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Flashcards - Contracts In Real Estate Transactions

Flashcards - Contracts In Real Estate Transactions
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Fraud
In law, fraud is deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right
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executory contract
An executory contract is a contract that has not yet been fully performed, that is to say, fully executed
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escrow
An escrow is: * a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or * an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, * a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums
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Earnest money
An earnest payment is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official Procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction
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deed of trust
In real estate in the United States, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan between a borrower and lender
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contract assignment
An assignment is a term used with similar meanings in the law of contracts and in the law of real estate
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contract
A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement
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arbitrator
Arbitration, a form of alternative dispute resolution , is a technique for the resolution of disputes outside the courts
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16 cards in set
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arbitrator
Arbitration, a form of alternative dispute resolution , is a technique for the resolution of disputes outside the courts
contract
A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement
contract assignment
An assignment is a term used with similar meanings in the law of contracts and in the law of real estate
deed of trust
In real estate in the United States, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan between a borrower and lender
Earnest money
An earnest payment is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official Procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction
escrow
An escrow is: * a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or * an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, * a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums
executory contract
An executory contract is a contract that has not yet been fully performed, that is to say, fully executed
Fraud
In law, fraud is deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right
holder in due course
The Holder in Due Course theory is a rule in commercial law that protects a purchaser of debt, where the purchaser is assigned the right to receive the debt payments
listing agreement
A listing contract is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property
mortgage
A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise funds to buy real estate; by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged
offer
Offer and acceptance are elements required for the formation of a legally binding contract: the expression of an offer to contract on certain terms by one person to another person , and an indication by the offeree of its acceptance of those terms
option contract
An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer
promissory note
A promissory note is a legal instrument , in which one party promises in writing to pay a determinate sum of money to the other , either at a fixed or determinable future time or on demand of the payee, under specific terms
real estate purchase contract
A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate
statute of frauds
The statute of frauds refers to the requirement that certain kinds of contracts be memorialized in a writing, signed by the party to be charged, with sufficient content to evidence the contract

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