Up next in 10
If you're a real estate student studying for your real estate exam, this video is for you! In this video, we'll go over some of the most important real estate contract vocabulary terms you need to know. Today, we'll break down contract types, contract clauses, basic contract terminology and more!
By far the most substantial chunk of the real estate license exam is the vocabulary. The key concepts and words you have to study are essential for obtaining your real estate license, so it’s crucial you learn and become familiarized with them.
Try out our full set of free real estate exam flashcards here: http://bit.ly/3KkeRml
Here are the chapters for this video. Feel free to jump around accordingly:
0:00 Introduction
0:41 Real Estate Vocabulary Terms 1/3
13:11 Real Estate Vocabulary Terms 2/3
26:08 Real Estate Vocabulary Terms 3/3
#realestate #realestateexam #realestatelicense
-=-=-=-=-
Don’t forget to like and subscribe for more!
Want to learn more about the smart way to get your real estate license and start a successful real estate career? Then make sure to visit the Real Estate License Wizard, getting started is easy. Just click the page below: https://realestatelicensewizard.com
Show More Show Less View Video Transcript
0:00
hello everybody it's Zach here from realestelicensewizard.com today I'm going to go over 38 real estate vocab
0:06
terms pertaining to contracts these terms are super important to know and yes they will show up on your real
0:12
estate exam now after this video if you want to study more real estate exam vocabulary head to our website there we
0:18
have a completely free set of real estate exam vocabulary flash cards we
0:24
have over 350 real estate terms all with detailed explanations and descriptions
0:30
so definitely check that out if that's something that interests you link down below anyways buckle up and do me a
0:36
favor and hit that like button if you're eager to pass the real estate exam without further Ado let's jump right
0:42
into it alrighty let's start with valid contract what is a valid contract so the
0:49
way this is going to work is I'm going to give you guys just a couple moments to think about it in your mind come up
0:54
with what you think the definition is what you need to know what you need to understand for this term and then after
1:00
the few moments that you get I'll go over the explanation the textbook explanation of this term so go ahead and
1:06
take a few moments to think it over starting now
1:16
alrighty hopefully you came up with your answer so what is a valid contract well a valid contract meets all legal
1:22
requirements of the court of law and is legally enforceable so what exactly does
1:27
that mean well essentially we want a valid contract that's good that means
1:33
all legal requirements are met essentially in the court of law what are those requirements well there's actually
1:39
four of them we will talk a little bit about these in this video but really because we're just kind of doing the
1:46
basic vocabulary terms I'm not going to get too thoroughly into this but essentially there's four one is the age
1:52
they have to be 18 or older it has to hold a legal lawful purpose has to be
1:57
there should be clear and specific consideration which we'll talk about a little later and then there needs to be
2:02
mutual consent so if all those things happen we have a valid contract and yes we want that a valid contract is good
2:09
you know we want a legal legally enforceable you know proposition or you know system in place so that we can have
2:16
fair and safe transactions which leads us to the next one which is
2:22
void contract so take a few moments and think about what a void contract is
2:37
alrighty so what do you think a void contract is well a void contract is one
2:42
that lacks all or one of the elements that make a contract valid the contract
2:48
is invalid at the time of its establishment and is not legally enforceable so what exactly does that
2:54
mean well void contracts are not contracts because they lack an essential element of a contract and are thus
3:01
unenforceable so remember just a few moments ago when I was saying there's those four legal requirements if a quote
3:09
unquote contract is lacking one of those elements it would be considered void it
3:16
doesn't exist because again it's it's missing that essential element and is thus unenforceable so it is a not it's
3:23
not a contract so I know that contradicts itself right because it's avoid contract and it's in the name but
3:28
technically void contracts are not contracts so just keep that in mind and this leads us to our next one avoidable
3:35
contract so take a couple seconds think that one over
3:49
alrighty so what is a voidable contract well avoidable contract is a legal
3:55
agreement between two parties that may be unenforceable for any number of reasons so if you'll notice this
4:02
interpretation is a little bit more vague you know avoid contracts are a little bit more specific avoidable or
4:08
not avoidable contracts have the necessary elements to be enforceable so
4:14
they appear to be valid but can be rejected by one party if the contract is discovered to have any number of defects
4:21
so that's the difference there again with a void contract the one that we just went over before they're not
4:27
