Real Estate Contracts Flashcards
1
Q
The Contract
A
A real estate contract must be in writing, signed by the party against whom enforcement is sought, identify the parties, describe the property, and include the price.
2
Q
Part Performance
A
An oral real estate contract will be enforced if the buyer can prove two of the following three actions: possession of the property, payment, or substantial improvements made to the property.
3
Q
Equitable Conversion
A
Once the contract is signed, the buyer is considered the owner of the property, though the seller remains in legal title with the right to possession until the deed is conveyed at closing. If, between contract and closing, the property is destroyed, the buyer bears the risk of loss as the equitable owner.
