Real Estate Purchase Contract
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| closing | the final state of a real estate purchase transaction, when the deed and the purchase money are exchanged (page 247)
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| contingency clause | a provision within a contract that makes performance under the contract conditional on the occurrence of a stated event (page 242)
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| earnest money | a cash deposit evidencing a good-faith intention to complete a transaction (page 246)
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| home warranty plan | included in a contract to provide protection for a home buyer, for a fee, to provide repair for major systems and appliances for a period of time, normally one year (page 246)
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| memorandum | a writing that contains essential terms in satisfaction of the statute of frauds (page 226)
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| parol evidence | oral or other evidence extraneous to a written contract (page 229)
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| real estate purchase contract | an agreement whereby a seller promises to sell an interest in realty by conveying a deed to the designated estate for which a buyer promises to pay a specified purchase price (page 225)
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| statute of frauds | a statute that necessitates that certain contracts, to be enforceable, be supported by a written memorandum and signed by the party against whom enforcement is sought (page 225)
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Created by:
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