Purchase Contract — Elements of a Valid Contract
For a real estate contract to be legally binding, it must have:
COLIC — Essential elements:
C — Competent parties (legal age, sound mind)
O — Offer and acceptance (meeting of the minds)
L — Legal purpose (not for illegal activity)
I — In writing (Statute of Frauds requires real estate contracts in writing)
C — Consideration (something of value exchanged)
Contingencies — conditions that must be met:
Financing contingency — buyer must obtain a mortgage
Inspection contingency — property must pass inspection
Appraisal contingency — property must appraise at or above purchase price
Sale contingency — buyer must sell existing home first
Earnest money: Good-faith deposit held in escrow. If buyer defaults without cause, seller may keep it. If seller defaults, buyer gets it back (often doubled).
Time is of the essence: Deadlines in real estate contracts are binding. Missing them can void the contract.
Reference:
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