A contract that may be legally avoided at the option of one or both of the parties.
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Unenforceable Contract
a contract for the breach of which the law provides no remedy
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default
breach in contract
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Liquidated Damages
Anticipated damages agreed upon prior to contract being signed. (earnest money)
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Punitive Damages
punished by the court
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compensatory damages
economic loss/court
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Suit of Performance
court order to perform
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termination of contract
mother-nature, death of principals, death of broker, mutual agreement, bankruptcy/foreclosure
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rescession
cancle
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time of the essence
bind one party to perform at a time limit
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contingency
something has to happened before purchasing
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amendment
change with mutual agreeemnt
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Addenda/addendum
Additions to terms of the contract
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Net Listing
broker keeps everything above a certain figure
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Open Listing
pay broker who brought the buyer, seller sells \= no commission, multiple brokers
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exclusive agency listing
pay broker (1) that finds buyer; owner sells\= no commsion, prove that you brought the buyer
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exclusive right to sell
broker gets paid no matter who sells it, one firm brough the buyer
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offers can be ... (seller point of view)
accepted, rejected, do nothing, counteroffer
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withdrawal of offer
until time of acceptance by seller
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executory period
have tasks to complete
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executed period
all promises have been fulfilled
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procurring cause
person who brings about a sale
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Sherman Antitrust Act (1890)
price fixing, boycotting
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deed
legal document used to transfer ownership of real property (receipt)
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option contract
unilateral, seller is obligated to sell; buyer has the option to buy
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land contract
agreement under which buyer pays in installments and waits for deed; seller holds title and buyer gets equitable title
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Non-Exclusive Buyer Agency Agreement
A type of buyer agency in which the buyer is free to utilize other buyer agents and is not obligated to just one agent. This is the type of buyer agency that would exist if the agency agreement is not reduced to writing.
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Exclusive buyer agency agreement
buyer must compensate no matter what.
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due dilligence objective
detect problems; money goes to the seller
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earnest money
trust account within 3 days
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cancel contract before due diligence date
seller keeps dd, earnest money goes to the buyer
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cancel contract after due diligence date
seller keeps both dd and earnest money
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settlement
signs documnets
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settlement date
when everything was signed
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bundle of rights
(DEEPC) Disposition Exclusion Enjoyment Possession Control
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deed must be
delivered and accpeted
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metes and bounds
point of beginning, always clockwise
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Recorded plat of subdivision
lot and block
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rectangular survey system
Also called the Public Land Survey, the system was used by the US Land Office Survey to parcel land west of the Appalachian Mountains. The system divides land into a series of rectangular parcels.
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Words of Conveyance
type of deed, how they plan to take title
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recording of deed
gives constructive notice of the ownership of real property