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Real Estate Option Contracts

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					Chapter 6

Contracts in Real Estate
Transactions
Contracts

   An exchange of promises
    between parties, conditioned
    on certain events and
    enforceable by law.
   Necessary Elements of a
    Contract
       Offer and acceptance
       Consideration
       Capacity of parties
       Lawful purpose
       Writing requirement (Statute of
        Frauds)
Contract Issues

   Oral Contracts
   Specific Performance
   Partial Performance
   Breach of Contract
Contract Contingencies

   Specified conditions in a
    contract that relieve the
    parties of their promises to
    perform
   Financing contingency
   Title contingency
   Inspection and repair
    contingency
Common Real Estate
Contracts

   Real Estate Sales Contract
   Option-to-Buy Contract
   Contract for Deed
Figure 6.1
Figure 6.1 (continued)

				
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