An Agreement of Sale is a written contract where the buyer agrees to purchase and the seller agrees to sell real estate under specified terms and conditions.
A contract is a legally binding agreement between two or more competent parties to undertake or refrain from specific actions in exchange for consideration. In real estate, a valid contract typically includes essential elements such as an offer, acceptance, competent parties, consideration, lawful purpose, and documentation.
The mutual agreement and understanding between parties regarding the terms and conditions of a contract, ensuring all involved parties share a common interpretation and consensus.
Offer and acceptance is a fundamental concept in contract law that requires a clear and unequivocal offer by one party and an unambiguous acceptance by the other party, forming a legally binding agreement once acceptance is communicated.
An offeree is the individual or entity that receives an offer or proposal in the context of a contract negotiation. In real estate, this typically refers to the party that receives a purchase or sale offer.
A valid contract in real estate is a legally binding agreement between two or more parties, often associated with property transactions. For a contract to be valid, it must include an offer, acceptance, intention to create legal relations, and consideration.
