Like this study set? Create a free account to save it.

Sign up for an account

Already have a Quizlet account? .

Create an account

Four Key Part of a Purchase Contract

1. Earnest Money Deposit
2. Buyer's offer to purchase
3. Acceptance of offer by seller
4. provisions for payment of brokerage commission

Earnest Money Deposit

A sort of down payment showing seller's intention of buying the real estate

"Time is of the Essence"

Time limits set by the contract must e faithfully observed or the contract is voidable by the non defaulting party

Amendatory Language

Assures that purchaser may terminate contract without loss when it appears that the agreed purchase price may be significantly above the appraised value.

Riders / Addendums / Attachments

Any addition annexed to a document and made a part of the document by reference.


To hold a deal together until a more formal purchase contract can be drawn by an attorney and signed by the buyer and seller

Installment Contract

Contract used when buyer doesn't have funds. Buyer owns property, but seller holds title until buyer pays additional funds.

Equitable Title

Seller holds naked title, while buyer takes equitable title of the property

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions and try again


Reload the page to try again!


Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

Voice Recording