5,112,471
Didn't realize we were being paid to be your teachers. I suppose you already paid for your real estate course... why don't they provide this information? Wishing you much luck with your studies.
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Raj Taj
Lake Bluff, IL
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Anthony Acosta - ALLAT...
Atlanta, GA
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Ron and Alexandra Seigel
Carpinteria, CA
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
-
Richard Weeks
Dallas, TX
5,254,045
Signatures & consideratiaon are a must to validate a Contract.
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Anthony Acosta - ALLAT...
Atlanta, GA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Peter Testa
Danbury, CT
-
Doug Dawes
Topsfield, MA
-
Richard Weeks
Dallas, TX
-
Raj Taj
Lake Bluff, IL
7,863,492
You should learn how to do a Google search...
The Elements of a Legally Valid Real Estate Contract
Consideration
Consideration is anything of legal value offered and exchanged in the contract. This could be money, services, or other valuable goods. Love and affection is even an example of consideration in some contracts. The consideration must be spelled out in the contract.
In most of today's real estate deals money is the consideration. That doesn't mean cash, as there will often be financing involved as well. Earnest money does move with the agreement, while the down payment and financing come at closing.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Joyce Marsh
Daytona Beach, FL
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Ron and Alexandra Seigel
Carpinteria, CA
-
Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
1,201,477
For the buyer to have skin in the game. It's consideration.
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Raj Taj
Lake Bluff, IL
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Anthony Acosta - ALLAT...
Atlanta, GA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
352,976
Consideration is one of the elements of a legally valid real estate contract. Typically consideration is money or otherwisesomething of value. Good luck with your classes.
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Dan & Laurie Pittsenba...
Bellingham, WA
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Ron and Alexandra Seigel
Carpinteria, CA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
2,400,183
Don't worry Andrew Cooper , that one won't be on the test .
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Anthony Acosta - ALLAT...
Atlanta, GA
-
Peter Testa
Danbury, CT
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Debe Maxwell, CRS
Charlotte, NC
187,002
"What is the role of an Agent Professor teacher?"
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Anthony Acosta - ALLAT...
Atlanta, GA
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Debe Maxwell, CRS
Charlotte, NC
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
1,506,013
Raj Taj nailed it!
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Debe Maxwell, CRS
Charlotte, NC
-
Raj Taj
Lake Bluff, IL
1,712,776
Required Active Rain question?
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Debe Maxwell, CRS
Charlotte, NC
5,583,328
it's a good faith deposit.... it keeps the buyer in the game as the deal moves forward.....
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Anthony Acosta - ALLAT...
Atlanta, GA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Kris Collis, Associate...
East Stroudsburg, PA
2,221,377
Good luck with your studies.
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Raj Taj
Lake Bluff, IL
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
4,900,966
It is one of the necessities for a valid contract.
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Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
3,416,038
Part of contract law, it is part of what is needed to make a contract legal. In real estate, most often that is the deposit, aka EMD.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
5,239,521
Consideration is an essential element of a valid contract. It need be something of value, typically money but could be as little as a promise to perform. Professor confused?
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Ron and Alexandra Seigel
Carpinteria, CA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
6,418,126
Skin in the game.
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Debe Maxwell, CRS
Charlotte, NC
2,784,566
You get something for something not something for nothing.....
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
759,485
As it implies, it's putting up money so your offer is worth considering.
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Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
2,191,798
People get the Consideration mixed up with the Earnest Deposit
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Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
4,434,177
3,349,404
I wish you all the best with your real estate studies.
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Debe Maxwell, CRS
Charlotte, NC
1,323,044
Consideration is a part of any contract...not just real estate. In real estate, consideration can be simply a promise to perform. It does not have to be anything of value such as cash, bond or note although many think that lack of a deposit of some value shows a lack of sincerity of intention to fulfill the contract.
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Debe Maxwell, CRS
Charlotte, NC
1,153,794
Look at the word itself, consideration? It's the inducement for parties to consider a contract usually in the form of money although anything of value would suffice to begin a process which may mutually benefit both. All legal contracts require its inclusion and real estate is no exception.
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Debe Maxwell, CRS
Charlotte, NC
469,510
Part of contract law - it is one of the aspects that makes a contract a valid legal contract.
I actually think it's not a bad requirement to go to a platform such as ActiveRain and ask a question of existing agents as part of getting a license. Hopefully one is learning about available sources of information and business practices so be a better Realtor. Also, so one can find out what it's like to interact with other agents and get a feel for the various types of responses and personalities one will be working with.
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Debe Maxwell, CRS
Charlotte, NC
4,800,132
2,187,593
Andrew,
I suspect you already know the answer to this question. I respectfully suggest these questions would be more valuable to you if the course requirement was for you to do the research and write a blog post on each question.
Unfortunately, we have been asked these same questions over and over and over and over and over and over and over and over and over and over and over over and over and over and over and over and over and over and over and over and over and over (and over) by each student passing through your same course. It gets a bit tedious for us.
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Debe Maxwell, CRS
Charlotte, NC
2,071,206
5,877,335
Sad you are required to ask these questions, good luck with your studies.
3,986,308
4,960,530
5,772,587
Andrew,
Required Active Rain Question? How strange? You have the answer from the membership, and I would suggest that you find a Utah person mentor that can really help you!