Contracts Related to Real Estate Transactions
Real estate contacts fall under the same body of law that governs all contracts. The intent of the parties controls the interpretation. There are usually mutual promises given in consideration of each other, and each party is both a promisor and a promisee. There are express and implied contracts. Real estate contracts usually must be in writing, and if the agreement by its terms is not to be performed within one year from the date it is made, it definitely must be in writing. Fraud and mistake can vitiate a contract.