Real estate -contracts
(Massachusetts)
Assignment of contract - answer a party may transfer his/her rights to another party. Old
= assignor. New = assignee
Breach of Contract - answer default gives the innocent (injured) certain rights
rescission - answer both agree to terminate
specific performance - answer forced by court to fulfill promise
damages - answer aggrieved party seeks measurable amounts of damages
forfeiture - answerbreaching party gives up part of the contact to be paid
principal - answerSeller/vendor, client, buyer, vendee, landlord, tenant
special agent - answerbroker, property manager, works for client
subagent - answersalesperson, co-broker
escrow (P&S) - answerbroker is responsible for the safety of the money
mortgage contigency clause - answercontract is conditional while Buyer uses good faith
to secure financing
the option - answerwritten contract by owner in exchange for consideration gives
another party the right to purchase property within a certain time.
ex. developer to gain control of parcels of land while finding finance.
optioner - answerowner who gives right (Enforceable if optionor dies)
Optionee - answerpotential buyer. (could be lease option
consideration - answernote, cash, or property.
advantage - answerin an option contract goes to optionee
right of first refusal - answermay benefit an owner more than an option because owner
can decide when and if to sell
(Massachusetts)
Assignment of contract - answer a party may transfer his/her rights to another party. Old
= assignor. New = assignee
Breach of Contract - answer default gives the innocent (injured) certain rights
rescission - answer both agree to terminate
specific performance - answer forced by court to fulfill promise
damages - answer aggrieved party seeks measurable amounts of damages
forfeiture - answerbreaching party gives up part of the contact to be paid
principal - answerSeller/vendor, client, buyer, vendee, landlord, tenant
special agent - answerbroker, property manager, works for client
subagent - answersalesperson, co-broker
escrow (P&S) - answerbroker is responsible for the safety of the money
mortgage contigency clause - answercontract is conditional while Buyer uses good faith
to secure financing
the option - answerwritten contract by owner in exchange for consideration gives
another party the right to purchase property within a certain time.
ex. developer to gain control of parcels of land while finding finance.
optioner - answerowner who gives right (Enforceable if optionor dies)
Optionee - answerpotential buyer. (could be lease option
consideration - answernote, cash, or property.
advantage - answerin an option contract goes to optionee
right of first refusal - answermay benefit an owner more than an option because owner
can decide when and if to sell
