Real Estate Contracts Flashcards
Listing Contracts
bilateral contract; client promises to pay a commission or other compensation to a broker and the broker promises to attempt to procure a ready, willing and able buyer
Contingency Provisions
details in the contract that would allow the buyer to be excused from the contract; i.e mortgage contingency and building inspection contingency
Deposit Money
generally the real estate sales contract provides that the broker will hold the money deposited by the buyer; deposits must be made within three banking days from the date of obtaining all signatures from all parties
Destruction of the Premises
if the sales contract is silent; it is presumed the seller will carry the risk of loss and maintain fire insurance coverage until the date of closing