Westmont University Preparing Real Estate Contract Discussion
- August 04, 2022/ Finance
Week 6-Discussion Forum Chapters 7 (Prep & Review of RE Contract) & 8 (Deeds)
There are so many elements that are included in a real estate contract. Discuss why careful attention to detail is required in the preparation of a real estate contract.
N.B.: In your discussion(s) I am also looking for concepts that are set forth in Chapter 7’s discussion of what to look for in real estate contracts. The responses don’t have to be long. They can be concise as long as they provide a discussion of why careful attention to detail is required in the preparation of a real estate contract.
My hope for you in this discussion is for you to give some examples of situations related to these questions and to discuss why each example fits into either category.
Tyler Emanuel A properly written real estate contract entails every detail within the transfer of the deed and property itself. The obligations and performances that must be completed in order to follow through with the contract and avoid breach, must be completed and are all stated within the contract. All preexisting obligations, financial aspects of payment and process, disclosures on property along with the intensive details regarding the official closing. If one of the parties are unaware of certain obligations or performances, there can be a breach occurring. This is why during the signing of contracts, there must be both parties and witnesses present during the signing. This verifies that all things stated are understood. All details must align with the agreed upon conditions between both parties.
Carlena KimbleThe obvious answer is that it is a big deal to sell property and can be a mistake that costs thousands of dollars to correct. In order for a contract just to be valid it needs legal capacity of the parties, mutual agreement, consideration, lawful purpose, and a written agreement. Without each of these elements clear the contract could be void. Now that electronic signatures are available people may be paying less attention to what they’re signing. As we discussed previously about written v oral agreements there could be something that was mis-communicated and now one party is stuck with. Yes, there are remedies but they can take months to be remedied if it can be proven. There’s also the concern of pre existing obligations or easements that may be tied to the property that may have been forgotten about. They have multiple parts but certain “small details” can cause the whole thing to fall through.