OL 301 4-3 Short Paper

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Southern New Hampshire University *

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301

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Business

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Feb 20, 2024

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Uploaded by BrigadierIronShark6493

Sabrina Goodridge OL 301 4-3 Short Paper February 3, 2024 Sales Contracts The main elements of a sales contract are that the parties must be of the legal age of 18 or older and deemed legally competent to sign. The contract must hold a legal purpose and must be legal and have clear and specific considerations to the agreement. It also must hold mutual consent between the parties. The sales contracts also list the buyers and seller’s names but only list the buyer’s personal information like phone numbers. It also lists the property address that is being sold to the buyer by the seller and the purchase price, deposit, closing date and the firm or real estate company name. This contract will also list the seller’s and buyer’s representatives and information consisting of the title/closing company names, buyer’s lender, agency, and agency commissions. The seller’s asset management commission, the seller’s listing agency and agency commissions. The three sections on the sales contract that correlate to the material in my textbook is the addendums section which is the section that discloses any provisions or conflicts of the property at the time of the sell that is known by the seller, and it is signed by both the seller and the buyer. The acceptance of offer is another section that correlates to the material in my textbook is where the seller accepts the offer that was given by the buyer to purchase the property. The last section that correlates to my textbook is the brokerage/agency disclosure to the buyer is where the agreement is signed between the buyer and the brokerage/agent, and the seller.

The language that is used in the sales contract is a very professional language in terms to what is needed by both parties. I would say it is readily understandable and if something isn’t understood can be clarified to the buyer or seller through the brokerage/agent. The parts of the contract that stand out the most to me are the signatures of both parties and the personal information of the seller and name of the buyer. No, there wasn’t anything in the contract that I didn’t expect or didn’t understand. No, I didn’t see or know of anything that was missing from the contract. If I was given this contract in plans of purchasing the property, I think the first question I would ask my agent Is when was the last time the roof of the property was done? The reason why I would ask this question is because this will give me an idea of when the last time the roof was updated and when I might need to replace it. So, if they say it was last replaced 5 years ago. I know that the roof still has about 20 or 30 more years left before I need to replace it again.

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