Contractual responsibilities for buy, rent, build

Question 1

what is a contract? -renting

Answer 1

an agreement between the landlord and the tenant in which the tenant agrees to rent a property for a specific period of time (usually with a minimum lease period) at a fixed monthly rental amount

Question 2

name 8 things that must be present in the general content of a lease for renting?

Answer 2

1. specific address of the property
2. name and address of the lessor and the lessee
3. signatures of the lessor, the lessee, and two witnesses
4. date on which the two parties signed the documents
5. info about the renewal/extension of the lease
6. date on which the tenant must pay the rent to the owner. paid once a month in advance
7. date of occupation and term of the lease
8. amounts other that the rent that is due by the tenant

Question 3

what is a breach of contract?

Answer 3

if any of the parties doesnt keep to the terms of the contract, may have legal implications

Question 4

what is a building contract?

Answer 4

written agreement between the landowner and the builder, it lists all the terms and conditions for constructing a building

Question 5

name all the general content found in a building contract (8)

Answer 5

1. the costs of building
2. dates and methods of payment
3. exact dimensions of house
4. date of completion
5. warranties with regard to structural defects from the builder
6. cancellation of the contract if one party fails to keep contract, the agreement will fall away
7. include consequences if either party dont fulfill agreement
8. list of specifications to plan of all materials, finishes and fittings included

Question 6

offer to purchase?

Answer 6

also known as a sale agreement, a written agreement made by a buyer to a seller showing the buyer’s intention to buy a property at a specific price

Question 7

deed of sale?
who draws it up?

Answer 7

legal document that proves the transfer of ownership of a property from the seller to the buyer which must be signed by the seller and the buyer
attorney draws it

Question 8

name 7 of general content of a deed of sale in buying (purchase contract)

Answer 8

1. correct names and residential addresses of seller and the buyer
2. the address of the property
3. clear and accurate description of the property being sold and the purchase price
4. date of occupation of the prop by the buyer
5. way in which the purchase price will be paid or financed
6. a list of repairs to be done prior to transfer
7. list of items to be removed and of those to remain as agreed in the offer to purchase