A legal
real estate contract has 5 necessary
parts:
1. Competent parties- This is usually
defined as "being of legal age and sound mind." In
Mexico another factor comes into play--language.
A person who doesn't understand Spanish,
the legal language of the country, no
matter how mature or intelligent, is
not competent in any practical sense.
Therefore, the contract must be translated
into English.
2. Lawful Objective- This means that contracts
can be voided if it is discovered that
the intent has been to set up a drug business,
a house of prostitution, or some other
illegal operation. If one doesn't own a
property, it can't be lawful to try to
sell it.
3. Offer and Acceptance- This means that
a contract must be signed by both parties.
It must also have a date when it takes
effect and must specify the place where
it is signed.
4. Legal Description- Legal descriptions
can take several different forms--metes
and bounds, lot and block, government survey--but
the key is that the property must be readily
identifiable.
5. Consideration- Consideration accompanies
a contract as an evidence of good faith.
It usually means money, although it can
take the form of a promissory note, another
piece of property, an item of value like
a car or boat, or even such an intangible
as "love and affection."
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