Real Estate Principles

When the seller's or agent's principal agrees to the terms of the agreement of sale and approves the negotiation on the part of the agent and acknowledges receipt of the deposit in subscribing to the agreement of sale, the act is termed acceptance

Those to whom a lease shall have been transferred or assigned

A transfer or making over to another of the whole of any property, real or personal, in possession or in action, or of any estate or right therein. (The transfer of an entire leasehold estate to a new person)

One who assigns or transfers the claim, benefit, or right in property

A contract under which the parties enter into mutual promises, such as sales contracts.

The breaking of a law, or failure of duty, either by omission or commission

Individuals who have a legal capacity to contract, as opposed to minors, convicts and incompetents

Anything given or promised by a party to induce another to enter into a contract.

The dependence upon a state event before a contract becomes binding

An agreement, either written or oral, to do or not to do certain things.

An offer in response to an offer.

Agreements written into deeds and other instruments promising performance or nonperformance of certain acts or stipulating certain uses or nonuses of the property.

The terms and provisions of a contract, which are clear, definite, and set forth.

An action that abandons all other remedies and simply asks for money

To complete, to make, to perform, to do, to follow out; to execute a deed, to make a deed, including especially signing, sealing, and delivery; to execute a contract is to perform the contract, to follow out to the end, to complete.

A contract in which something remains to be done by one or both the parties

A contract under whichthe parties expressly enter into mutual promises

Deceptive statements or acts used to wrongfully obtain money or property

A binding contract created by the actions of the principals rather than by written or oral agreement.

One who is mentally incapable of contracting; judged to be of unsound mind, therefore lacking contractual capacity

A sum agreed upon by the parties to be full damages if an agreement is breached

All persons under 18 years of age who are not emancipated

The act of agreeing or consenting to the terms of an offer, thereby establishing "the meeting of the minds" that is an essential element of a contract; genuine assent from both parties

The substitution or exchange of a new contract for an old one by the mutual agreement of the parties

A proposal for acceptance, in order to form a contract. It must be definite as to price and terms

One to whom an offer is made

One making an offer

A right given for a consideration to purchase or lease a property upon specified terms within a specified time.

One who, for consideration, receives an option

One who, for consideration, gives an option

An inspection report required, in the sale of property, to determine if termites are present within a building

A written offer to purchase real property upon stated terms and conditions, accompanied by a deposit toward the purchase price, which becomes the contract for the sale of the property upon acceptance

Annulling a contract and placing the parties to it in a position as if there had not been a contract.

An action to compel performance of an agreement, e.g., sale of land

Taking any fraudulent or unfair advantage of another's weakness of mind, distress, or necessity

A contract under which only one party expressly makes a promise.

Legally binding, the terms of which can be sued for in a court of law

Having no legal force or binding effect, or cannot be enforced for one reason or another

The Seller