Description
Real Estate Contracts
COURSE SYLLABUS
Course Description
This class will explore contracts and forms related to the Minnesota real estate transactions. Special emphasis will be placed on the contract issues that come up in day-to-day businesses so agents will be better equipped to serve buyers and sellers after instruction on what is contractually required.
After completing this course participants will be able to:
- Have a better understanding of what is required by law in real estate contracts;
- Examine various contracts, addendums, and agreements and review forms issues that create problems in real estate transactions;
- Learn to avoid contractual perils and pitfalls;
- Be better equipped to serve buyers and sellers in today’s complex real estate transactions
Welcome and Course Objectives
Lesson 1 Elements of a Binding Contract
- Bilateral versus unilateral
- Enforceability
- Essential elements
Assessment
Lesson 2 Elements of a Binding Contract cont.
- MN Plain Language statute
- Performance
- Discharge
- Breach
- Remedies
- Assignability
- When clients should seek legal advice
Assessment
Lesson 3 Representation Contracts and Facilitator Services Agreements
- Agency Relationships
Assessment
Lesson 4 Representation Contracts and Facilitator Services Agreements cont.
- Listing Contract
- Buyer Representation Contracts
- Facilitator Services Agreements: Buyer & Seller
Assessment
Lesson 5 Disclosure Issues
- Seller Disclosure in Residential Property
- Seller Disclosure Alternatives
- Other Seller Disclosure Requirements
Assessment
Lesson 6 Purchase Agreement
- Parties’ Names
- Property address
- Ernest money obligations
- Fixtures
- Personal Property
- Price
- Deeds
- Property taxes and assessments
- Linked Devices
- Possession
- Title and examination
- Mechanics Liens
- Definition of dimensions
- Risk of Loss
- Time is of the essence
- Entire Agreement
- Default
- FIRPTA
- Final acceptance
Assessment
Lesson 7 Counter Offers and Addenda
- Standard terms
- Signatures required on the purchase agreement
- Conventional
- FHA
- DVA
- Contract for Deed
Assessment
Lesson 8 Seller Contributions
- Closing Costs
Condominium Townhouse CIC Addendum
- Calculation of days
- Exempt properties
- Right to cancel provision
Contingency Addendum Sales of Buyer’s Property
- Mechanics of the contingency
Inspection Contingency
- Types of inspections
- Mechanics of the contingency
- Cancellation
- Material fact disclosure
As Is Addendum
- Seller disclosure alternatives with waiver
- Limitation of Seller Liability/legal advice
- Warranties
- Risk of loss
Cancellation of a Purchase Agreement
- Cancellation agreement signed by both parties
- Refusal to sign a cancellation
- Statutory cancellation
- Earnest money issues
One Time Showing Contract
- Secures compensation
- Specific buyer
Assessment
Lesson 9 Roundtable Discussions
Assessment
Final Assessment
Course instructors will be available by email or telephone between 9 am and 5 pm Eastern Standard Time. They will assist you with questions regarding course content.
If you have any questions, please call us at 1-800-727-7104 or send an email to info@onlinecit.com. Email responses will usually be returned promptly, but guaranteed within one business day.
Student policies and procedures are always available by going to our website and scrolling to the bottom of the page (See Attendance and Privacy Policy).
