Types and Formation of Sales Contracts
Learn about the formation, construction, and essential terms of real estate contracts, including sales contracts, installment contracts, options to buy, and rights of first refusal.
Most real estate transactions involve a contract between the buyer and the seller. In this lesson, we’ll learn about the formation and essential terms of sales contracts. We’ll also take a brief look at options and rights of first refusal.
In general, a contract to sell real property must satisfy the statute of frauds. The contract must be in writing, be signed by the party against whom enforcement is sought, and contain the essential terms of the agreement. [Waddle v. Elrod, 367 S.W.3d 217...