Valid, Void & Voidable Contracts. Real Estate

REIT

A Real Estate Investment Trust. Is a big mutual fund for real estate investment. It is governed by the Securities Law

Void Contract

Lacks one or more of the five essential elements and is therefor not enforceable/binding

Valid Contract

One that has all the essential elements plus any additional, special details necessary to the contract and are enforcable

Purchase Price

Tells us the market value (aka what someone is willing to pay)

Voidable Contracts

a contract that appears valid on its face, meaning that it appears to have all 5 of the essential elements but that is subject to rescission by one of its parties (ex. signing a contract under duress or signed by a minor)

Mechanics lien

lien placed by contractors, sub contractors, or material vendors on a property where they preformed work but were not paid