contract of sale

contracting that A

legal address, tax map identification, legal description from the previous deed

how the premises being sold is identified in the contract of sale

fixture

included with the real property unless explicitly excluded

personal property

excluded from the real property unless specifically included

annexation, adaptation, agreement

test to determine whether an item is a fixture

PP - (A + B + C) = D

how to calculate balance due at closing

assignment of mortgage

transfer of mortgage from one lender to another lender

assumption of mortgage

purchaser assumes the sellers existing mortgage (and it’s lower interest rate)

escrow account / IOLA

account used for lawyers to safehold other peoples money

marketable title

property that is free from defects, liens, or other encumbrances—saving it from risk of future litigation

seller defaults

purchaser can sue money/perfornance

purchaser defaults

seller keeps downpayment as liquidated damages

use of riders

modifies, expands, clarifies original terms in the contract

lead paint disclosure

must be attached to the deed if the home was built before 1978

time is of the essence

time/date is the material term of the contract

on or about

time/date is not a material term of the contract