A Buyer's Agency Agreement is a contract that establishes the relationship between a potential buyer and a Buyer's Broker, where the broker represents the buyer's interests in real estate transactions.
Closing is the final step in executing a real estate transaction where ownership is officially transferred from the seller to the buyer.
A Conditional Sales Contract is a legal agreement for the sale of property in which the seller retains the title until the buyer fulfills certain predefined conditions, typically the full payment.
Documentary evidence refers to evidence in the form of written or printed papers used in legal and real estate proceedings to support facts and claims.
DRY CLOSING refers to a real estate closing without the actual immediate exchange of property and funds, where parties meet and provide assurances that the transaction will occur according to the previously negotiated sales contract.
Earnest money is a deposit made by a purchaser of real estate to evidence good faith.
To execute a contract means to sign and implement it, formalizing the agreement between involved parties and potentially fully performing the terms of the contract.
Negotiation in real estate refers to the process of bargaining between two or more parties, typically a buyer and seller, aiming to reach a mutually agreeable contract. The successful negotiation results in the formation of a legally binding contract detailing the terms and conditions under which the sale or purchase will proceed.
The 'Offering Price' refers to the amount a prospective buyer offers for a property on the market. This crucial figure determines the start of a negotiation process and can heavily influence the final transaction.
The term 'Purchase Price' refers to the dollar amount agreed upon by the buyer and the seller for the sale of a property. This figure is specifically outlined in the sales contract and does not take into account any adjustments for financing, concessions, or seller-paid closing costs.
A sales agreement, also known as a sales contract, is a legally binding document that outlines the terms and conditions of a transaction between a buyer and a seller.
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.
A clause in a real estate sales contract that allows the buyer to have the property inspected for termite infestation, often requiring the seller to treat the property or providing the buyer with the option to cancel the contract.
A termite inspection is an examination of a structure by qualified personnel to determine the presence of termite infestation. This is often a requirement stipulated in a real estate sales contract to protect the buyer from purchasing a property with termite-related damages.
Conditions and arrangements specified in a contract, determining the obligations, rights, and conditions particular to an agreement between parties involved in a real estate transaction.
The phrase 'Time Is of the Essence' in a contract requires that all time-related provisions must be strictly adhered to, emphasizing that any delays could be a breach of contract.
