Real Estate Contracts across the country are based on common law principles from 100′s of years ago. As these are the most used tool in the Real Estate Investor Tool Box is essential that you understand the basics of contract law: Offer, Counter Offer and Acceptance.
Standardized contracts are written up for the local real estate agents based on customs in that area as well as issues that have come up. The more issues that arise, the longer the standardized contract. Long or short, the basics are the same, the contract starts as a written offer that is accepted and signed by the other party and the contract is not binding until all parties accept the offer and/or the counter offers.
Some of the Topics to be Discussed at Thursday’s Meeting
· What it takes to be a legal and binding contract
· Who is bound by the contract
· What needs to be in the real estate contract
· The Assignability of a Contract
· Earnest Money, is it required
· Earnest Money, how can you keep it
· Does it need to be notarized
· What happens if it does not close
Your contracts can vary from a simple one page document to a document that is 30 to 40 pages as the local Kansas City Regional Association of Realtors contracts have reached in 2013. If you are buying a bank owned property you can tack on another 10 to 20 pages and if you are working on a commercial transaction that has the contract drafted by a local attorney, you could reach a document in the 100′s of pages. Large or small, the basic essentials of the contract will be all the same. Local Attorney David Nachman will be outlining these basics at the Northland MAREI Meeting on Thursday March 7th at the North Kansas City Community Center.
This meeting is to be held, Thursday March 7th at the North Kansas City Community Center. Local Attorney and Long Time MAREI member David Nachman (http://mareinet.com/
Where is this meeting to be held?
We are meeting at “The Center”, the North Kansas City Community Center, located at 1999 Iron Street, North Kansas city, MO 64116. The North Kansas City Community Center is conveniently located in the downtown area of North Kansas City. Take I-35 / Missouri 71 Highway to the Armour Road West exit. Go west on Armour Road to Iron Street. Turn south on Iron Street. The Community Center is located on your left. Parking is on the south side of the Center.
Who should attend?
Anyone and everyone who has an interest in Real Estate or Real Estate Investing or who offers products and services for the real estate investor.
What does this cost?
MAREI members who are Standard Investor Members or Business Members attend this event at no charge. Internet Members, that did not pay for meetings have the same charge as non-members. Non-Member Price is $25 at the door per person or $15 per person if you Pre-Register.
Note that Members may invite a first time attendee to one of our meetings as a guest at no charge. You can create your own guest coupon, email or text to invite your guest or have them attend with you.
For more Info
For more information and to register for the event, please visit www.MAREInet.com or give us a call at 913-815-0111 or email us at info@MAREInet.com.s