Elements of a Valid Real Estate Contract

hand holding keys, house in the background

A contract must contain several elements to be lawful and valid. One of the most important features of any contract is that both parties consent to enter into the agreement. This is referred to as a “meeting of the minds.” A meeting of the minds requires that both parties operate under correct and truthful assumptions; when one party is mistaken about some material element of the agreement, the contract may be declared void. In a transaction for the purchase of real estate, a contract that has been signed and contains mistakes, misrepresentations, duress or undue influence may be declared null and void. In addition, the buyer may be entitled to remedies depending upon the circumstances.

Mistake. When a single party is mistaken about a material fact of the agreement at the time of contracting, then a unilateral mistake has occurred. Mistakes can be either known or unknown by the party making the representation. If one party makes a mistake and the other party is not cognizant of the error, the court will generally refrain from rescinding the contract based on the grounds that the mistake arose from lack of diligence rather than malice. Thus, while the contract is not automatically voidable, it can be set aside under certain conditions. Of course, a mutual mistake exists when both parties are mistaken about a material term of the contract. When a mutual mistake occurs, the contract is voidable. This only applies to mistakes that affect a material term of the contract, rather than a collateral (or ancillary) term.

Misrepresentation. A misrepresentation is the failure to disclose a material fact or a statement that does not conform to the facts of the situation. A fraudulent misrepresentation (where a party knows a statement is not true or is unsure about its truthfulness but presents the statement as true) can justify rescission of the contract by the party who relied upon the misrepresentation. In a real estate purchase transaction, when the seller or broker knew or should have known about a significant defect relating to the condition of the home and did not disclose such defect to the purchaser, the contract is voidable by the buyer. The non-disclosed information must be sufficiently material that a reasonable buyer would either abandon the contract or expect a significant price reduction based on such information.

Duties applicable to sellers and brokers. The seller and broker have a duty to make truthful and accurate statements about material conditions related to the home. If the property has a hidden defect that is not visible upon inspection or a faulty chain of title, then the seller must inform the purchaser of these issues. The seller may be liable for misrepresentation or fraud if he fails to make accurate representations concerning the property.

Contact Shane Coons at 949-333-0900 or visit his website at www.ShaneCoonsLaw.com to find out more about his practice.

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Elements of a Valid Real Estate Contract

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