(Real Estate) Contracts

Question 1

Does the real estate contract have to be in writing?

Answer 1

Yes, it needs to comply with the statute of frauds OR ELSE have part performance

Question 2

What are the 3 part performances?

Answer 2

payment, improvements, possession

Question 3

What are the real estate contract terms?

Answer 3

1) price
2) parties
3) description
4) conditions
5) signed by the party to be charged

Question 4

On the day we sign the contract, what title does the buyer get and the seller retain?

Answer 4

buyer: equitable title
seller: legal title

Question 5

What does real estate contract imply?

Answer 5

That seller is giving buyer marketable title

Question 6

Is time of the essence?

Answer 6

No, unless definitively stated in the contract

Question 7

What is the rule of merger?

Answer 7

On the day of closing, the contract merges into the deed. You can no longer sue under the real estate contract

Question 8

What is the seller’s duty to disclose?

Answer 8

Material defects that CANNOT be seen by the buyer