contracts at all whereas validable contracts are legal however they may be
4:33
unenforceable for any number of reasons again they could appear valid on paper
4:39
but be rejected by one party if the contract is discovered to have any
4:44
number of defects so hopefully you understand that and that's going to bring us to the next term that we need
4:51
to know bilateral contract all right so take a couple seconds to think about
4:57
what you think that that means
5:07
alrighty so what is a bilateral contract well you should know this one by now if
5:13
you know your Basics and contracts bilateral contract is an agreement between at least two people or groups
5:19
and most business and personal contracts do fall into this category so obviously
5:25
you know buy buy stands for two or more so again that's where the bilateral
5:31
phrase comes into play and uh yeah essentially all business and personal contracts are gonna fall into this
5:38
category or most I should say which leads us to our next one unilateral contract so what is a unilateral
5:44
contract think about that
5:50
all right well if you got bilateral you should know unilateral a unilateral
5:55
contract is a one-sided agreement only one party makes a promise to perform one
6:02
party one party pays the uh one party I keep saying one party but one party pays
6:08
the other party to pre-form a certain duty if the first party fulfills the
6:14
duty the second party is obligated to transfer the specified funds now it's worth noting with this one that second
6:21
party is not obligated to do that action and that's the difference between a bilateral and a unilateral contract is a
6:28
bilateral contract essentially two people agree to make promises whereas
6:33
with a unilateral contract just one person is agreeing to make a promise so an example that I always bring up for
6:40
this is let's say you have a lost dog and you put on a poster saying hey 500
6:47
reward for whoever brings me you know my dog essentially you're creating a
6:52
unilateral contract people that go by and walk by on the street they see that sign they're not obligated to you know
7:00
perform that action they're not legally obligated to look for your dog however you may be legally obligated to pay that
7:08
person if they find the dog so again that's the difference there that unilateral versus bilateral alrighty
7:16
next term express contract alrighty so take a moment think about this one
7:32
alrighty so what is an express contract what express contract occurs when both
7:38
parties legally establish an agency relationship in other words they sat
7:43
down and wrote a contract stating their relationship this is the most common method of creation for agency
7:50
relationships try not to overthink this one I think a lot of people get caught up with what actually is an express
7:57
contract but for what we need to know and for what you guys need to know specifically for the real estate exam
8:03
just understand that in when you hear express contract just understand that that's when it's legally establishing an
8:10
agency relationship don't overthink this one all right next one offer what is an
8:17
offer so take some time think that one over
8:27
alrighty so an offer an offer is a proposal made by one party
8:33
to another expressing a willingness to enter into a contract on certain terms
8:38
pretty straightforward you have an offer and then you have the next term which is
8:45
acceptance so acceptance is our next term so take some time think that one over
9:00
all right what is acceptance acceptance is the unconditional and unqualified agreement by the offeree to the terms of
9:08
the offer when an offer is accepted it becomes a binding contract so again
9:14
that's where we have that offer plus acceptance so these terms kind of go together but you do need to understand
9:20
them and how they operate all right next term counteroffer
9:25
so what is a counteroffer so it takes some moments and think that one over
9:37
alrighty a counteroffer is similar to a purchase agreement if a counteroffer is
9:43
made the original offer ceases to exist because legally the seller has rejected
9:49
it so hopefully that makes sense again we have offer we have acceptance and we
9:54
have counter offers and we have a couple other terms that are you know kind of in the same boat but essentially these do
10:01
go together when you think of counter offer it's essentially the same thing except what we really really really need
10:08
to know because this comes up all the time is if a counteroffer is made the original offer ceases to exist because
10:14
again that essentially means that the seller rejected it super important to know you can't you know have a counter
10:20
offer and then be like oh you know what never mind I'm gonna go back to that original offer no I mean it can happen
10:26
it can be that way but not legally you know it would have to be restructured it
10:31
would need to be redrawn up that original offer would need to be recreated you can't just say oh never
10:37
mind let's go back to that offer all right next one consideration so what is consideration
10:52
all right so hopefully you understand hopefully thought of something good for consideration well consideration is
10:59
something of value given by one party to another in exchange for something else consideration is an essential element of
11:06
