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Magic Bullets Kill Sacred Cows

Magic Bullets Kill Sacred Cows
I’ll be introducing you to some new friends along the way here in our journey, so
if everyone’s ready? We’ll start off by removing the number # 1 fear in most
people’s minds when it comes to doing it yourself…that being the legal side of the
process.
The Legal Stuff
You, as a seller of your own personal as well as real property, are granted by our
constitution the right to sell barter, trade or otherwise dispose of your property in
any way you see fit, so long as it doesn’t interfere with the rights of others or cause
them harm. What this really says is that you could literally write a contract on a
napkin and, if all elements are present and in writing, a court of law will enforce it
if necessary.
These are the things that must be present or considered in order for your napkin to
stand up in court:
#1 Offer and acceptance: You must have a written agreement between seller and
purchaser in which the purchaser agrees to buy certain real estate and the seller
agrees to sell upon terms of agreement. This is the basis of your contract for sale.
This must be in writing to satisfy the law of “The Statute of Frauds.” That law says
oral contracts for real estate are unenforceable. However, you could use a crayon
and a napkin and be in compliance with rule #1. (Indelible writing)
# 2 Seal or Consideration: A person’s signature alone in this case does satisfy the
requirement of promising to go through with the deal as agreed but almost all
sellers rely on a cold, hard earnest money deposit to insure the other party is in
fact earnest. I would accept one percent of the value of the property in the form of
an earnest money check as a fair amount of consideration to further deal with a
well-qualified party at hand. This check is often written in the name of a third
“neutral” party to hold in trust, i.e.…lawyer, title officer or other official party.
#3 Capacities of the parties: The person you are contracting with must have
contractual capacity. People without contractual capacity include minors, mentally
incompetents, insane persons, people who are under the influence of drugs or
alcohol, corporate officers unauthorized to contract and so forth. In most cases,
including the elderly, if someone is found to be unable to comprehend the effects
of their actions, a court will rule the contract null and void or unenforceable.
Foreigners from other nations have full contractual authority, but you cannot sell
to the enemy by federal law.
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