RE-160 Lecture Notes - Lecture 19: Property Management, Specific Performance, Land Contract

• School: Diablo Valley College
• Department: Business Accounting/Management/Marketing/Real Estate
• Course: RE-160
• Professor: Langager

Document Summary

Full performance time is of the essence . Assignment: transfer of existing contractual rights or duties. Novation: substitution of a new contract in place of the original. A violation of any of the terms or conditions of a contract. The buyer asks the court to force the seller to go through with the sale and transfer the property as previously agreed. The practice of one party canceling or terminating a contract, which has the effect of returning the parties to their original positions before the contract was made. Contracts are central to all real estate transactions. All parties to real estate transactions need to be familiar with contracts. Real estate agents are not authorized to practice law and draw up contracts. Real estate agents are authorized to fill in preprinted contracts. Contracts types used for real estate. Real estate sales contracts (buyer / seller) Land contracts or contracts for deed (buyer / seller) -