Contracts
Consideration in a Missouri real estate contract can consist of:
AOnly money
BMoney, property, services, or a promise to act or refrain from acting✓ Correct
COnly promises
DOnly real property
Explanation
Consideration is anything of legal value exchanged between parties. In real estate, this is typically the purchase price (money), but can include property, services, or binding promises.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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