Have I Really Sold My House? Essential Elements that Most Real Estate Contracts Must Have to be Valid and Enforceable.
1. Competent Parties. Must be at least 2 legal parties to any contract.
2. Names and Signatures. All parties to the contract must acknowledge acceptance.
3. Consideration. Earnest Money or other valuable consideration.
4. Must Be In Writing.
5. Property Address.
6. Meeting of the Minds. An unqualified acceptance of the offer so that the seller clearly understands the terms of the buyer’s offer and the buyer clearly understands the performance required and the timing of the obligations.