Types Of Contracts Flashcards

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0
Q

Option agreement

A

Gives buyer option to buy, seller must sell.

Contract is assignable.

Considered unilateral

If exercised its bilateral

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1
Q

Sellers agreement to sell and buyers agreement to buy

A

Contract of sale

Purchase and sale agreement

Offer to purchase

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2
Q

Lease option

A

Can purchase or renew lease or extend lease, rent may or may not be applied to purchase

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3
Q

Land contract

Contract for deed
(Installment contract)

A

Seller (vendor) finances property and keeps rutile until final payment is made or other condition is met by buyer (vendee)

Typically buyer pays for property taxes and insurance and so on.

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4
Q

Option contract

A

The right to purchase property within a definite time at specified price.

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