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Contracts in Real Estate
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A contract is voluntary agreement between legally competent parties which creates an obligation to do or not to do a particular thing, to perform or to refrain from performing some legal act, supported by legal consideration. |
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| Below are types of contracts in Real Estate: | |
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Buyer representation agreements Sales contracts Installment Contracts Escrow agreements |
Tenant and landlord representation agreements Option agreements Leases Listing agreements |
Contract Attributes
Expressed contract - the parties to the contract state their terms either orally or in writing.
Implied contract - the parties intentions are demonstrated through their actions.
Unilateral - one party makes a promise in order to induce another party to act.
Bilateral - an exchange of promises between contracting parties.
Executory - an agreement has been reached but the promises have only partially been performed.
Executed - both parties have fulfilled their promises and thus met expectations of a contract.
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