a valid contract so remember earlier I was talking about those four Essential
11:11
Elements again there needs to be consideration clear and specific consideration must be included in these
11:18
agreements to be valid so just keep that in mind that's one of those essential uh elements to a contract alrighty next one
11:28
mutual agreement so what is a mutual agreement think that one over
11:42
alrighty a mutual agreement essentially the meeting of the minds
11:48
between the parties to a contract it requires that the parties understand and agree on the essential terms of the
11:55
contract so this is pretty straightforward here if you have mutual agreement again that's a good thing you
12:01
want that that means that both parties are agreeing to this contract don't
12:06
overthink this one pretty easy all right next one revocation all right so think that one
12:14
over
12:24
all right what's revocation the act of withdrawing an offer before it is
12:32
accepted is revocation an offer can be revoked by the offerer at any time
12:37
before acceptance so quick example let's say you and your client put in an offer
12:43
in a house for 125 000 you know small you know home and basically your other
12:49
your client then finds another house and they're like oh you know what never mind I want to put an offer on another house
12:55
and the you know original owner of that first house has yet to accept the offer
13:00
you can you know essentially revoke that original offer before acceptance is made
13:06
and you're good to go you know no screws attached so pretty simple there
13:11
all right next one breach of contract what is a breach of contract think about
13:17
that
13:23
alrighty so breach of contract is the failure to complete an agreement per
13:28
agreed terms pretty straightforward breach contracts are bad you do not want
13:34
to breach contracts it typically means a lawyer might get involved lots of fees
13:39
not good so try and avoid that all right next one agreement of sale what is an
13:45
agreement of sale think that one over
13:54
alrighty so an agreement of sale that's the form that states the buyer consents
14:00
to purchase a property and the seller agrees to sell that property with deterrence and conditions Illustrated in
14:06
for both parties now if you are in that boat where you're like wait a second what what's an agreement of sale that
14:13
definition sounds familiar but I don't get that well that's because this is also known as a purchase agreement an
14:19
offer to purchase or earnest money agreement really those things are interchangeable they're all the same
14:25
term it's just a matter of regional you know Regional things but yeah so just
14:31
keep that in mind purchase agreement agreement of sale offer to purchase or earnest money agreement they're all the
14:36
same thing essentially it's just a form that just shows that the buyer can sense and the seller can sense again it's an
14:43
agreement of sale the the meaning is is in the definition all right next is listing agreement so
14:51
take some time think about that one
15:01
alrighty hopefully you understand what a listing agreement is because when you get your license chances are you're
15:07
going to be dealing with a lot of these so a listing agreement is a document in which a property owner contracts with a
15:13
real estate agent to find a buyer for the owner's property now a listing agreement is really a real estate
15:20
contract in which the property owner contracts with that real estate agent to
15:26
find a specific buyer now the owner executes the listing agreement to give a
15:32
real estate broker the authority to act as the owner's agent and that's obviously where we get the term agent in
15:38
the sale of the owner's property for which the owner agrees to pay a commission
15:44
so again you know don't overthink this one pretty straightforward listing
15:50
agreement is one of basic terms one of the basic contracts really that you know
15:55
you'll be using and you'll see in your real estate career all right next one is open listing what
16:03
is an open listing
16:14
alrighty so an open listing is a real estate agreement where Property Owners
16:19
sell their home on their own or using multiple real estate agents in this type
16:24
of non-exclusive listing agreement the seller is not beholden to any sole agent
16:30
multiple agents can compete to find a buyer and receive a commission again
16:35
this is one of those terms that you'll see show up on the exam just try and
16:41
think of it simply basically an open listing is truly open a real estate agent can find the seller
16:49
or the owner can find a seller it doesn't matter it's listed on the market it's completely open all right next one
16:56
is exclusive right to sell listing so what is an exclusive right to sell
17:01
listing think that one over
17:12
alrighty so one broker is appointed as the sole agent of the seller and has
17:18
exclusive authorization to represent the property that is an exclusive right to
17:23
sell listing now it's worth noting here the broker receives a commission no
17:30
matter who sells the property while the listing agreement is in effect so again
17:36
just remember that if I have mentioned a note like that it's typically for a reason they like to ask that question a
17:43
lot so again remember that broker receives a commission no matter who sells the property while the listing
