At Equity Real Estate we know that real estate terms can sometimes be confusing. We are going to share with you some common real estate terms and their meanings to help give you a greater understanding when you are trying to buy or sell a home.
*Contract: an agreement between competent parties to do or not do certain things for consideration.
Example: To have a valid contract for the sale of real estate there must be:
1. an offer
2. an acceptance
3. competent parties
5. legal purpose
6. written documentation
7. description of the property
8. signatures by principals or their attorney-in-fact
At Equity Real Estate we are here to help you navigate the home buying and selling process. Give us a call with any questions!
*Barron's Real Estate Guides; Dictionary of Real Estate Terms