A binder is an initial agreement, often coupled with a deposit, that indicates the purchaser's good faith in buying a piece of real estate. It is typically used to show the intent to buy and precedes a formal contract of sale.
An express contract is a written agreement that clearly outlines the elements needed for a valid contract and specifies the terms of the agreement. This differs from an implied contract, which is formed based on the actions and circumstances of the parties involved.
An extender clause is a provision in a listing contract that automatically extends the terms of the contract upon expiration. This element can have significant implications for both the agent and the principal involved in the contract.
Modification refers to a change or alteration made to a clause within a contract agreement to accommodate the preferences or needs of the involved parties. This change must be agreed upon and initialed by all parties to become legally binding.
A Sales Contract is a legally binding agreement between a buyer and seller that outlines the terms and conditions of the sale of property, including the price, closing date, type of deed, and other necessary details to complete the transaction.
