Nearly every business transaction is based on a contract. The key to every contract is the promise. In real estate contract, the seller promises to convey title and the buyer promises to pay. Contract promises are enforceable by law.
To draft a legal document for others is considered practicing law. Real estate brokers and sales associates may not prepare deeds, mortgages, promissory notes or other legal documents. Licensees who prepare such instruments could loose their license, regardless of whether they receive compensation.
Real estate licensees are allowed to assist buyers and sellers with the drawing of four types of Real Estate Contracts;
-Listing agreement
-Buyer brokerage agreement
-Sale and purchase contract
-Option contract
This information is courtesy of Captain Wayne Rowlett and Rowlett Real Estate School www.rowlettrealestateschool.com
Rowlett Real Estate provides traditional classroom training in Panama City, Florida and in Destin Florida.
Feel free to visit our classroom schedule at http://www.rowlettrealestateschool.com/fl-schedule.htm
Rowlett Real Estate School is a full service Florida real estate school with online real estate courses in most every state at
http://www.rowlettcareerschool.com/
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