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Contracts Used in Real Estate

Contracts Chapter 5
Horizontales
A lease of land only, on which the tenant usually owns a building or is required to build as a specified in the lease
A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remendy.
A listing contract under which the real estate professional's compensation is contigent on the real estate professional producing is sold by the seller or another real estate professional
An agreement by which a landowner allows for the exploration and production of oil and gas on teh landowner's property in return for payment
A tenant's right to occupy real estate during the term of the lease, generally considered a personal property interest, although a long-term lease may be eligible for treatment as real property for financing purposes
The practice of one party canceling or terminating a contract, which has the effect of returning the parties to their original positions before the contract was made
The tenancy of a lesee who lawfully comes into possession of a landlord's real estate but who continues to occupy the premises improperly after the lease rights have expired
A periodic tenancy under which the tenant rents for one month at a time
Substituting a new obligation for an old one or substituting new parties to an existing obligation
An employment contract in which the broker is employed as the client's agent
A lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses
An installment sale contract where the buyer makes payments to the seller and receives the deed only after the buyer has paid the price in full
An agreement that gives a brokerage firm the exclusive right to market the seller's property and receive a commission during the term of the listing, regardless of who sells it
An estate that gives the lessee the right to possession until the estate is terminated by either party
Verticales
A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs
An agreement to keep opn for a set period an offer to sell or purchase property
A listing contract under which the owner appoints a real estate professional as their exclusive agent for a designated period of time to sell the specified property, on the owner's stated terms, for a commission
A written or oral contract between a landlord (the lessor) and a tenant (the lessee) that transfers the right to exclusive possession and use of the landlord's real property to the lessee for a specified period of tiem and for a stated consideration (rent)
A listing based on the net price the seller will recieve if the property is sold
The return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease
A lease, commonly used for commercial property, whose rental is based on the tenant's gross sales at the premises; it usually stipulates a base monthly rental plus a percentage of any gross aboce a certain amount
A payment by a tenant, held by the landlord during the lease term, and kept (wholly or partially) on default or on destruction of the premises by the tenant
A marketing organization composed of member of real estate professionals who agree to share their listing agreements with one another in the hope of procurring ready, willing, and able buyers for their properties more quickly than they could on their own