Contracts
Which of the following is NOT an essential element of a valid real estate contract?
AOffer and acceptance
BConsideration
CNotarized signatures✓ Correct
DLegal capacity of parties
Explanation
Notarized signatures are not required for a valid contract (though they may be required for recording a deed). The essential elements are offer, acceptance, consideration, and legal capacity.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA 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.
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