Tulsa Real Estate Agents | Valid Homes

Hey talk to real estate agents, we are back and we are still talking about real estate contracts. We are going to first start off with talking about the creation of a valid contract and what makes it so I have to meet at minimum requirements in order for it to be valid legally, so we’re going to go over those requirements here and, first of all, I’m going to talk about what a bona fide offer is, and that is an offer that is presented in writing you and it means it’s a serious offer. So tulsa real estate agents should know that it is better to present an offer in writing so that we know that the offer is serious instead of doing it verbally and that offer should also come with a earnest deposit. So we’re going to talk about the offer and acceptance and there’s an offer or and an offeree. Obviously, the person who is making offer is going to be considered the offer or, and the person receiving it is the offer e. The offer has to have a mutual assent, and that just means that there must be, and everybody should have an understanding and in agreeance on what’s going on on the offer and the offer is just an offer. It’s not legal binding until both parties have signed, and so the offer is just considered to be a prom dress in its bilateral it’s made by one party, and that party is the buyer and they are requesting certain things. They are requesting a certain purchase price and the contract could also be asking for their closing cost to be paid and I’ll have warranty and a good house real estate agent is always going to negotiate to get the best offer for their buyer and in return. Tulsa real estate agents are also going to negotiate to get the best offer for their seller. So when the buyer makes an offer, the seller has the opportunity to make a counter-offer. If a counter offer is made, the buyer has the right to withdraw their offer or deny the offer it will terminate the original offer that was made by the buyer if a counter offer is made and accepted. So nobody is legal binding to anything until both parties have mutually agreed on the terms of the contract and then in return, the tulsa, federal estate agents will have their clients and both signs once both parties sign in agreeance, then that offer becomes a legal, binding contract. At that point also said that was the offer and acceptance and we’re talking about the creation of a valid contract. The next requirement is consideration, so the contract must have some type of consideration that would be of legal value. Consideration does not always have to be money, and most people think that consideration has to be money, but typically in real estate terms. It is money honestly leave a consideration, you know can be a handshake or a gesture. It doesn’t have to be money, but we always usually use money as earnest deposit in real estate or the seller won’t typically accept the offer. If there is no consideration of value, consideration of value, which is the earnest money, is considered to be at sort of like a I promise to abide by the contract. However, you know that that it’s it’s it’s almost like praying that down payment down on a house, but the buyer does get the money back in some way, shape or form. However, if the buyer was to breach the contract from the seller, has the right to keep the earnest money and not give it back. So I was the second requirement. The third requirement is consent, so contracts must have consent and it has to be voluntary by both parties and no one is legally bound to a contract if there was not mutual consent from both sides. If, if it’s not valid, there’s no valid offer actually, if there’s not a consent, and then therefore the contract would be considered a voidable. At that point, the force requirement for a valid contract with the legal purpose, so a contract has to have legal purpose. The contract has to have pretty much a legal reason to exist. A contract for an illegal purpose or for the performance of some type of fat is not considered valid. So there has to be a legal purpose on a real estate, contract, spinal and 5th ave requirement. Cost of real estate agents need to know about is that the parties have to be both confident I’m. What do we consider to be competent? Well, that would be both parties have to be of legal age. They have to both have the mental capacity to be able to understand what they’re doing in order to move forward. They have to understand what the consequences are if they were to breach a contract and if they’re not competent, to understand all that, and then it would not be illegal competent element to the contract, so the legal age for the state of oklahoma in order to enter a valid contract would be 18. If this component is missing, then the contract is considered. There are three different types:there’s a valid contract, a void contract and a voidable contract contract, so I can kind of be a little confusing, but a valid just remember that if, at all that real estate agents, I need to understand that have allen contract has all legal elements that we just discussed, which would be offering acceptance, consideration, consent, legal purpose and competent parties of void. A contract that can be avoided wax one of those elements. So it could lack the legal purpose because lack of competent parties if one of these elements is missing the contract, is void and there’s no legal recourse that can be taken. It just means that it was never a legal contract and never doubt it was never a valid or legal contract from the very get-go.┬áTulsa Real Estate Agents

If one of those elements were gone, so someone who would be considered legally like insane that would affect the fifth element of competent parties. The tulsa real estate agents will then know that that contract is void, so the voidable contract pretty much. It appears to have all the legal elements that we discussed but cannot be enforced in court. However, to give you a better understanding of it, you know. Maybe somebody appeared to be insane at one point and now they’re not mentally ill. In anymore, they still have the ability to move forward with the contract or they can not move forward with the contract. If a contract with misrepresentation or someone was under the influence of drugs and alcohol, there was fraud involved in it would be considered. Voidable tulsa real estate agent should understand the difference between those three components so that they are knowledgeable and capable, as writing a valid contract, because all of those elements need to be involved. You need to know the difference between void and voidable and especially on the real estate exam, because those two terms are really confusing and tulsa real estate agents will see that when they sit down and take the exam that there’s a lot of story like questions on the exam, so they understand those terms be able to put them into a story scenario, because you will see a lot of stories. Scenarios on the exam itself, a contract that is enforceable by the courts, just means that the contract has all of the elements that we discussed to make it legal advice and also it’s apical to the statute of frauds the statute of frauds just requires that to enforce a contract that the contract has to be in writing. So that’s why chelsea real estate agents need to know? Don’t do a verbal offer? Do it in writing so that it can be enforceable. You can’t enforce anything that is done verbally and your brokers will always tell tessa real estate agents to do it and writing whether it’s through an email or on the contract. Some would say that text messaging is sufficient enough, but a lot of people will say no. That is not good enough. You need to do something in writing. Bird on paper or through email┬áTulsa Real Estate Agents