Elements of a Valid Real Estate Contract in Georgia: chapter 6 unit 1

letter of intent

submitted by someone who wants to buy, sell, lease, develop, or invest, but wants to express intent without creating legal obligation. These letters outline the proposal and express mutual intent, but create no liability or obligation.

sales contract

the buyers documented offer to the seller to purchase the home

GAR F20 purchase and sales agreement

what is the most commonly used form in residential sales in Georgia?

statue of frauds

which of the following require the contracts for the sale of real estate be in writing?

B.) Contingencies

Binders create the framework for a contract but may lack specifics, such as ______. A.)Paragraphs B.)Contingencies C.)Sections D.)Agreement

A.)Recommend that the Arnolds review the sales contract with an attorney before signing it.

Reggie has thoroughly reviewed the purchase offer with his clients, the Arnolds, and has confirmed that they understand all of the terms and provisions. What should Reggie do next? A.)Recommend that the Arnolds review the sales contract with an attorney before signing it. B.)Ask the Arnolds if he can provide them with any legal advice about the contract. C.)Ask the Arnolds to complete a satisfaction survey and rate their experience with Reggie. D.)Make a copy of the contract and send it to the seller's agent.

B.) A written outline of the sales transaction

What is a binder? A.)A file that contains real estate sales contracts B.)A written outline of the sales transaction C.)A document that ties a real estate licensee to a D.)potential buyer E.)Another name for a sales contract

B.) It's a legally binding contract

Which of the following statements about a sales contract signed by both parties is true? A.)It consists of two pages: a brief description of the agreement and a signature page. B.)It's a legally binding contract. C.)It's the document buyers and their agents use to enter into a business relationship. D.)It can also be called the consumer notice.

binder

a written outline of the sales transaction—for a real property sale.