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:
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—George Orwell (1903–1950)
“Sweet are the thoughts that savour of content,
The quiet mind is richer than a crown;
Sweet are the nights in careless slumber spent,
The poor estate scorns Fortune’s angry frown.
Such sweet content, such minds, such sleep, such bliss,
Beggars enjoy, when princes oft do miss.”
—Robert Greene (1558?–1592)
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—Fran Lebowitz (b. 1950)