1. Jody O’Brien
CONTRACT LAW
RE05RC12

2. 1) binding agreement between two or more
persons or parties; especially : one legally
enforceable
2) a document describing the terms of a
contract
CON-TRACT

3. • McCarthy V Tobin
• Owen V Kessler
• Shattuck V Klotzbach
• Feldberg V Coxall
• Learn More
MassRealEstateLawBlog
REAL ESTATE
CONTRACT
LAWSUITS

4. • August 1st
• New addendums
• DATES… DATES … DATES
• www.realtor.org/respa
RESPA/TILA
TRID

5. CREATING A CONTRACT
Expressed
Written
Oral
Implied

6. Bilateral
Unilateral

7. CREATION OF A CONTRACT
Competent parties
Offer and acceptance
Who can accept
How can they accept
Use of disclaimer

8. Consideration
Legal object
CREATION OF A CONTRACT

9. Must identify the parties
Accurate description of property
Recital of consideration
Must be signed by all parties
Must be dated
Elements of a Contract

10. No misrepresentation
Not fraudulent
No undo influence or duress

11. Listing Contracts are:
contracts for service.
• Exclusive right to sell
• Exclusive agency
• Open Listing
• Net Listing *
*net listings are illegal
LISTING CONTRACTS

12. Buyer agency contracts are:
contracts for service.
• Exclusive buyer agency agreement
• Exclusive agency buyer agency agreement
• Open buyer agency agreement
BUYER AGENCY CONTRACTS

13. An Offer to Purchase is a:
contract of sale of real property.
• parties
• description of property
• price
• terms
OFFER TO PURCHASE

14. • earnest money
• dates
• contingencies
OFFER TO PURCHASE

15. A Purchase & Sale agreement is a: contract for
sale.
It can be viewed as the road map of the
transaction.
PURCHASE & SALE
AGREEMENT

16. Minimum provision of the contract:
• Parties (identification of buyers and seller)
• Description of property
• Consideration
• Time for performance and possession
• Title Deed
PURCHASE & SALE AGREEMENT

17. • Adjustment (proration of …
• Casualty loss
• Default
• Contingencies clauses
• Construction of agreement
• Dates and signatures
PURCHASE & SALE
AGREEMENT

18. 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.
EQUITABLE TITLE

19. 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.
SPECIFIC PERFORMANCE

20. • Performance of the contract
• Expiration of the time for performance
• Partial performance with written
acceptance by other party
• Substantial performance
TERMINATION

21. • Impossibility of performance
• Mutual agreement
• Operation of law
• Breach contract
TERMINATION

22. Jody O’Brien
The RE/Education Company
Committed to Professionalism in Real Estate through Education
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www.reeducationcompany.com
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