This form is a Contract for the Sale and Purchase of Commercial Real Estate. The form requires information such as: property condition, earnest money, taxes pro ration and utilities. The form provides that the seller has agreed to sell and the buyer will purchase the property described in the form. This contract also contains a contingency for purchase based upon the sale of another property owned by the buyer.
Kentucky Contract for the Sale and Purchase of Real Estate - No Broker - Commercial Lot or Land
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Multi-State
Control #:
US-00472C
Format:
Word;
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How to fill out Contract For The Sale And Purchase Of Real Estate - No Broker - Commercial Lot Or Land?
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FAQ
The contract must be signed by all involved parties. A contract must be signed by both parties involved in the purchase and sale of a property to be legally enforceable. All parties signing must be of legal age and must enter into the contract voluntarily, not by force, to be enforceable.
Required Elements of a Real Estate Contract To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
Put simply: You can't evict the buyer under a land contract. The Kentucky Supreme Court has ruled that a default on a land contract must be treated like a default on a mortgage debt. In other words, the owner must file a foreclosure action and the property will be sold at a judicial auction.
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, element of consideration can be satisfied by a valid substitute.
Every real estate contract meets four requirements to be valid:A valid home purchase agreement must be in writing.The contract must contain an offer and an acceptance.The purpose of the agreement must be legal.There must be an exchange of things of value (usually, it's money for property)
To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
There are four essential elements of a valid contract: capable parties; 2022 mutual consent; 2022 legal object; and 2022 consideration.
The 5 elements of a legally binding contract are made up of:An offer.Acceptance,Consideration.Mutuality of obligation.Competency and capacity.
The contract must include consideration. Consideration is anything of legal value that is offered in exchange by one party for something of value from another party. Common forms of consideration include money, property in exchange, or a promise to perform. Without consideration, a contract is not legally enforceable.