The benefit, interest or value that induces a promise, and the glue that binds a contract, is known as Consideration
The buyer will offer an earnest money deposit (this is the buyer's consideration). The seller will agree to sell the home to the buyer (seller's consideration). ... Consideration is held by a third party (usually) escrow or an attorney. Earnest Money Deposit is due at contract signing.
No. | Subject |
---|---|
260 | Real Estate Law 38 |
259 | TEST 25 |
258 | Real Estate Practice - 12 (Understanding-Answers) |
257 | Real Estate Law 104 |
256 | quiet title |
255 | Law 2 |
254 | Passive fraud |
253 | Earnest Money |
252 | Chapter 8 Quiz |
251 | TEST 21 |
250 | easement in gross |
249 | $599,850 2 Beds · 2 Baths · 1,110 Sq. Ft. 6600 Warner Ave #63, Huntington Beach, CA 92647 |
248 | Real Estate Law 87 |
247 | Real Estate Law 90 |
» | Consideration |
245 | Real Estate License Laws and the Real Estate Commission |
244 | Real Estate Law 1 |
243 | discriminate |
242 | TEST 4 - Correction |
241 | Real Estate Law 83 |