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Contracts2

Contracts

QuestionAnswer
Option Contract A unilateral contract where one party has the option to buy property at a preset price within a negotiated time period
Option Fee An amount paid to secure an option contract-paid upfront, directly to the seller, and never refundable
Bilateral Contract An exchange of promises binding both parties
Amendment Modification to an existing agreement is made and signed
Addendum Additional material or supplemental information added to an agreement
Contract for Deed Seller financing with tie retenion to protect the seller-tittle is not transferred to the buyer until the full price is paid-also called land contract intstallment contract and real estate contract
Novation The substitution of a new contract for an existing one-the original agreement is terminated
Assignment Substitution of a new party into an existing agreement-can be used to shield the identity of a buyer who wishes to be anonymous
Offer A properly completed form with a price less than, equal to, or more the sellers asking price and signed by the buyer
Counteroffer A rejection of an offer and the presentation of a new offer
Earnest money A buyer's evidence of good faith, submitted with an offer to purchase
Effcte Date of a Contract The date on which the last party signed
Fully Executed Contract A contract that is signed and carried out-sales contract at closing
Executory Contract A contract that has been signed by the parties, but not yet carried out-sales contract before closing, or contract for deed
Contingency A condition in a contract that has not yet been met-financing, inspections, ect.
Created by: Shirilyn