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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.

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.

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

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

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

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

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

The holding of funds or documents by a neutral third party prior to closing.

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

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.

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

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

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

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

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

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

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.

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