Contracts
In West Virginia, which of the following is a valid example of consideration in a real estate contract?
AA promise to pay $200,000 in exchange for a deed✓ Correct
BA promise to 'try to sell the property for a fair price'
CPast services already performed by the broker
DA gift of real estate with no exchange
Explanation
Consideration must be something of legal value exchanged between parties. A promise to pay a specific sum ($200,000) in exchange for a deed is valid consideration.
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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.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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