Acceptance refers to the act of agreeing to accept an offer, thereby forming a binding contract when it comes to real estate transactions. It is a critical phase where a seller agrees to the buyer's offer under specified terms and conditions, leading to the formation of a sales contract.
An auctioneer is a professional who conducts auctions, manages bidding processes, and finalizes sales or transfers of property through public competition.
A deposit signifies money paid in good faith to assure the performance of a contract, commonly used with sales contracts and leases. If the individual who put up the deposit fails to fulfill contract terms, the deposit could be forfeited unless contract conditions allow for a refund.
A formal depiction of the dimensions and location of a property; generally included in deeds, leases, sales contracts, and mortgage contracts for real property. Different methods such as government rectangular survey, lot and block, and metes and bounds are used for legal descriptions and plats.