17:49
agreement is in effect for exclusive right to sell listings all right next one
17:55
exclusive agency listings this one is different so think about that one
18:08
alrighty what is an exclusive agency listing One exclusive agency listing is
18:14
an agreement where the seller gives a real estate agent the exclusive right to sell their home but the agent only gets
18:20
a commission if they find the buyer so this is different this is different this
18:26
is different than the exclusive right the cell listing because again with that one the broker receives a commission no
18:31
matter who sells the property while that listing agreement is in effect with this one it's not the case uh the
18:39
agent only gets a commission if they find the buyer all right next one listing with an
18:46
option another popular uh contract discussion
18:51
Point think about that one come up with it
19:04
alrighty so what is listing with an option well listing with an option is a type of listing for a real estate agent
19:11
or broker to purchase the particular property so believe it or not it is
19:16
legal for a real estate agent or broker to buy listed property directly however
19:21
it needs to be specified in the listing agreement so of course that's the big
19:26
note there it needs to be specified and that's kind of why this thing exists so again listing with an option it's just a
19:33
type of listing for real estate agents or Brokers to purchase particular property all right next listing next real estate
19:41
contract term what is it it's net listing what is netlisting think about that one
19:56
alrighty what is a netlisting way net listing is when an agent agrees to sell
20:01
an owner's property for a set minimum price anything over the minimum price belongs to the agent as commission now
20:09
remember about this term in some states net listings are illegal in order to
20:15
protect the consumer or in other states the agent must disclose his or her exact Commission in the listing price
20:23
so you might be thinking sitting there like oh well if it's illegal in my state I don't need to know it you know don't
20:29
worry about it no no no no just because it's illegal in your state does not mean you don't need to know it in fact I
20:36
would argue that you do need to know it even more you do need to know this term even more because the exam likes to test
20:42
you on these illegal you know situations or these illegal contracts and things
20:47
like that so again super important to understand that in what what in that listing is first and then two if it's
20:53
legal or illegal on in your state and if you do need to find that out you can check out our site for that we do have a
21:00
article on that all right next one implied contract what is an implied contract think about
21:07
that one
21:16
alrighty an implied contract is illegally enforceable obligation that arises from one or more parties due to
21:24
the party's actions conduct or circumstances now it has the same effect or the same legal
21:32
effect as an express contract which is obviously a contract between two or more parties that is willingly entered into
21:38
and agreed upon verbally or in writing an implied contract is presumed to exist but does not require written or verbal
21:46
confirmation because again it's implied now you're probably sitting there wondering because I know when I first
21:53
learned about the stuff I was what exactly are you talking about don't worry just understand the the basic
22:00
terminology for this the basic terminology for implied contract what you really need to know is these next
22:05
two terms which go directly with implied contracts which leads us to the next one
22:10
implied in fact contract so again there's two versions of implant contracts implied in fact and implied in
22:17
law and this is the easiest way to understand this is just to understand these two so take a moment think this
22:23
one over hopefully you know this if not don't worry I'll explain soon so think about it
22:35
already so what is implied in fact well an implied in fact contract is created
22:40
when two parties act as if they've reached an agreement or a type of implied contract made through non-verbal
22:48
Behavior rather than exact word so implied in fact contracts have the same
22:55
properties as Express contracts there is an offer from one party the other party
23:01
accepts consideration exists and both parties desire to enter in a contract
23:07
the provisions of an implied in fact agreement are inferred from the conduct
23:13
of the parties rather than being stated explicitly or in writing so hopefully that makes sense and then there's this
23:19
other version which you need to know as well which is called implied in law so
23:25
think about that one implied and long contract take a few moments think about that
23:40
all right so what is implied in law well sometimes known as quasi-contracts are
23:47
the final option for judges faced with the scenario in which one party is using the other this approach is used by
23:52
courts to reward someone for services rendered not because one party offered or even uh if neither party meant to
24:00
enter into a contract but because the person who got the products or Services would be unfairly enriched if they were
24:06
