MA CEU Contract Law - RE05RC01
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MA CEU Contract Law - RE05RC01

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This course will explore the basic principles of contracts and contract law. We will take an in-depth view of contract specific to the real estate transactions with a point of tradition vs. laws and ...

This course will explore the basic principles of contracts and contract law. We will take an in-depth view of contract specific to the real estate transactions with a point of tradition vs. laws and regulations. A review of several recent and past Massachusetts’s court cases and their effect on the real estate transaction and an agents practices.

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MA CEU Contract Law - RE05RC01 Presentation Transcript

  • 1. Contract Law RE05RC12 Jody O’Brien, GRI,CBR
  • 2. CEU Outline
  • 3. Con-tractCon-tract 1) binding agreement between two or more persons or parties; especially : one legally enforceable 2) a document describing the terms of a contract
  • 4. Creating a ContractCreating a Contract Expressed Written Oral Implied
  • 5. Bilateral Unilateral
  • 6. Creation of a ContractCreation of a Contract Competent parties Offer and acceptance Consideration Legal object
  • 7. Must identify the parties Accurate description of property Recital of consideration Must be signed by all parties Must be dated Elements of a ContractElements of a Contract
  • 8. No misrepresentation Not fraudulent No undo influence or duress
  • 9. Listing ContractsListing Contracts Listing Contracts are: contracts for service.  Exclusive right to sell  Exclusive agency  Open Listing  Net Listing * *net listings are illegal
  • 10. Buyer Agency ContractsBuyer Agency Contracts Buyer agency contracts are: contracts for service.  Exclusive buyer agency agreement  Exclusive agency buyer agency agreement  Open buyer agency agreement
  • 11. Offer to PurchaseOffer to Purchase An Offer to Purchase is a: contract of sale of real property.  parties  description of property  price  terms
  • 12. Offer to PurchaseOffer to Purchase  earnest money  dates  contingencies
  • 13. Purchase & Sale AgreementPurchase & Sale Agreement A Purchase & Sale agreement is a: contract for sale. It can be viewed as the road map of the transaction.
  • 14. Purchase & Sale AgreementPurchase & Sale Agreement Minimum provision of the contract:  Parties (identification of buyers and seller)  Description of property  Consideration  Time for performance and possession  Title Deed
  • 15. Purchase & Sale AgreementPurchase & Sale Agreement  Adjustment (proration of …  Casualty loss  Default  Contingencies clauses  Construction of agreement  Dates and signatures
  • 16. Specific PerformanceSpecific Performance Specific performance is when the seller is forced to transfer legal title and the buyer gets possession. Legal title only transfers on delivery and acceptance of the deed.
  • 17. Equitable TitleEquitable Title After the buyer and seller have executed a sales contract, the buyer receives an interest in the land known as equitable title. This allows the buyer to sue in equity for specific performance if the seller refuses to perform under the contract of sale and the buyer is ready willing and able to perform.
  • 18. TerminationTermination  Performance of the contract  Expiration of the time for performance  Partial performance with written acceptance by other party  Substantial performance
  • 19. TerminationTermination  Impossibility of performance  Mutual agreement  Operation of law  Breach contract
  • 20. Jody O’Brien The RE/Education Company Committed to Professionalism in Real Estate through Education Blog www.reeducator.wordpress.com Presentation www.slideshare.net/ReEducationCompany Social Media www.twitter.com/reeducator www.youtube.com/msreeducator www.facebook.com/reeducator www.linkedin.com/in/reeductor Thank you for Attending