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"LAWCHEK� Real Estate"
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This is not a substitute for legal advice. An attorney must be consulted. "This work is protected under the copyright laws of the United States. No reproduction, use, or disclosure of this work shall be permitted without the prior express written authorization of the copyright owner. Copyright � 2003 by LAWCHEK, LTD." |
| Real Estate Contract |
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A conveyance of real estate is a transfer from one person to another. A real estate contract is one form of conveyance. A real estate contract is an agreement to transfer title to real estate to a person, at some specified time in the future, contingent upon that person�s payment of the purchase price. The seller is known as a �vendor� and the buyer is known as a �vendee.� The vendor gives a deed to the vendee once the vendee has performed his/her obligations under the contract. Until such time, the vendor retains title to the real estate. It is distinguished from a deed in that a deed actually transfers title to the buyer, whereas, the real estate contract contemplates execution of a deed in the future. A real estate contract is distinguishable from a purchase agreement in that, whereas, a purchase agreement contemplates a sale of real estate in the future, the real estate contract is the actual sale. In most states, a real estate contract must be in writing and must be signed to be enforceable. A possible exception is where the buyer has made substantial payment on the purchase price pursuant to an oral agreement and it would be unfair to strictly enforce the writing requirement. A real estate contract must be recorded to put third persons, such as creditors and subsequent purchasers on notice as to the contract. At the very minimum, the real estate contract should include the names and addresses of the vendor and vendee, the legal description and street address of the real estate, the contract terms regarding the purchase price and how it is to be paid, and the type of deed to be given to the vendee upon payment of the purchase price. A real estate contract is sometimes viewed as an alternative form of financing of a real estate purchase. Instead of a bank or other lender advancing the purchase price and receiving a mortgage, the vendor, in effect, finances the purchase price, retaining title to the real estate as security. In the event of the vendee�s default in performance of the contract terms, the vendor may foreclose the mortgage or, in certain circumstances, declare a forfeiture of the contract. Please see specific state for details and/or differences. Black�s Law Dictionary, Fifth Edition.ALABAMA
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