Contracts
Which of the following is an essential element of a valid Vermont real estate contract?
AA notarized signature
BConsideration✓ Correct
CWitness signatures from two adults
DCommission disclosure clause
Explanation
Consideration (something of value exchanged) is an essential element of a valid contract. In real estate contracts, consideration typically consists of the purchase price and the promise to convey the property.
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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.
Math Concepts
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