Real Estate Contract Terms

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9 Terms

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Listing agreement

A contract between a client and agent to sell real property

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Contract for sale

Legal written agreement between a buyer and seller that states the purchase price and other terms of understanding by which real property will be transferred

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Deposit receipt

Acts as the receipt for earnest money given by the buyer to secure an offer

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Buyer representation agreement

The legal agreement between a buyer & a broker hired to represent the buyer's interest

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Provision

A particular section or clause in a contract, legislation or law

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Forfeiture

Loss of money or anything of value, due to failure to perform

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Option

A privilege sold by one party to another that offers the buyer the right, but not the obligation, to buy at an agreed-upon price during a certain period of time or on a specific date

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Commission

An agent's compensation for performing the duties of the agency; usually a percentage of the selling price of property

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Tender

Offer, formally