Chapter 16 - Contracts for Selling Property Flashcards
Acceptance
Agreeing to the terms of an offer to enter into a contract, thereby creating a binding contract; taking delivery of a deed
Contemporaneous Offers
Offers to purchase or lease on behalf of two or more clients represented by the same designated agent for the same real estate parcel or unit that the designated agent knows, or has known, or has reason to know will be taken under consideration by the owners or owner’s representative at the same time.
Contigency
Provision in a contract or deed that makes the parties’ rights and obligations depend on the occurrence (of nonoccurrence) of a particular event
Counteroffer
A response to an offer to enter into a contract, chaging some of the terms of the original ofer; a rejection of the original offer (not a form of acceptance) and does not create a binding contract unless the new counteroffer is accepted by the original offeror (the counterofferee)
Installment Sales Contract/Land Contract/Contract for Deed
A real estate installment agreement where a buyer makes a payment to a seller in exchange for the right to occupy and use property, but no deed or title transfers until all, or a specified portion of payments have been made
/Purchase
when a seller leases property to someone for a specific term, with the tenant agreeing to buy the property at a set price during or following the least term
Meeting of the Minds
Acceptance of the terms of an offer
Offer
When one proposes a contract to another and that offer is accepted, a binding contract is formed
Proprietary Lease
Exclusive, longer term lease given to a person who lives in a cooperative and owns stock in the cooperative
Purchase Agreement
A contract in which a seller promises to convey title to real property to a buyer in exchange for the purchase prices
