Sale & purchase contract Flashcards
(6 cards)
Who is the vendor?
The vendor is the seller.
The vendor is the party that sells the property.
Who is the vendee?
The vendee is the buyer.
The vendee is the party that purchases the property.
Do both spouses need to sign the sale contract if the property is co-owned?
Yes.
Both spouses must sign if they co-own the property or if it is homesteaded.
Does the broker have the authority to sign a contract for the buyer or seller?
No, unless they have a power of attorney.
A power of attorney grants specific legal authority to act on behalf of another.
What does the statute of frauds require regarding sales contracts?
Sales contracts must be in writing.
This legal principle helps prevent fraud by ensuring that contracts are documented.
Does a homesteaded property need to have the signature of both spouses?
Yes.
