Acceptance - ANSWERthe action of consenting to receive or undertake something offered
agreements for deed - ANSWERa type of seller financing in which the borrower/buyer makes payments to the seller/lender until an agreed upon amount has been paid and the seller/lender then delivers the deed to t...
Acceptance - ANSWERthe action of consenting to receive or undertake something offered
agreements for deed - ANSWERa type of seller financing in which the borrower/buyer makes
payments to the seller/lender until an agreed upon amount has been paid and the seller/lender then
delivers the deed to the buyer
breach of contract - ANSWERThe failure, without legal excuse, of a promisor to perform the
obligations of a contract.
Closing - ANSWERa meeting of the seller, the buyer, and the lender of funds, or representatives of
each party, to complete the transaction
consideration - ANSWERsomething of value exchanged for something else of value
Contingencies - ANSWERevents with uncertain outcomes that may represent potential liabilities
contract - ANSWERa binding agreement between two or more persons that is enforceable by law
Contract for Deed - ANSWERA means by which the seller passes possession but retains title to the
property until the total or a substantial portion of the purchase price is paid. Installment contract.
The two parties here are the vendor (owner) and the vendee (buyer).
Contractual Capacity - ANSWERThe legal ability to enter into contracts. The threshold mental
capacity required by law for a party who enters into a contract to be bound by that contract.
Counteroffer - ANSWERAn offeree's response to an offer in which the offeree rejects the original
offer and at the same time makes a new offer.
Escrow Agent - ANSWERthe neutral third party who conducts the closing in real property sales
Escrow Closing - ANSWERA closing by a disinterested 3rd party- often an escrow agent.
,Financing Contingency - ANSWERallows a buyer who is not able to arrange the necessary financing
within a certain time period to cancel the contract and recover any earnest money paid without
further obligation
offer - ANSWERA promise or commitment to perform or refrain from performing some specified act
in the future.
Offeree - ANSWERA person to whom an offer is made.
Offeror - ANSWERA person who makes an offer.
option-to-buy contract - ANSWERa contract that gives one party the right, but not an obligation, to
purchase a property within a specified time horizon at a specified price
Partial Performance - ANSWERAn exception to the statute of frauds in which the performance of
portions of an unwritten agreement by one or both parties can constitute proof that an oral contract
exists between the parties.
sales contract - ANSWERA contract for the sale of goods under which the ownership of goods is
transferred from a seller to a buyer for a price.
settlement - ANSWERA permanent collection of buildings and inhabitants.
Specific Performance - ANSWERAn equitable remedy requiring the breaching party to perform as
promised under the contract; usually granted only when money damages would be an inadequate
remedy and the subject matter of the contract is unique (for example, real property).
Statue of Frauds - ANSWERA state statute under which certain types of contracts must be in writing
to be enforceable.
title contingency - ANSWERa clause in a sales contract that cancels the contract if the seller cannot
provide clear title to the buyer
, agency - ANSWERthe potential power of individuals and groups to contest cultural norms, values,
mental maps of reality, symbols, institutions, and structures of power
agent - ANSWERa person who acts or does business for another
Blockbusting - ANSWERA process by which real estate agents convince white property owners to sell
their houses at low prices because of fear that persons of color will soon move into the
neighborhood
inspection and repair contingency - ANSWERclause in a real estate contract that permits the buyer to
have a qualified inspector examine the property for any physical defects that the seller may be
obligated to repair
Land Contract - ANSWERThe seller accepts a down payment on a parcel of land but title to the
property does not pass until the last principal payment has been received. This is referred to as an
installment sales contract or a contract for a deed.
Broker - ANSWERa person who is paid to buy and sell for someone else
Buyer Representation Agreement - ANSWERA principal-agent relationship in which the real estate
professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the
buyer.
Buyer's Agent - ANSWERA real estate professional who is under contract to locate property for a
buyer and represent the buyer's interests in a transaction.
commission - ANSWERAn amount paid to an employee based on a percentage of the employee's
sales
Commission Agreement - ANSWERan agreement between a seller and a broker for the payment of a
commission if the broker is successful in locating a buyer for the seller's property
Dual Agent (Limited Agent) - ANSWERWhen the agent is representing both principals in a transaction
with their informed consent. (Also known as a limited agent.)
exclusive-brokerage listing - ANSWERan agreement between a property owner and a single broker
authorizing that broker to seek a buyer for the property in exchange for compensation
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