Contract Tidbits a Although residential purchase contracts are fairly standard commercial contracts can be much more involved and individualized Binder b Breach of the contract Specific performance Damages 3
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