The real estate contract is the most often used, yet little understood tool in the real estate business. Whether you are a rank beginner or seasoned expert, there is no excuse for not knowing and understanding the real estate contract. Real estate contracts are based on common law contract principles, so it is important that you understand the nuts and bolts of contract law. Offer, Counteroffer, and Acceptance. In most states there are standardized contracts used by real estate agents and attorneys. The contract is generally drafted in the form of an offer. The offer is usually signed by the buyer. … (2 comments)
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