not compensated in plain terms in implied in-law contract is a legally
24:11
enforceable agreement that neither party intended to make courts accept an implied and law contract in cases where
24:18
one party would otherwise be you know as it says here unfairly enriched at the
24:23
expense of another party even though the parties involved did not intend to make it so again that's the difference
24:29
between those last two is the implied in law essentially the parties do did not
24:36
intend to make this contract and you know that's why it's called quasi-contract because the judges are
24:42
faced with a scenario and this is pretty much their only option to make things Fair whereas implied in fact
24:49
essentially you know it's it's it's a non-verbal agreement that pretty much
24:55
you know these parties want that contract however it hasn't been you know specified uh in writing or you know you
25:02
know stated explicitly things like that so that's the difference between those two hopefully that makes sense I know that's a lot
25:08
um and we do have specific videos on each one of those if you did get caught up on that so just keep that in mind all
25:14
right next one lease option what is a lease option so it takes some time think
25:19
about that one
25:35
all right so a lease option commonly known as a rent to own deal is available to tenants who want to acquire a rental
25:43
property a lease agreement option allows a renter to acquire a property after a
25:49
defined renting period so essentially this is just one of those you know real
25:55
estate contracts that you need to know one of these leasing options that shows
26:00
up pretty often uh don't don't think too much about this it's just again included
26:05
in in this you know scenario all right next is executed contract so take a
26:12
moment think about that one over
26:23
all right so what is an executed contract well executed contract is when
26:28
Contracting parties have signed a contract and both parties have done all they promise to do it is then called
26:35
executed or an executed agreement now don't worry because I already know
26:42
there's already people that are thinking what exactly does that mean this is going to make a little bit more sense once you understand the next two terms
26:50
so just keep that in mind if you're completely lost hopefully you understood this and you're like um Zach I got this
26:55
I know that no big deal all right next term execution date so what is the
27:02
execution date think about that for a moment
27:11
all right the execution date or date executed is the day the contract is
27:17
signed it's not when it is completed it is not when it is completely you know
27:23
finished or acted upon it is when the day the contract is signed so when it's
27:29
the execution date that means that it will sign that day hopefully that makes sense all right next one
27:36
and this is where all the puzzle pieces are going to come together for you guys that don't understand
27:42
executory contract what is an executory contract think this one over if you
27:47
don't understand no biggie I'm going to explain it all in a moment so just think about that
28:01
all right an executory contract is a contract in which the terms are set but
28:07
will be fully completed later okay a brief recap on those last three and
28:12
don't worry I'll move on really quick but I know I might not have explained it fully enough because this stuff can be
28:18
super complicated so don't worry okay so a question I get asked all the time is
28:24
can an executed contract be an executory contract or vice versa and essentially
28:30
what you need to understand is that an executed contract is when all parties
28:36
have signed it and all parties have done all they promised to do so that's like the final that that's it when it's
28:42
executed it's done you know it's you don't have to worry about it an executory contract could and ideally
28:48
would eventually be an executed contract and exit executory contract just
28:54
essentially means that the terms are set but they're going to be fully completed later meaning that they're going to be
28:59
fully executed later so that that's that's really the big difference there and hopefully you understood that and if
29:05
you did not I have full videos explaining this because I know this is super complicated and for the sake of
29:11
time I'm going to move on but again don't be afraid to look into those um other videos where in my opinion I gave
29:16
a better explanation so I apologize I apologize for this one today uh but yeah just keep that in mind all right time to
29:22
move on contract clause what is a contract clause take a few moments to think about that
29:38
all right this is pretty straightforward a clause identifies a particular section of a real estate contract Clauses are
29:44
sections in purchase agreements D's mortgages and more all right next one
29:50
hubendum clause all right take a moment think about that one
30:04
all right so what is the hubendum Clause well the hobendum Clause is the statement in a real estate contract that
30:09
describes the rights and interests being given it almost always begins with the words to have and to hold but simply the
30:16
Venom Clause tells the buyer or lessee exactly what they are getting
30:23
all right next one alienation clause take some time think about that one
30:40
