Types and Formation of Sales Contracts

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.

Transcript

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.

I.               Statute of Frauds

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...