Enforceable Real Estate Contract

Posted By Liz Loadholt @ 9:15am In: Education

Have you ever wondered how you would know if your real estate contract was enforceable?

photo of agreement to purchase real estateBelow are some ways for you to determine:

In SC, in order for a real estate contract to be enforceable, it must be in writing.  Oral contracts are no good.

Also, all changes on an offer has to be initialed and dated in order to be sure your contract is enforceable.

It is amazing how many "contracts" don't have the proper initials and/or dates.  People tend to think this is not important, but it is critical.

A contract is not considered "ratified" until it has been delivered to all parties.

The elements of a legal real estate contract are:
1) Offer
2) Acceptance
3) Consideration
4) Competent Parties
5) Legal purpose

Earnest Money is not consideration for a contract.

 

Liz Loadholt
Co-Founder
The AgentOwned Realty Co.
824 Johnnie Dodds Blvd.
Mt Pleasant, SC 29464
843-608-8488 Google Voice
843-725-6040 Fax

Liz@AgentOwnedRealty.com

MamaLizBlog.com

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