Real estate law Chapter7Overview-1

Real estate law Chapter7Overview-1 - MANAGEMENT 4803 LEGAL...

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MANAGEMENT 4803 LEGAL ASPECTS OF REAL ESTATE COLLEGE OF MANAGEMENT GEORGIA INSTITUTE OF TECHNOLOGY PROFESSOR LUCIEN J. DHOOGE OVERVIEW OF CHAPTER 7 Chapter 7 is primarily concerned with four topics. These topics are legal requirements of the real estate contract, recommended provisions for inclusion in the real estate contract, contractual remedies and contract avoidance. There are four terms that must be included in every real estate sales contract. Initially, the contract must disclose the names of the seller and purchaser. Secondly, the contract must contain a description of the real property that is the subject matter of the contract. The contract should also set forth the consideration to be given by the purchaser to the seller. Finally, the contract must contain the signatures of the seller and purchaser. There are several additional terms that should be included in all real estate sales contracts. The contract should require the seller to provide the purchaser with marketable title. Marketable title is defined as the formal right to ownership of real property free from reasonable doubt at the time of the closing of the sales transaction. The contract should also provide for the payment of an earnest money deposit by the purchaser to the seller. An earnest money
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This note was uploaded on 01/25/2011 for the course MGT 4803 taught by Professor Staff during the Fall '08 term at Georgia Institute of Technology.

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Real estate law Chapter7Overview-1 - MANAGEMENT 4803 LEGAL...

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