56. What Is True about the Consideration in a Valid Real Estate Sales Contract

In short, the buyer`s failure to deposit the money as agreed does not invalidate a real estate contract. Instead, a seller must take positive steps to take corrective action for that omission. In general, a promise is a sufficient consideration for a counter-promise. In the case of a real estate contract, the counterparty that establishes a valid contract is the buyer`s promise of payment. For this reason, there is no legal obligation that there be a serious deposit or cash deposit. The parties form a binding contract in Texas if the following are present: (5) Performance and delivery of the contract with the intention that it be mutually binding and binding. 5. EARNEST MONEY: Within 3 days of the effective date, Buyer must provide $_ If Buyer fails to deliver the compensatory claim within the required period, Seller may terminate this Agreement or exercise Seller`s remedies in accordance with paragraph 15 or both by notifying Buyer before Buyer delivers real money. In particular, both forms indicate that the serious deposit must be made within 3 days of the date of entry into force of the contract. The effective date of the TREC housing contract is the date on which a party was last performed (see page 8 of 10).

Similarly, the prescribed effective date of the TXR Commercial Agreement is « the date on which the trustee receives this Agreement after all parties have signed this Agreement. » In other words, the payment of the deposit is not a prerequisite for the conclusion of a binding contract. The « Meeting of spirits » describes mutual understanding and agreement to agreement on the object and essential terms of the contract. Weynand vs. Weynand, 990 S.W.2d 843, 846 (Tex.App.-Dallas 1999, animal declined). Mutual agreement with regard to the material and essential conditions is a prerequisite for the conclusion of a binding and enforceable contract. T.O. Stanley Boot Co.c. Bank of El Paso, 847 S.W.2d 218, 221 (Tex.1992). « The consideration establishing a valid contract for the sale of immovable property is the promise of payment of the buyer »; rejecting the argument that because the buyer « did not pay the [promised] deposit of $600,000, the parties` agreement did not have the necessary consideration to create a binding contract »); Century 21 All W.

Real Estate & Investment Inc.c. Webb, 645 P.2d 52, 55 (Utah 1982) (« [T]he agreement contained mutual promises providing reasonable consideration for making the agreement binding »; « We can`t agree. that the Earnest Money deal failed due to a lack of consideration because the seller.. never received the $100 deposit. »); Cowman v. Allen Monuments, Inc., 500 S.W.2d 223, 227 (Tex. Ct. Civ. App. 1973) (idem).

5. EARNEST MONEY: No later than 3 days after the effective date, buyer must pay $as real money at _________________________________at________________________________ If buyer does not deposit real money on time, seller may terminate this contract by notifying buyer in writing before buyer deposits real money and exercising seller`s remedies in accordance with Article 15. (2) acceptance in strict compliance with the terms of the offer, instead, a buyer`s failure to make the agreed deposit on time is a failure that entitles the seller to take certain measures. Roman v. Roman, 193 pp.w.3d 40, 50 (Tex.App.-Houston [1st Dist.] 2006, pet. filed); Wal-Mart Stores, Inc. v. Lopez, 93 P.W.3d 548, 555-56 (Tex.App.-Houston [14th Dist.] 2002, no pet.).

The Earnest Money paragraph of the TREC one- to four-family residential contract states: The Texas RealTor Commercial Contract essentially contains similar wording:. .

CatégoriesNon classé