10/25/2024
Please visit our YouTube site for Abe Lee Hawaii Pre-license Course. We are posting our 26th free video on the real estate laws and sales process. Please subscribe, like and share. This video will cover:
Definition of Contract
Contract is voluntary agreement between two or more parties.
Could be between Seller and Seller's agent, Buyer and Buyer's Agent, Buyers and Sellers
Contracts protect the legal process between the parties to assure that the legal process is completed
Contracts must be between 2 or more legally competent parties. Legal age, mentally competent, can't be drunk or drug impaired, not forced to sign contract
Consideration is the payment for goods and services by parties in the contract
Listing contract, seller agrees to pay the listing broker
Purchase Contract, Buyer agrees to pay the seller for the property. Purchase price is the consideration
Owner of a rental property agrees to pay a set fee to the property manager
Consideration can be cash, coins, stamp collection, car, boat, etc. Usually cash
Statute of Frauds is a law that mandates that contracts must be in writing. Exception: oral rental contracts one year or less. Not recommended
Learn more about the definition of contracts in this week's video. Whether you're an aspiring real estate enthusiast or considering a career change, our vide...