6-year lawyer with experience in evaluating and drafting contracts, incorporation documents, and policies and procedures in various industries. Expanded to include estate planning last year. Real estate contracts signed electronically can be considered legally binding provided they meet the required contractual requirements. In recent decades, emails, and now the exchange of text messages between parties to real estate transactions, have become commonplace. Participants in such exchanges should be aware that a series of emails or text messages discussing and agreeing to the terms of a potential transaction comply with fraud law and doctrines of completeness and current intent sufficient to create binding contracts. Services Fecteau, 72 mass. app. ct. at pages 212-213 (the parties intended to be bound by fee dispute resolution emails if they had reached a clear and complete agreement, including essential conditions such as the amount of attorneys` fees, a time limit for acceptance, and unambiguous acceptance); Slover v.
Carpenter, 24 CRL 1, 4 (2016) (« Emails between the parties may create a binding contract in accordance with fraud law, provided the emails contain all essential terms »); Shattuck v. Klotzbach, 2016 WL 1460477, p. *8 (Regional Court, 14 April 2016) (« The text message is a written form that is read in the context of the exchange between the parties and contains sufficient conditions to establish a binding contract »); Feldberg v. Coxall, Nr. MICV201201649A, 2012 WL 3854947, bei * 6 (Mass.Super. 22. May 2012) (a series of emails between their lawyers regarding the sale of real estate was sufficient to comply with the Fraud Act); Shattuck v. Klotzbach, Nr. 011109A, 2001 WL 1839720, at *3-4 (Mass.Super.Dec.11, 2001) (emails exchanged between buyer and seller regarding specific contractual terms, including balance sheet date, purchase price, deposit amount and waiver of contingent liabilities held to satisfy fraud law). And according to the law on fraud, several writings relating to the same object of the agreement can be read together to form a contract, provided that the writings, if considered as a single instrument, contain all the essential conditions of the contract and are certified by the signature of the party to be charged.
Flynn v. Wallace, 359 Mass. 711, 717 (1971) (finding that an unsigned instrument accompanied by the minutes of the corporation`s meeting authorizing the sale of real property was sufficient to satisfy the Fraud Act); Waltham Truck Equip. Corp. v. Massachusetts Equip. Co., 7 Mass.App.Ct. 580, 583 (1979) (three documents together as being in accordance with the Fraud Act). Scripture can, but is not obligatory, incorporate each other by reference. Tzitzon Realty Co., Inc.
v. Mustonen, 352 Mass. 648, 653 (1967). There are several elements that make up a real estate contract: Do you have questions about real estate contracts and want to talk to an expert? Post a project on ContractsCounsel today and get quotes from real estate lawyers. It is important for real estate investors to understand the basics of contract law, as contracts are an integral part of the real estate market. George has been a lifelong resident of Houston. He graduated from St. Thomas High School and Texas A&M University.
He received his Juris Doctor from South Texas College of Law in 2007. He has experience in real estate, estate and estate planning, civil and commercial law, personnel, injuries, business, bankruptcy, general counsel on demand and litigation. He is active in the community and is past president of the St. Thomas Alumni Council, current board member of the Dads Club Aquatic Centre, current board member of the Dickinson Little Italy Festival in Galveston County, and past president of Briarmeadow Charter School. The date and time when the buyer and seller reached an agreement on the conditions of sale of a property. This date and time is the date on which the supplier`s last supplier or licensee received the notice of acceptance from the consignee. (While binding offers can be enforced by the courts, most mortgage lenders refuse to approve a loan unless a formal P&S is agreed upon and signed by both buyer and seller.) A real estate contract is based on common law principles. First of all, the contract is concluded in the form of an offer signed by the buyer. As long as the seller does not accept the offer, the contract is not binding. An acceptance means that the seller has accepted the exact terms stated in the offer. If the seller responds that they will accept the offer, but then adds an additional condition, the contract is not binding. It is then considered a counter-offer.
There must be a mutual agreement for a contract to work. Simply put, the real estate contract is a binding document that enters the equation once the seller of a property has decided to accept an offer from a potential buyer. Also known as the sales contract, it is the official set of rights and obligations shared between the two parties to a transaction and sets out expectations for behaviors and actions to be taken by the parties, including how long each action must be performed. As such, it is at the heart of every ongoing real estate transaction. Michael has extensive experience advising companies from start-ups to established listed companies. He has represented companies in various areas of IT consulting, software solutions, web design and development, financial services, SaaS, data storage and others. Areas of expertise include contract drafting and negotiation, terms of use, corporate structuring and financing, corporate and employee policies, general transaction matters, and license and regulatory compliance. His previous experience prior to entering private practice includes negotiating purchase agreements for a Fortune 500 healthcare company as well as compliance agreements for a publicly traded dental care manufacturer.