What are the essentials of a Valid contract?
A valid, enforceable contract for the sale of real estate must have these elements:
- Legally Competent parties of those who making the contract
- Offer and Acceptance ( A contract does not exist until all perties have been accepted annd been notified of the acceptance.
- Consideration (Consideration is something of value, general in real estate dollars)
- Legal Purpose (to sell, list or rent in a legal fashion)
- Written Documentation
- Signatures of the principals or their attorney in fact (legal representation)