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MA Real Estate

Contracts/Purchase and Sale Agreement

TermDefinition
Acceptance The agreement of one party to a set of terms offered by a second party.
Assignment The transfer of rights and interests in property fromone person to another. for example, assignment of a purchase & sales agreement or a mortgage.
Bilateral Contract A contract where one party agrees to do someting in return for another party's promise to also do something.
Bill of Sale A written contract beetween two parties for the sale of personal property.
Competency The state of having legal contrctual capacity.
Consent Agreeing to terms of a contract without duress.
Conservatorship A guardianship established through legal advise of counsel.
Consideration Something given in exchange for something from another. Can be an article or a promise to do something. Usually money exchanged for property as in a deed or money in exchange for a promise to perform as in a purchase & sale agreement.
Counteroffer The one receiving an offer (offeree) responds by offeriing a new set of terms as a new offer. The original offeree then becomes the new offeror.
Conservator An individual appointed by the court to act as a guardian.
Deed Written instrument that transfers ownership of real property from one party to another.
Deposit Initial consideration (earnest money) to make the purchase and sale agreement binding.
Disclosure One of the duties of agency (also known as duty of notice) that requires an agent to keep his/her principal informed of any matter that is in the principal's interest.
Earnest Money Money presented with the original offer. Usually less than the full deposit amount.
Equitable Title Interest held by the buyer when a purchase & sale contract has been signed but prior to the transfer of the deed when legal title is obtained.
Estoppel A legal doctrine whereby a person is not allowed to deny a previous statement or act when an innocent party has relied on that statement or act. for example, incorrect mortgage balance given by bank.
Executed Contract A contract where all parties have fulfilled all terms.
Executory Contract A contract that has not had the terms completed by one or both of the parties.
Express(ed) Contract A contract where the intent of the parties is clearly stated. May be verbal or written.
Implied Contract A contract where the agreement of the parties is demonstrated by their acts and conduct and not by their words or written agreements.
Right of First Refusal Right to have the first chance to purchase or lease a piece of property.
Lease An agreement (written or verbal) between an owner (lessor) and tenant (lessee) to grant the exclusive right of occupancy to real property for a specific period of time.
Laches Doctrine that action was not taken in a reasonable period of time. Similar to statue of limitations where time is specified.
Legal Title Interest obtained by the grantee when the deed is signed and delivered.
Legality Quality of being within the law. A contract with an illegal element is void.
Listing Agreement An agreement between a seller and a borker to act as an agent for the sale of real property. May be written or verbal.
Buyer Agency Agreement A contract between a buyer and a real estate firm to assist the buyer to purchase property.
Purchase and Sales Agreement A contract between a buyer and a seller to purchase a piece of property for some consideration.
Mortgage Note A promisory note to pay.
Mortgage Deed A contract that transfers interest in the real estate to the bank, subject to the mortgagor repaying the loan.
Unliateral Contract When one party agrees to do someting if the other pary does something else, but the other pary has not committed to do anything. For example: a reward for finding a lost animal is a unilateral contract.
Statue of Limitations Time limit within which legal action must be taken to be enforceable. In Massachusetts the statue of limitations on prescription and adverse possession is 20 years.
Void Having no binding force.
Valid Having legal binding force.
Voidable Having binding force but able to be broken by one of the parties (such as buyer if they don't receive financing)
Breach of Contract When either party does not live up to part of the purchase and sale agreement.
Novation A new obligation is substituted for an old obligation. For example, a bank accepting a new note with a new mortgagor for an old note.
Offer A promise by one party to act in a specified manner providing a second paryt acts int he manner requested.
Offeree Party receiving an offer from another party (buyer or seller)
Offeror Pary extending an offer to another party (buyer or seller)
Option An agreement to keep an offer to purchase or sell open for some period of time. The party agreeing to the option terms (usually the seller) is bound by the option but not the party making the option offer (usually the buyer).
Specific Performance A remedy at law where the court will force a party to fulfill his/her part of a contract.
Created by: medct