Are you looking for your next investment property? Or maybe you are a new home buyer? What if you want to sell your property?
Do you know what components must be present, for a real estate contract to be considered valid?
Here they are:
-
The contract being created must be for a legal act ( an illegal act addressed in the contract will render the contract invalid)
-
Both parties must be competent when the contract is created ( of sound mind and not being manipulated into signing it)
-
The contract must include an agreement (an offer and acceptance)
-
The contract needs to have a form of consideration (assets, property, money or any other item that exchanges hands during sale)
-
The contract must include consent- both parties need to have consented to the contract willingly and be of sound mind.
Real estate contracts can be ruled invalid in court if any of the above components are missing from a contract.
Engaging legal advice is advised when drafting contracts, to ensure that your time is not wasted when trying to buy or sell property.
You can upload all documents relating to the tenancies of your investment properties onto the RealRenta platform, to ensure ease of access for both you and your tenants.
Use RealRenta for Free for up 2 months and you will never hand over your investment income to a property manager ever again.
