I am NOT an attorney, and I don't play one on T.V.
But I AM a licensed Real Estate Agent, Broker in the State of Oregon.
Real estate IS all about legal. Sure it's "location, location, location. But it's also "legal, legal, legal!"
It's the "LAW of Agency" . . . that governs who represents whom, for example.
When it comes to property, land, chattel, personal property, fixtures . . . ALL fall under:
Contracts have to MEET THE TEST: In order for a contract to be valid, there are specific "tests" which have to be met. They are 1) Consideration, 2) Mutual Agreement, 3) and a few other things -- and since I'm NOT an attorney I forget! I think "performance" is another one (a CLOSE DATE would be "performance" since the parties are agreeing on a specific TIME for events under the contract to take place.)
Contracts CAN BE VERBAL! And acceptance CAN BE ORAL. Not a good idea. So always get it in writing!
When you buy a cup of coffee, it's under CONTRACT! Consideration can be done with a POS (point of sale) transaction. I go in to my favorite coffee shop, and there are the "terms and conditions" -- it's called a MENU! In this type of situation, I have NO bargaining power. I either pay the $3.65 for a double-latte, choco-mocho, grande decaf no foam -- or I don't. The coffee shop is OFFERING their goods, I can either agree to purchase, or not. To form a valid contract there does not need to be negotiation. When I PAY the $3.65, that is the consideration. There is also mutual acceptance -- I'm agreeing to the price of a 6 oz coffee -- why? I haven't the foggest . . . but I pay! And performance takes place when I get my cup of coffee -- which is MORE then I would pay for a gallon of gas . . . sorry, call it my "VENTE".
If I don't get my cup of coffee, the coffee house breached the contract, and I would be entitled to 'remedies' -- either another cup of coffee without charge OR they refund my money.
Think you can handle the contract? Fine . . . list the home yourself.
Think you can write up your own offer? Fine . . . put pen to paper and remember . . .
Buying real estate IS NOT like buying a cup of coffee.
MISTAKES CAN BE MADE -- which is why I deliberately erred on my title. Would you be able to tell if a mistake was made on your contract? A seasoned, licensed Realtor(r) would!!
One final word about contracts: It's the "burden" of the person (entity) preparing the contract to write it containing language that benefits them.
That $3.65 cup of coffee was priced to BENEFIT the owners of the coffee shop . . . 'Nuff said!
Do yourself a favor: Find yourself a GOOD Realtor(r)! Someone who UNDERSTANDS the contract they will prepare in your behalf (whether selling OR buying -- a contract IS involved!)