RE-160 Lecture Notes - Lecture 20: Earnest Payment, Listing Contract, Title Search

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

Document Summary

Elements of the real estate sales contract. Specify party names exactly as title is held (grantor) or is to be held (grantee) If married, is it held as separate estate. Accurate legal description or some other means of explicit, unambiguous description. Specify personal property being transferred to the grantee. States how it is to be paid. Back out of transaction, not able to get interest rate required at 3. 5% within a period of time. The sales contract says the buyer will purchase only if the attorney approves the sale by the following saturday. State the property interest being conveyed and type of deed. Describe the parties" rights and responsibilities concerning a title. Provide for earnest money escrow & liquidated damages search. State the amount of the earnest money deposit. Specify whether it will be applied to the purchase price. Provide for disposition of earnest money in the event of breach of contract.