23. April 2013 · Comments Off on Types of Real Estate Contracts · Categories: Recent

The previous article dealt with some of the considerations and things you should know before signing a real estate contract. But you should be aware of the type of contact you are signing. Now these are the contracts in real estate.

Unilateral Contracts

This is a contract that involves one party mostly the seller. Once the seller approaches the buyer, he makes a promise to sell a property. However, it is in the buyer’s transgression and consent to buy the property. The buyer is not bound to by the property but does so only when he feels like and he has the right not to buy.

Bilateral

This is a contract that involves two or more parties. Both parties sign the contract. For example Zic apartment decides to sell a property to Aplha Company. Both parties make written and signed promises. It is until Alpha Company settles the full amount agreed in the contract that Zic apartments will grant full ownership of the property to Alpha Company.

Expressed

This is where both the buyer and the seller put their term in a written contact and proceed to sign them. In these contracts, it is the responsibility and the duty of the two parties to honor the conditions of each party once the contract has been signed.

Implied Contracts

These are the contracts that will never happen in serious real estate agreements, because they are never written. These contacts are verbal agreements that are made by people on the basis of their relationship, friendship, gifts and appreciation of other people. For example A seller or the owner of land might decide to offer some land to a friend or relative. The agreement may be that the receiver of the buyer should take the land after the next harvest.