Contract for Purchase and Sale 1: Formation and Terms
This exercise is designed as an introduction for beginning Property students to the basic concepts involved in a traditional contract used in a standard real estate transaction.
On completion of the lesson, the student will be able to:
1. Explain a marketing contract as it relates to real estate transactions.
2. State the major property and contract issues typically regarding the marketing contract.
3. Define the executory period as it relates to a real estate transaction.
4. Explain the implied quality of title to be conveyed, if not addressed expressly in the marketing contract.
5. Explain the implied estate to be conveyed, if not addressed expressly in the marketing contract.
6. Explain the implied risk of loss for defects arising during the executory period, if not addressed expressly in the marketing contract.
7. Define equitable conversion
8. Explain the scope of the seller’s Implied duty to disclose