Real Estate Promise and Consideration

A promise undertaken by one party must be supported by a promise taken by the other party.
-Mutual promises to do or not to do some specific act are sufficient consideration, even though the benefit or the sacrifice may not be equal.

In real estate sale contracts, the seller normally promises to sell and convey, and the purchaser promises to pay for the property.
-There are two types of consideration:
1. Valuable consideration is the money or promise of something that can be measured in terms of money.

2. Good Consideration is a promise that cannot be measured in terms of money, such as love and affection.

This information is courtesy of Captain Wayne Rowlett and Rowlett Real Estate School www.rowlettrealestateschool.com

Rowlett Real Estate provides traditional classroom training in Panama City, Florida and in Destin Florida.

Feel free to visit our classroom schedule at
http://www.rowlettrealestateschool.com/fl-schedule.htm

Rowlett Real Estate School is a full service Florida real estate school with online real estate courses in most every state at
http://www.rowlettcareerschool.com/

P.Stone, RRES