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Real
estate investing in the foreclosure market but truly
everything depends on what you want to accomplish. Your goals,
budget, interests, areas, finances, etc... are the basis for
getting started. There is a VAST amount of information AND
opinions.
In many countries, real estate contracts must be in writing to
be enforceable. In the United States the Statute of Frauds
require real estate contracts to be in writing to be
enforceable. In South Africa, the Alienation of Land Act
specifies that any agreement of sale of immovable property
must be in writing. Additionally, a real estate contract
must:
• Identify the parties: The full name of the
parties must be on the contract. In a sales contract, the
parties are the seller(s) and buyer(s) of the real estate, who
are often called the principals to distinguish them from real
estate agents, who are effectively their intermediaries and
representatives in negotiation of the price. If there are any
real estate agents brokering the sale, they are typically
listed also as the real estate brokers/agents who would earn
the commission from the sale.
• Identify the real
estate (property): At least the address, but preferably the
legal description must be on the contract.
•
Identify the purchase price: The amount of the sales price or
a reasonably ascertainable figure (an appraisal to be
completed at a future date) must be on the contract.
•
Include signatures: A real estate contract must be
entered into voluntarily (not by force), and must be signed by
the parties, to be enforceable.
• Have a legal
purpose: The contract is void if it calls for illegal
action.
• Involve Competent parties: Mentally
impaired, drugged persons, etc. cannot enter into a contract.
Contracts in which at least one of the parties is a minor are
voidable by the minor.
• Reflect a meeting of the
minds: Each side must be clear and agree as to the essential
details, rights, and obligations of the contract.
•
Include Consideration: Consideration is something of value
bargained for in exchange of the real estate. Money is the
most common form of consideration, but other consideration of
value, such as other property in exchange, or a promise to
perform (i.e. a promise to pay) is also
satisfactory.
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