In order for a real estate contract to be valid (in Maryland and the District of Columbia) it must be in writing. Verbal agreements have no weight. One party lays out the potential terms of the contract and the other party indicates agreement by signing. It must be signed by both parties to be valid.
In real estate, there are certain pieces to the puzzle that are required to be included in the contract.
- The first item has been mentioned, a valid contract must include offer and acceptance. One party offers to enter a legal agreement for the transfer of real property and the other party indicates acceptance of the terms of the offer.
- The second item necessary in a valid contract is consideration. In the sale of real property, one party offers real estate as consideration and the other party offers what they are willing to pay to acquire the real estate as consideration.
- The third thing necessary is called volume. One word that simply means that read more
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