Real Estate -Contracts (Massachusetts)

Real Estate -Contracts (Massachusetts) 1. Assignment of Contract ️Allows a party to transfer their rights to another party. The original party is the assignor, and the new party is the assignee. 2. Breach of Contract ️Occurs when one party fails to fulfill their obligations, giving the innocent party certain rights. 3. Rescission ️Agreement by both parties to terminate the contract. 4. Specific Performance ️Court-ordered fulfillment of a promise or obligation under a contract. 5. Damages ️Monetary compensation sought by the aggrieved party for losses caused by a breach of contract. 6. Forfeiture ️When a breaching party gives up part of the contract or a payment. 7. Principal ️The main parties in a contract, such as the seller/vendor, buyer/vendee, landlord, or tenant. 8. Special Agent ️An agent, such as a broker or property manager, who works for a specific client. 9. Subagent ️An agent, like a salesperson or co-broker, appointed by another agent. 10. Escrow (P&S) ️When a broker holds funds safely until a contract's conditions are met. 11. Mortgage Contingency Clause ️A contract condition where a buyer secures financing in good faith. 12. Option ️A contract granting the right to buy property within a specified time, often used by developers for land control. 13. Optioner ️The property owner granting the option (enforceable even if the optionor dies). 14. Optionee ️The potential buyer or lessee in an option contract. 15. Consideration ️Something of value exchanged in a contract, like cash, property, or a promise. 16. Advantage ️In an option contract, the benefit goes to the optionee. 17. Right of First Refusal ️Gives an owner the right to decide first on selling property, sometimes more advantageous than an option. 18. Lease Option ️A contract allowing a lease with the option to buy. 19. Open Listing/Open Agency ️A listing with multiple brokers, where any broker can earn a commission. 20. Exclusive Agency ️An agreement with one agency that can earn a commission, but the seller can still find a buyer without paying commission if no help is needed. 21. Exclusive Right to Sell/Represent ️An agency earns a commission regardless of who finds the buyer, must be in writing. 22. Express ️Clearly stated in words. 23. Implied ️Understood or inferred from the actions or circumstances. 24. Apparent ️Occurs when a situation gives the appearance of authority or represent