6 Essential Elements That Most Real Estate Contracts Must Have To Be Valid And Enforceable

1. Competent parties — must be at least 2 parties to any contract

2. Names and signatures of all parties to the contract

3. Consideration — such as a promise to pay money

4. Must be in writing — except for leases of one year or less

5. Address of property

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.

*In most instances, the parties involved in a real estate transaction would be best advised to seek the services of an experienced real estate attorney to review an agreement to purchase.

For more information about the housing market and to find a home that’s affordable for you, contact the UtahHomeLink Team at 1-800-589-3470