Essential Elements of a Valid Real Estate Contract
Real estate contracts occupy a special place in the legal system, as they combine property law and contract law, meaning they must comply with requirements arising from both fields of law. A real estate contract may be deemed void (or voidable) if it fails to meet all these requirements. Whether you are a landlord, tenant, seller, buyer, or lender, a defective contract represents a disaster for your home or business. Read on to find out how to avoid this issue. All contracts, regardless of subject matter, must have mutual assent, meaning one party made an offer and the other accepted it. Suppose a buyer offers $10,000 for a piece of property, and the seller responds, “I accept your offer to buy the property, but give me $20,000.” There was no mutual assent in that case, as the two
did not agree to the same deal. The contract is void if a property contract lacks mutual assent or consideration. Typically, if there has been a failure of mutual assent or consideration, only one party thinks a contract exists while the other party knows that one does not. So, in most situations, these transactions are easy to unwind. Contracts must also have consideration, which refers to a promise to do something or refrain from doing something. They must be in writing and signed by the person who had the real estate before the transaction. The person receiving the real estate interest must also sign the contract for leases and sales. The “four- corners doctrine” requires you to look only at the contract’s language to determine its terms. Suppose you have already conducted a real
estate transaction, and a dispute arises over the contract. You need to know what will happen to the property and anything the parties exchanged for it. Before investing time and money into your transaction, you should ensure your real estate contract is valid and enforceable. You can read more about valid real estate contracts on our blog at RealEstatePlanningLaw.com . To review your transaction or any contracts presented to you, contact Merlino & Gonzalez; we’ll ensure everything is above board.
SUDOKU
MICHELE’S RECIPE CORNER
PUFF PASTRY BERRY HEARTS
INGREDIENTS
• 1 package frozen puff pastry, defrosted • 1 cup heavy cream • 1 tsp powdered sugar • 1/2 cup fresh raspberries (or berries of your choice)
DIRECTIONS
1. Preheat oven to 400 F. Unfold the puff pastry and use a heart-shaped cookie cutter to cut into heart shapes. 2. On a baking sheet, place puff pastry hearts and bake for 10–12 minutes or until golden brown. 3. In a standing mixer, whip the cream on medium-high speed for 2–3 minutes. Add the powdered sugar and beat on high for 30 more seconds or until thick and fluffy. 4. Remove hearts from the oven and allow to cool completely. Slice each heart in half between pastry layers to create 2 hearts. Top the bottom half with whipped cream and berries, and place the other half on top to form a sandwich.
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