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6 Things Every Real Estate Contract Must Have To Be Valid And Enforceable
Are you considering selling your home yourself (For Sale by Owner - FSBO)?
Do you know the 6 items every real estate contract must have to be considered valid and enforceable?
1. Must be in writing (except for leases of one year or less)
2. There must be at least 2 competent parties of legal age
3. All parties to the contract must be named in the contract and sign the contract
4. Good and valuable consideration– such as a promise to pay money must be made
5. Address of property and / or legal description
6. There must be a meeting of the minds. The seller must clearly understand the terms of the buyer’s offer and the buyer mustclearly understand the performance that is being required.
As always the parties involved in a real estate transaction are advised to seek the services of an experienced real estate attorney to review the Agreement to Purchase.
"6 Things Every Real Estate Contract Must Have To Be Valid And Enforceable" is taken in part fromthe FSBO First Aid Kit. This kit contains 18 check lists and other relevant information that you should know if you are considering selling your home yourself (FSBO). To receive your complementary FSBO Fist Aid kit please call oremail me.
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....