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These are declarations that show the willingness of parties to enter a contract. The offer must be clear, and the acceptance must be unequivocal for a binding contract to be formed.

Also known as 'meeting of the minds,' it refers to the parties achieving a common understanding in the formation of the contract.

This is the value, usually money, promised by one party to another in exchange for something. It is a necessary component of a contract to show that it is a serious, binding agreement.

Parties to a contract must have the legal capacity to enter into a contract, which generally means they are of sound mind, of legal age, and not impaired.

Contracts must have a legal purpose and not be for something illegal, like selling illegal drugs or engaging in fraud.

In a real estate contract, there must be a clear and precise description of the property being transferred.

Real estate contracts must be signed by the parties involved to be enforceable, typically under the Statute of Frauds.

Sellers are usually required to disclose any known defects with the property that could materially affect its value.

Conditions that must be met for the real estate contract to be fully enforceable, such as financing approval or a satisfactory home inspection.

The date on which the sale of the property is to be finalized and the title transferred.

A deposit made by the purchaser of real estate to evidence good faith. It is typically held in an escrow account.

Insurance that protects the buyer from losses due to defects in the title not listed in the title report or abstract.

Filing the deed or other conveyance instruments with a government office, typically the county recorder, following the closing.

A professional evaluation of the market value of the property, which is often a condition for obtaining a mortgage.

Evaluations of the physical condition of the property typically conducted by a professional home inspector.

A precise measurement of a property's boundaries and land area, usually performed by a professional surveyor.

The legal document that transfers property ownership from the seller to the buyer.

The details of the mortgage loan arrangement, which should be agreed upon before the real estate sale is finalized.

A licensed individual or firm that represents the buyer or seller in a real estate transaction, typically for a commission.