A real estate contract is a contract for the purchase/sale, exchange, or other conveyance of real estate between parties. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases (rental contracts) cover such rentals since they typically do not result in recordable deeds. Freehold ("More permanent") conveyances of real estate are covered by real estate contracts, including conveying fee simple title, life estates, remainder estates, and freehold easements. Real estate contracts are typically bilateral contracts (i. e., agreed to by two parties) and should have the legal requirements specified by contract law in general and should also be in writing to be enforceable.
Read more about Real Estate Contract: Financial Qualifications of Buyer(s)
Famous quotes containing the words real, estate and/or contract:
“nor till the poets among us can be
literalists of
the imagination—above
insolence and triviality and can present
for inspection, ‘imaginary gardens with real toads in them’,
shall we have”
—Marianne Moore (1887–1972)
“Wilt thou have this Woman to thy wedded wife, to live together after God’s ordinance in the holy estate of Matrimony? Wilt thou love her, comfort her, honour, and keep her in sickness and in health; and, forsaking all other, keep thee only unto her, so long as ye both shall live?”
—Book Of Common Prayer, The. Solemnization of Matrimony, “Betrothal,” (1662)
“A contract for better for worse is a contract that should not be tolerated.”
—George Bernard Shaw (1856–1950)