Valid Real Estate Contract
A number of criteria must be satisfied in order for a real estate contract to be considered valid. If a contract does not meet all of the following criteria, it may not be enforced in the state of Massachusetts.
There must be...
A Valid Offer - An offer is an invitation to perform a contract. In order for an offer to be valid it must be seriously intended and contain reasonibly definite and complete terms. These terms must clearly identify the property, disclose the purchase price and closing date, and also specify when and where the contract will be carried out.
A Valid Acceptance - An acceptance is the offeree's (person receiving the offer) agreement to the terms of a contract. In order for the acceptance to be valid, the terms of the offer must be completely agreed upon. If there is any deviation from the terms of the offer, it will be considered a counter-offer, thus resulting in a rejection of the offer. The offer must also be accepted as a result of the party's own free will; it can't be the result of any duress, undue influence, misrepresentation, or mutual mistake.
Consideration - Consideration is the exchange of legal detriments. The buyer's legal detriment will be to pay the money, while the seller's legal detriment will be to accept the offer, deliver the property and its deed.
Competant Parties - Each party involved in the contract must be considered competant. They may not be a minor, or have any sort of mental defect, whether permanent or temporary. If either party is not competant, the contract is voidable.
Legal Purpose - If the purpose of the contract is not legal, it will not be enforced as a valid contract. There can be no violations of law intertwined in the contract. The contract also may not be a fraudulent conveyance.
A Written and Signed Contract - The contract must be written and signed by all of the parties that are involved in the contract. A real estate contract may not be oral or implied in the state of Massachusetts.
Disclaimer: The information found on this site is not, and should not be considered, professional legal advice.
Always consult a professional before taking any sort of legal action.