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Unit 8: Contracts Used in
Real Estate Transactions,
Part I
UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Real Estate Contracts
 Required Elements of Real Estate Contracts
 Legal Description
 In Writing – Statute of Frauds
 Property Description Issues
 Creating a Valid Sales Contract
 Offer and Earnest Money Deposit
 Acceptance
 What is Transferred under a Real Estate Contract?
 Counteroffer
UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Real Estate Contracts
 Required Elements of Real Estate Contracts
 Discharging Sales Contracts
 Performance of a Contract
 Other Ways to Terminate Contracts
 Statute of Limitations
UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Contracts Used in the Real Estate Business
 Commission Agreements
 Types of Commission Agreements
 Listing Agreements
 Buyer Representation Agreements
 Texas Promulgated Sales Contracts
 One To Four Family Residential Contract (Resale)
 Residential Condominium Contract (Resale)
 Farm and Ranch Contract
 Reservation of Oil, Gas, and Minerals
 Notice of Rollback Taxes for Change of Use of Land
 Unimproved Property Contract
 New Home Contract (Incomplete Construction)
 New Home Contract (Completed Construction)
 Amendment to Contract
UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Types of Listing Agreements
 Open Listing
 Net Listing
 Exclusive Agency Listing
 Exclusive Right to Sell Listing
UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Exclusive Right to Sell Form, 1-10
 1. Parties
 2. Property
 3. Listing Price
 4. Term
 5. Broker’s Compensation
 6. Listing Services
 7. Access to the Property
 8. Cooperation with Other Brokers
 9. Intermediary
 10. Confidential Information
UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Exclusive Right to Sell Form, 11-21
 11. Broker’s Authority
 12. Seller’s Representations
 13. Seller’s Additional Promises
 14. Limitation of Liability
 15. Special Provisions
 16. Default
 17. Mediation
 18. Attorney’s Fees
 19. Addenda and Other Documents
 20. Agreement of Parties
 21. Additional Notices
UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Buyer/Tenant Representation
Buyer Representation Agreement Form, 1-9
 1. Parties
 2. Appointment
 3. Definitions
 4. Term
 5. Broker’s Obligations
 6. Client’s Obligations
 7. Representations
 8. Intermediary
 A. Intermediary Status
 B. No Intermediary Status
 9. Competing Clients
UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Buyer Representation Agreement Form, 10-18
 10. Confidential Information
 11. Broker’s Fees
 12. Mediation
 13. Default
 14. Attorney’s Fees
 15. Limitation of Liability
 16. Addenda
 17. Special Provisions
 18. Additional Notices

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Tx cont-16 - 8

  • 1. Unit 8: Contracts Used in Real Estate Transactions, Part I
  • 2. UNIT 8: CONTRACTS USED IN REAL ESTATE TRANSACTIONS, PART I Real Estate Contracts  Required Elements of Real Estate Contracts  Legal Description  In Writing – Statute of Frauds  Property Description Issues  Creating a Valid Sales Contract  Offer and Earnest Money Deposit  Acceptance  What is Transferred under a Real Estate Contract?  Counteroffer
  • 3. UNIT 8: CONTRACTS USED IN REAL ESTATE TRANSACTIONS, PART I Real Estate Contracts  Required Elements of Real Estate Contracts  Discharging Sales Contracts  Performance of a Contract  Other Ways to Terminate Contracts  Statute of Limitations
  • 4. UNIT 8: CONTRACTS USED IN REAL ESTATE TRANSACTIONS, PART I Contracts Used in the Real Estate Business  Commission Agreements  Types of Commission Agreements  Listing Agreements  Buyer Representation Agreements  Texas Promulgated Sales Contracts  One To Four Family Residential Contract (Resale)  Residential Condominium Contract (Resale)  Farm and Ranch Contract  Reservation of Oil, Gas, and Minerals  Notice of Rollback Taxes for Change of Use of Land  Unimproved Property Contract  New Home Contract (Incomplete Construction)  New Home Contract (Completed Construction)  Amendment to Contract
  • 5. UNIT 8: CONTRACTS USED IN REAL ESTATE TRANSACTIONS, PART I Types of Listing Agreements  Open Listing  Net Listing  Exclusive Agency Listing  Exclusive Right to Sell Listing
  • 6. UNIT 8: CONTRACTS USED IN REAL ESTATE TRANSACTIONS, PART I Exclusive Right to Sell Form, 1-10  1. Parties  2. Property  3. Listing Price  4. Term  5. Broker’s Compensation  6. Listing Services  7. Access to the Property  8. Cooperation with Other Brokers  9. Intermediary  10. Confidential Information
  • 7. UNIT 8: CONTRACTS USED IN REAL ESTATE TRANSACTIONS, PART I Exclusive Right to Sell Form, 11-21  11. Broker’s Authority  12. Seller’s Representations  13. Seller’s Additional Promises  14. Limitation of Liability  15. Special Provisions  16. Default  17. Mediation  18. Attorney’s Fees  19. Addenda and Other Documents  20. Agreement of Parties  21. Additional Notices
  • 8. UNIT 8: CONTRACTS USED IN REAL ESTATE TRANSACTIONS, PART I Buyer/Tenant Representation Buyer Representation Agreement Form, 1-9  1. Parties  2. Appointment  3. Definitions  4. Term  5. Broker’s Obligations  6. Client’s Obligations  7. Representations  8. Intermediary  A. Intermediary Status  B. No Intermediary Status  9. Competing Clients
  • 9. UNIT 8: CONTRACTS USED IN REAL ESTATE TRANSACTIONS, PART I Buyer Representation Agreement Form, 10-18  10. Confidential Information  11. Broker’s Fees  12. Mediation  13. Default  14. Attorney’s Fees  15. Limitation of Liability  16. Addenda  17. Special Provisions  18. Additional Notices