MAREI Northland Meeting for March
MAREI Announces “Their Kansas City North Real Estate Investor Meeting for March
This month the Kansas City North Real Estate Professionals will be discussing Real EstateContracts
Kansas City, February 25th, 2013: Mid-America Association of Real Estate Investors isholding their March Northland Meeting on Thursday March 7th offering Networking & Education &Vendors. Topic of the night is the Nuts and Bolts of Real Estate Contracts with David Nachman.
Content:Real Estate Contracts
Real Estate Contracts are the most used and the least understood real estate tool for the real estateprofessional. Beginner or Seasoned Expert, there is no excuse for not knowing and understanding thebasics of Contract Law.
Real Estate Contracts across the country are based on common law principles from 100′s of years ago.
As these are the most used tool in the Real Estate Investor Tool Box is essential that you understand thebasics of contract law: Offer, Counter Offer and Acceptance.Standardized contracts are written up for the local real estate agents based on customs in that area aswell as issues that have come up. The more issues that arise, the longer the standardized contract.Long or short, the basics are the same, the contract starts as a written offer that is accepted and signedby the other party and the contract is not binding until all parties accept the offer and/or the counteroffers.
Some of the Topics to be Discussed at Thursday’
What it takes to be a legal and binding contract
Who is bound by the contract
What needs to be in the real estate contract
The Assignability of a Contract
Earnest Money, is it required
Earnest Money, how can you keep it
Does it need to be notarized
What happens if it does not close
Your contracts can vary from a simple one page document to a document that is 30 to 40 pages as thelocal Kansas City Regional Association of Realtors contracts have reached in 2013. If you are buying abank owned property you can tack on another 10 to 20 pages and if you are working on a commercial
transaction that has the contract drafted by a local attorney, you could reach a document in the 100′s of
pages. Large or small, the basic essentials of the contract will be all the same. Local Attorney David