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What Is The Difference Between An Offer To Buy Real Estate And A Real Estate Contract?

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It is important to note that an Offer to Buy Real Estate and a Real Estate Contract are not the same thing.

An Offer to Buy Real Estate or a Purchase Agreement are contracts between a buyer and a seller agreeing that a sale of real estate will take place in the future between the parties. It usually includes the purchase price, the description of the real estate to be sold, the identities of the parties, the date when the sale will be closed, and when possession of the real estate is to be transferred to the buyer. In most Jurisdictions, an Offer to Buy Real Estate or a Purchase Agreement is not the actual conveyance or transfer of title.

A Real Estate Contract is an agreement to transfer the title to real estate to a person, at some specified time in the future, contingent upon that person completing all payments for the real estate at the set purchase price. The Real Estate Contract contemplates and outlines the execution of a deed in the future.  The seller is known as a vendor and the buyer is known as a vendee.  The vendor gives a deed to the vendee once the vendee has performed their obligations under the contract. Until such time, the vendor retains title to the real estate.

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Can A Landlord Enter A Residence?

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A landlord may give notice in order to: inspect the premises; make necessary or agreed upon repairs, decorations, alterations, or improvements; supply necessary or agreed upon services; or to exhibit the premises to prospective or actual purchasers, mortgagees, tenants, workers, or contractors.

 

For residential tenancies, the landlord must give twenty-four (24) hours’ notice, except in the case of emergencies. Each jurisdiction may have specific additional requirements for notice to enter.

 

The time requested for access must be reasonable.  The tenant must not unreasonably withhold consent or access to the landlord to enter the premises.

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Can A Landlord Ask A Tenant To Leave A Residence?

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If the tenant breaches the lease, the landlord may bring an action for possession of the premises and/or damages.  For residential tenancies, the landlord must first give notice.

To serve notice upon another means to inform that person that certain acts or events have occurred or will occur in the future.  Ordinarily, notices required by law must be served via restricted certified mail or personal service by a sheriff’s deputy or constable’s deputy or a private process server.  In certain circumstances, posting of a notice at the premises is allowed. Each jurisdiction may have specific additional requirements for such a notice.

Notice may be given to a tenant for failure to pay rent when due.  Usually, a three (3) days’ notice is required if the lease is to be terminated due to the non-payment of rent.  

Also, and typically, for any material noncompliance with the rental agreement or the obligations imposed by law, which materially affect health and safety, a thirty (30) days’ notice may be given specifying the breach(s) and stating that the lease will be terminated in fourteen (14) days if the breach is not remedied.

For failure to maintain the premises in a manner that materially affects health and safety, the landlord must first give a fourteen (14) day notice.  If the breach is not remedied, the landlord may enter the premises to perform repairs and may then bill the tenant for the repairs.  Each jurisdiction may have specific requirements for notice to terminate the lease.

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