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4-3 Short Paper: Sales Contracts – Submit Files
Hide Submission Folder InformationSubmission Folder4-3 Short Paper: Sales ContractsInstructions
Locate a copy of a real estate sales contract (a local real estate agency would have one you could use, and there is also a
sample contract
in the Resources). In a short paper, list the main elements and then analyze three sections that correlate to material in your textbook covering contracts. What language is used? What stands out to you? Include the answers to these questions in your paper.
For additional details, refer to the
Short Paper/Case Study Rubric
document.
Hide Rubrics
Rubric Name: OL 301: Short Paper/Case Study Analysis Rubric
Critical ElementsExemplaryProficientNeeds ImprovementNot EvidentMain Elements25 points
Includes all of the main elements and requirements and cites multiple examples to illustrate each element
21.25 points
Includes most of the main elements and requirements and cites many examples to illustrate each element
13.75 points
Includes some of the main elements and requirements
0 points
Does not include any of the main elements and requirements
Inquiry and Analysis20 points
Provides in-depth analysis that demonstrates complete understanding of multiple concepts
17 points
Provides in-depth analysis that demonstrates complete understanding of some concepts
11 points
Provides in-depth analysis that demonstrates complete understanding of minimal concepts
0 points
Does not provide in-depth analysis
Integration and Application10 points
All of the course concepts are correctly applied
8.5 points
Most of the course concepts are correctly applied
5.5 points
Some of the course concepts are correctly applied
0 points
Does not correctly apply any of the course concepts
Critical Thinking20 points
Draws insightful conclusions that are thoroughly defended with evidence and examples
17 points
Draws informed conclusions that are justified with evidence
11 points
Draws logical conclusions, but does not defend with evidence
0 points
Does not draw logical conclusions
Research15 points
Incorporates many scholarly resources effectively that reflect depth and breadth of research
12.75 points
Incorporates some scholarly resources effectively that reflect depth and breadth of research
8.25 points
Incorporates very few scholarly resources that reflect depth and breadth of research
0 points
Does not incorporate scholarly resources that reflect depth and breadth of research
Writing(Mechanics/Citations)10 points
No errors related to organization, grammar and style, and citations
8.5 points
Minor errors related to organization, grammar and style, and citations
5.5 points
Some errors related to organization, grammar and style, and citations
0 points
Major errors related to organization, grammar and style, and citation
Overall ScoreExemplary
86 or moreProficient
56 or moreNeeds Improvement
1 or moreNot Evident
0 or more
Instructors should not modify this row (it will automate from the scores above). This score represents the average evaluation across all rubric criteria.
Instructors should not modify this row (it will automate from the scores above). This score represents the average evaluation across all rubric criteria.
Instructors should not modify this row (it will automate from the scores above). This score represents the average evaluation across all rubric criteria.
Instructors should not modify this row (it will automate from the scores above). This score represents the average evaluation across all rubric criteria.
I attached a sample paper need this asap
Running Head: Sales Contract 2
Sales Contracts
Southern New Hampshire University
Real estate sales contracts are legal binding agreements between the buyer and seller. These contracts generally highlight each individual(s) legal rights, responsibilities, and general provisions pertaining to the parties involved. Sales contracts are considered to cover an offer to purchase, a contract of purchase and sell, a purchase agreement, an earnest money agreement, or a deposit receipt. These documents can differ from one another depending on the state in which the transaction is coordinated, however most states generally follow similar protocols.
The language that is used in these agreements is often straight forward and easy to comprehend. While it may contain many legal and extensive terms and conditions, they are often expressed similar to Laymen’s terms. These contracts are organized formally and generally cover each sub-section and/or element of real estate transactions. There are various sections that make up a sales contract that include, but are not limited to: property description, pricing, method of payments and down payments, eminent domain, title search and supporting documentations, contingencies, prior transfer of warranties (along with dates and signatures of parties involved). Eventually, it is mandatory for these agreements to be reviewed and eventually accepted by all parties involved in order to pursue the transaction of the sale.
Real estate sales contracts are made up of the real estate offering (purchase price). “If the buyer submits an offer to purchase a given home, as long as the offer is not accepted by the seller, the buyer can revoke the offer in writing and be freed from obligation under the purchase agreement. If the home buyer makes an offer and the seller responds with different terms than the offer (called a counter offer), there is no contract because the parties have not agreed to the same terms. Until the parties have agreed upon the same terms of the desired purchase and sale in writing, no legal and binding contract exists.” (Real Estate Law, 2017)
Contingencies are also an important aspect of a sales contract. A contingency is a clause within the contract that allows the parties the right to back out of a contract under certain circumstances that must be negotiated between both the buyer and seller. “Contingencies can include details such as the timeframe (e.g. The buyer has 14 days to inspect the property) and specific terms (e.g. The buyer has 21 days to secure a 30-year conventional loan for 80% of the purchase price at an interest rate no higher than 4.5%). Any contingency clause should be clearly stated so that all parties understand the terms.” (Folger, 2017)
Addendums and amendments are also crucial factors of a sales contract. This section states that both parties can revise or modify sections of the sales contract. In order for an amendment to be valid, all parties must separately sign or initial the amendment prior to the time the official contract is signed. In other words, an addendum “is an agreed-upon addition signed by all parties to the original contract. It details the specific terms, clauses, sections and definitions to be changed in the original contract but otherwise leaves it in full force and effect.” (Hirby, 2016)
References
PURCHASE AGREEMENT FOR REAL ESTATE – RealtyBid. (n.d.). Retrieved June 9, 2017 from
https://www.realtybid.com/subdata/SampleContract
Folger, J. (2017, March 03). Contingency Clauses In Home Purchase Contracts. Retrieved June 10, 2017, from
http://www.investopedia.com/articles/personal-finance/102913/contingency-clauses-home-purchase-contracts.asp?lgl=myfinance-layout-no-ads
Writing a Contract Addendum. (n.d.). Retrieved June 10, 2017, from
