Min. Requirements Of a Real Estate Contract Flashcards
1
Q
What are the minimum requirements for a purchase contract?
A
- name of seller & buyer
- legality of object
- in writing
- competent parties
- an adequate description(address/tax map key)
- the consideration (purchase price)
- signature of party in charge (best to get sig. Of all tenancies/spouse involved
- mutual agreement
Neither earnest money nor acknowledgement of acceptance is required