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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly