IA 3.0 hours Contracts and Leasing Course Syllabus
3.0 Elective Hours
Contracts can be said to be the basis for most real estate transactions. Since the transfer and lease of real property usually must be done in writing, according to the Statute of Frauds, a written contract often forms the structure of most real estate transactions. Parties to the transaction and also the closing agent use this contract as a "gauge" for the performance of the parties. In addition, should there be a dispute of any type between the parties, the contact is often the instrument used in a court of law to determine if justice has been served.
If either the buyer or the seller provides material misinformation by omission or commission, it can lead to a voidable contract by the injured party. For a party to void an agreement due to misleading statements, it must be material information. This is information that leads one to say "had I known the truth I would not have entered the contract." If an injured party can prove this is so, the contract may be voidable. Concealment is hiding detrimental information from the other part.
After completing this course, the real estate professional will have a clear understanding of the different components of a valid contract.