Illinois Real Estate Continuing Education Courses - ILLINOIS School License: 562.000257
IL 3.0 hours Core B: Legal Studies - Risk Management Tools - Course Syllabus
3.0 Core B Hours
This course focuses on the most commonly made mistakes in real estate transactions. Special emphasis is placed on real estate contracts.
Contracts involving the sale or transfer of real property in most states fall under the Statute of Frauds law and must be in writing. Contracts not in writing are not enforceable. A "statute of frauds" requires that certain types of contracts be in writing and that they must be signed/acknowledged by all the parties that will be bound to the contract. Historically, especially when real estate was conducted with a handshake, the opportunities to commit acts of fraud were abundant.
There are some basic reasons why all real estate contracts should fall under this statute. The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements in writing is essential. Also, there may be many contingencies in the contract which have deadlines for completion. If these deadlines are not met, there can be serious consequences for either party. Again, having these agreements is writing provides clarification for all the parties.
Should there be any dispute between the parties in a contract, the issue may require arbitration or intervention through the courts. Should this arise, an arbitrator or judge could obtain a clearer understanding of the intentions and promises between the parties by reviewing a written contract stating the specific agreements.