Chapter 16 - Contracts for Selling Property Flashcards Preview

Real Estate Broker > Chapter 16 - Contracts for Selling Property > Flashcards

Flashcards in Chapter 16 - Contracts for Selling Property Deck (10):
1

Acceptance

Agreeing to the terms of an offer to enter into a contract, thereby creating a binding contract; taking delivery of a deed

2

Contemporaneous Offers

Offers to purchase or lease on behalf of two or more clients represented by the same designated agent for the same real estate parcel or unit that the designated agent knows, or has known, or has reason to know will be taken under consideration by the owners or owner's representative at the same time.

3

Contigency

Provision in a contract or deed that makes the parties' rights and obligations depend on the occurrence (of nonoccurrence) of a particular event

4

Counteroffer

A response to an offer to enter into a contract, chaging some of the terms of the original ofer; a rejection of the original offer (not a form of acceptance) and does not create a binding contract unless the new counteroffer is accepted by the original offeror (the counterofferee)

5

Installment Sales Contract/Land Contract/Contract for Deed

A real estate installment agreement where a buyer makes a payment to a seller in exchange for the right to occupy and use property, but no deed or title transfers until all, or a specified portion of payments have been made

6

/Purchase

when a seller leases property to someone for a specific term, with the tenant agreeing to buy the property at a set price during or following the least term

7

Meeting of the Minds

Acceptance of the terms of an offer

8

Offer

When one proposes a contract to another and that offer is accepted, a binding contract is formed

9

Proprietary Lease

Exclusive, longer term lease given to a person who lives in a cooperative and owns stock in the cooperative

10

Purchase Agreement

A contract in which a seller promises to convey title to real property to a buyer in exchange for the purchase prices