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Ch. 10

Vocab: Sales Contracts & Practices

TermDefinition
Contract for Deed A contract of sale and a financing instrument wherein the seller agrees to convey title when the buyer completes the purchase price installment payments. *Also called installment land contract, land contract, and conditional sales contract.
Due Diligence Fee A non-refundable amount of money paid by the buyer, to the seller, to compensate the seller for the buyer's right to due diligence. There is no fee required by law but may be imposed by seller or offered by the buyer.
Effective Date The date the contract has been both signed and proper notice has been delivered to the offeror that the offeree has accepted in writing. "Signed, Sealed, Delivered"
Equitable Title As opposed to legal title. This type of title will be conveyed once certain contract obligations are performed. An interest in real estate such that a court will take notice and protect the owner's rights.
Installment Land Contract Also referred to as "contract for deed." A contract of sale and a financing instrument wherein the seller agrees to convey title when the buyer completes the purchase price installment payments. *Also called land contract & conditional sales contract.
Legal Title Belongs to the party who actually holds the deed.
Liquidated Damages A pre-determined amount of money to be paid and received as compensation for a breach of contract.
Offeror One making an offer.
Oferee One to whom an offer is made.
Option A contract giving one (optionee) the exclusive right to buy a specified property from the owner (optionor) at a specified price for a specified period of time.
Optionor One who gives an option.
Optionee One who receives an option.
Right of First Opportunity (to Purchase) Right a buyer has to buy a prop. at a stipulated price if seller ever sells. If seller wants to sell and buyer doesn't buy, seller may sell to another party for a time period. No buy=original buyer still has right to buy and process is redone in future.
Right of First Refusal Pot. buyer has 1st chance to buy prop. before offered to others or buy @ same terms as other offers. Ex=in lease or articles of association. Written, doesn't have to be in another doc. Not forced to sell, but if sellss, must give holder 1st try to buy it.
Due Diligence Ability of buyer to conduct research to determine issues relative to things of buyer's interest such as property condition, zoning, protective covenants, AV, insureability. During dd period, before dd date, buyer is responsible for verifying everything!
Created by: laurenk1996