Offer
Proposal to buy/sell on terms.
Public flashcard set
Real Estate Contracts
Agreement essentials.
real-estate exam career
Flashcards
Acceptance
Unequivocal agreement to offer.
Consideration
Something of value exchanged.
Earnest money
Deposit showing buyer's good faith.
Contingency
Condition that must be met.
Inspection contingency
Right to inspect and possibly exit.
Financing contingency
Sale depends on loan approval.
Closing
Settlement when ownership transfers.
Escrow
Neutral third party holds funds/docs.
Amendment
Change to an existing contract.
Counteroffer
Rejects offer and proposes new terms.
Specific performance
Court order to complete contract.
Time is of the essence
Deadlines strictly enforced.
Option contract
Right to buy within period for fee.