When is a contract legally binding? Typically, a document that includes an offer, acceptance, and appropriate consideration will be considered legally binding. In most cases, a contract is binding in Arizona even if the parties signed it in another state.
“Under contract” refers to the initial stage in the selling process where the homeowner has accepted an offer from a buyer. At this point, both parties still need to meet outstanding conditions. If you're looking to buy, making an offer for a property that's under contract still makes sense.
The term “under contract” means a buyer and seller have agreed to a home sale in writing. However, the deal isn't final yet, and you might still have a chance to submit an offer on the house. Here's what to know about signing on the dotted line.
While Arizona law provides flexibility in terminating listing agreements, there are circumstances where a seller may not be able to cancel their agreement freely. This usually happens when the real estate broker or agent has already performed substantial work under the terms of the agreement.
Every week, I answer questions from buyers and sellers, and pretty much everyone in between, regarding real estate. So, this week's question is: If our house is already under contract but the sale hasn't closed, can we still show the house to prospective buyers? Well, yes, you can but it's not advisable.
Ing to Boundy (2012), typically, a written contract will include: Date of agreement. Names of parties to the agreement. Preliminary clauses. Defined terms. Main contract clauses. Schedules/appendices and signature provisions (para. 5).
To be legally enforceable, an agreement must contain all of the following criteria: An offer and acceptance; Certainty of terms; Consideration; An intention to create legal relations; Capacity of the parties; and, Legality of purpose.
Write the contract in six steps Start with a contract template. Open with the basic information. Describe in detail what you have agreed to. Include a description of how the contract will be ended. Write into the contract which laws apply and how disputes will be resolved. Include space for signatures.
How to draft a contract in 13 simple steps Start with a contract template. Understand the purpose and requirements. Identify all parties involved. Outline key terms and conditions. Define deliverables and milestones. Establish payment terms. Add termination conditions. Incorporate dispute resolution.
Writing your own contracts is perfectly possible, and legal. But it's also an incredibly bad idea. There's two reasons for this: Property law is complicated. Because it's such a fundamental part of legislation, it's often lots and lots of different laws layered on top of each other.