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Offers - RE35RC03
This document discusses offers and contracts in real estate. It defines an offer and contract, and lists the key elements of each. It also outlines different types of offers, how offers must be presented according to law, and how an offer can be accepted or terminated. Key terms discussed include contingent offers, verbal offers, counteroffers, and specific performance for enforcing a contract.
Offers - RE35RC03
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- 2. Con-tract 1) binding agreementbetween two or more persons or parties; especially one legally enforceable 2) a document describing the terms of a contract
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- 4. Elements of aOffer • Competent Parties • Identification of Parties • Offer and Acceptance • Consideration • Recital of Consideration
- 5. Elements of aContract • Legal Object • Accurate Description of Property • Contingencies • Dates • Time is of the Essence
- 6. SHOW ME THEOFFER! Let’s Play
- 7. Types of Offers •Counter Offer • Back-Up Offer • Multiple Offers • Verbal Offers
- 8. Presentation of Offers 254CMR 3.00 11(d) - Conveying Offers. All offers submitted to brokers or salespeople to purchase or rent real property that they have a right to sell or rent shall be conveyed forthwith to the owner of such real property.
- 9. Presentation of Offers 254CMR 3.00 12 - Attorney Services. No broker or salesperson shall advise against the use of an attorney in any real property transaction.
- 10. Acceptance of anOffer • Expression of intent • Bound to terms • Communicated • Offer in Writing = Acceptance in Writing
- 11. Acceptance of anOffer • Tristam’s Landing Rule – The broker produces a ready will and able purchaser on the terms fixed by the owner; – the purchaser enters into a binding contract with the owner to purchase property; – the purchaser completes the transaction by closing the title in accordance with the provisions of the contract.
- 12. What is anOffer? • McCarthy V Tobin • Owens V Kessler • Shattuck V Klotzbach • Feldberg V Coxall • Log in to Richard Vetstein’s Blog
- 13. Termination of anOffer • Performance • Expiration • Partial performance • Substantial performance • Impossibility of performance • Mutual agreement • Operation of law • Breach of contract
- 14. Enforceability • Equitable Title •Specific Performance
- 15. Jody O’Brien The RE/EducationCompany Committed to Professionalism in Real Estate through Education Website/Blog www.reeducationcompany.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