lesson four contracts. to know the difference between a general power of attorney and a special...
TRANSCRIPT
Lesson Four Contracts
To know the difference between a general power of attorney and a special power of attorney.
Explain how option contracts may be discharged.
Describe the different types of contracts used in the real estate business.
Be familiar with good faith deposits and liquidated damages deposits.
Learning Objectives
Power of Attorney
General PowerSpecial Power
Other Contract Terms
Option Contracts
Option MoneyOptionor/Optionee“Exercising the Option”Optionor makes a promise
Optionor Makes Promise
10 Acres
Right of First Refusal
Contingency
Uniform Vendor and Purchase Risk Act
Risk of Loss remains with seller until title is passed
Handwritten Provisions
“As Is”
Must Tell if There is a Known Vice
Deposits
Good Faith and IntentDo Not Make the Contract
BindingNot Required
Types of DepositsEarnest Money Deposit
(Good Faith)Earnest Money
(Liquidated Damages)
Earnest Money Deposit $5,000
Earnest Money $5,000