Contracts / Purchase And Sale Agreement Flashcards
Assignment
The transfer of rights and interests in property from one person to the other example Assignment of purchase and sale agreement or a mortgage
Acceptance
The agreement of one party to a set of terms offered by a second party
Bilateral contract
A contract where one party agrees to do something in return for the second parties promise to also do something
Bill of sale
A written contract between two parties for the sale of personal property
Competency
The state of having legal contractual capacity
Consent
One agreeing to terms of a contract does so without duress demonstrated by a notary public taking parties acknowledgment that this is their free act and deed
Conservator
An individual appointed by the court to act as a guardian
Consideration
Something given in exchange for something from another. Can be an article or a promise to do something. In real estate is usually money exchange for the property As in A deed or money in exchange for a promise to perform as in a purchase and sale agreement
Counter offer
The one receiving an offer( offeree )responds by offering a new set of terms as a new offer. The original offeree then becomes the new offer
Deed
Written instrument that transfers ownership of real property from one party to another
Disclosure
One of the duties of agency ( also known as duty of notice ) that requires an agent to keep his or her principal informed of any matter that is In principals interest
Equitable title
Interest held by the buyer when a purchase and sale contract has been signed but prior to transfer of a deed when legal title is obtained
Estoppel
Concept where a party cannot exercise rights contrary to a previous representation. Example. A town water bill relied on by a new owner could be challenged by Estopel when a new Higher bill is charged
Executed contract
A contract with all parties have fulfilled all terms
Executory contract
A contract that has not had the terms completed by one or both parties.
Express contract
A contract where the intent of the parties is clearly stated. Maybe verbal or written.
Right of first refusal
Right to have the first chance to purchase or lease a piece of property. May or may not specify additional terms such as price
Implied contract
A contract with the agreement of the parties is demonstrated by There acts conduct and not by their words or written agreements
Lease
An agreement ( written or verbal ) between an owner ( Lessor) and a tenant ( leasee ) to grant the exclusive rights of occupancy to real property for specific period of time
Laches
Doctrine that action was not taken in a reasonable period of time. Similar to statute of limitations where time is specified
Legal title
Interest obtained by the grantee when the deed is signed and delivered ( compared to equitable title )
Legality
Quality of being within law. A contract with an illegal element is void
Listing agreement
An agreement between seller and a broker to act as an agent for the sale of real property. Maybe written or verbal
Mortgage deed
Conditional conveyance of the property to the bank subject to the borrowers rights of redemption. Refers to as the mortgage
