ma ceu contract law - re05rc01
DESCRIPTION
This course will explore the basic principles of contracts and contract law. We will take an in-depth view of contract specific to the real estate transactions with a point of tradition vs. laws and regulations. A review of several recent and past Massachusetts’s court cases and their effect on the real estate transaction and an agents practices.TRANSCRIPT
![Page 1: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/1.jpg)
Contract Law
RE05RC12
Jody O’Brien, GRI,CBR
![Page 3: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/3.jpg)
Con-tractCon-tract
1) binding agreement between two or more persons or parties; especially : one legally enforceable
2) a document describing the terms of a contract
![Page 4: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/4.jpg)
Creating a ContractCreating a Contract
Expressed Written
Oral
Implied
![Page 5: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/5.jpg)
Bilateral
Unilateral
![Page 6: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/6.jpg)
Creation of a ContractCreation of a Contract
Competent parties
Offer and acceptance
Consideration
Legal object
![Page 7: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/7.jpg)
Must identify the parties
Accurate description of property
Recital of consideration
Must be signed by all parties
Must be dated
Elements of a ContractElements of a Contract
![Page 8: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/8.jpg)
No misrepresentation
Not fraudulent
No undo influence or duress
![Page 9: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/9.jpg)
Listing ContractsListing Contracts
Listing Contracts are:contracts for service.
Exclusive right to sell Exclusive agency Open Listing Net Listing **net listings are illegal
![Page 10: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/10.jpg)
Buyer Agency ContractsBuyer Agency Contracts
Buyer agency contracts are:contracts for service.
Exclusive buyer agency agreement Exclusive agency buyer agency
agreement Open buyer agency agreement
![Page 11: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/11.jpg)
Offer to PurchaseOffer to Purchase
An Offer to Purchase is a:contract of sale of real property. parties description of property price terms
![Page 12: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/12.jpg)
Offer to PurchaseOffer to Purchase
earnest money dates contingencies
![Page 13: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/13.jpg)
Purchase & Sale AgreementPurchase & Sale Agreement
A Purchase & Sale agreement is a: contract for sale.
It can be viewed as the road map of the transaction.
![Page 14: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/14.jpg)
Purchase & Sale AgreementPurchase & Sale Agreement
Minimum provision of the contract:
Parties (identification of buyers and seller)
Description of property Consideration Time for performance and possession Title Deed
![Page 15: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/15.jpg)
Purchase & Sale AgreementPurchase & Sale Agreement
Adjustment (proration of … Casualty loss Default Contingencies clauses Construction of agreement Dates and signatures
![Page 16: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/16.jpg)
Specific PerformanceSpecific Performance
Specific performance is when the seller is forced to transfer legal title and the buyer gets possession.
Legal title only transfers on delivery and acceptance of the deed.
![Page 17: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/17.jpg)
Equitable TitleEquitable Title
After the buyer and seller have executed a sales contract, the buyer receives an interest in the land known as equitable title. This allows the buyer to sue in equity for specific performance if the seller refuses to perform under the contract of sale and the buyer is ready willing and able to perform.
![Page 18: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/18.jpg)
TerminationTermination
Performance of the contract
Expiration of the time for performance
Partial performance with written acceptance by other party
Substantial performance
![Page 19: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/19.jpg)
TerminationTermination
Impossibility of performance
Mutual agreement
Operation of law
Breach contract
![Page 20: MA CEU Contract Law - RE05RC01](https://reader036.vdocument.in/reader036/viewer/2022081821/547ca89ab37959822b8b4feb/html5/thumbnails/20.jpg)
Jody O’BrienThe RE/Education Company
Committed to Professionalism in Real Estate through Education
Blogwww.reeducator.wordpress.comPresentationwww.slideshare.net/ReEducationCompanySocial Mediawww.twitter.com/reeducatorwww.youtube.com/msreeducatorwww.facebook.com/reeducatorwww.linkedin.com/in/reeductor
Thank you for Attending