all right so what is the alienation clause no it does not have to deal with Area 51 yes I tell terrible jokes yes
30:48
I'll be here all weekend and the explanation for alienation clause is a provision in a mortgage or deed of trust
30:55
signed with a lender that states that the borrower must pay the mortgage in full before the borrower can transfer
31:02
the property this just means that the Clause prevents new buyers taking over an existing or previous mortgage all
31:10
right next one deficence Clause so take some time think about the defecence
31:15
clause
31:28
alrighty so what is the defecence gospel the deficence Clause is a required contract provision that ensures that the
31:34
title for the property is transferred to the buyer once the mortgage is fully paid off
31:41
pretty straightforward here basically it's the Clause that specifies that the lender must surrender all rights to the
31:47
property once the mortgage is paid now it's worth noting that this provision only exists in certain States for more
31:54
information on that check out the video where I talk a lot about the deficence Clause
32:00
um you know and that's super interesting if you're just interested in that I encourage you to check that out all right acceleration Clause what is the
32:07
acceleration Clause think that one over
32:18
alrighty so the acceleration Clause is a real estate contract provision that requires a borrower to repay all of an
32:25
outstanding loan if upon breach of contract this basically means that if a borrower
32:31
breaks any terms of their mortgage the lender can demand an accelerated payment and again
32:38
a good thing we learned about breach conduct earlier because you kind of understand you know how that works if one of those things happens something
32:45
happens where there's a contract breach especially you know this provision ensures that uh there's that accelerated
32:51
payment or or the lender can demand an accelerated payment all right next one the pre-payment penalty Clause take a
32:58
moment think about that one
33:11
alrighty so the pre-payment penalty Clause what is that well that states
33:17
that A lender can penalize a borrower if the borrower pays off the mortgage much sooner than usual this just means as it
33:24
sounds if someone pays off their mortgage too soon they could be slapped with a fee now it's worth noting that um
33:30
prepayment penalty Clauses are becoming less common but they are still relevant and typically they're not a great thing
33:37
you know you don't want a mortgage with a preparing penalty clause
33:42
all right next one subordination clause take some time think about that one
33:58
all right so the subordination clause is a clause and a real estate contract which establishes an order of priorities
34:04
of Financial claims or liens now this Clause seemed commonly in refinancing
34:09
just establishes who gets paid first in case of foreclosure
34:14
all right next one release Clause take a few moments to
34:20
think about this one
34:30
all right what is the release class well release class is a contract provision typically in a brain blanket mortgage
34:37
that allows uh for the freeing of all or part of a mortgage from a claim through
34:42
a proportional or full amount of the mortgage being paid off all this does is allow investors to pay off a specific
34:49
portion of their blanket mortgage versus all-in-one lump Sun so for example
34:55
if uh owner has multiple properties that they're paying a mortgage on you know
35:02
they could opt in for a blanket mortgage which would combine those and essentially with this clause in place if
35:09
they pay it off maybe like you know 25 of that total mortgage with like Eight houses maybe they would get like you
35:16
know two of those houses paid off um essentially that's how it works you might be wondering why would anyone want
35:22
to do a mortgage like that well that's for a whole other conversation but essentially uh the short version is that
35:28
you know it allows easier payments and and you know investors to kind of focus
35:34
on on different things a lot easier when when you just have to pay one you know mortgage versus like eight it's a lot of
35:41
simplified version and often you get a better interest rate when you do that and things like that all right next term
35:47
amendments so what is an amendment take some time to think about that one
35:59
alrighty an amendment is typically used to change something that's part of an
36:04
original contract so think of amendments as modifications to an agreement
36:10
all right next one addendum what is an addendum
36:17
take a few moments think about that
36:27
alrighty in addendum is used to clarify and add things that were not initially
36:33
part of the original contract or agreement an example of an addendum being used would be if the parties
36:40
wanted to add something to the original document for instance an individual who purchased or is purchasing a house may
36:47
not want to purchase all the furniture that is being left behind however maybe you know after thinking about it later
36:52
they changed their mind then they could use an addendum now an example of an amendment would be if someone wanted a
36:59
contract to end in six months versus eight so they amended it to six versus eight so one changes terms and one adds
37:06
them does that make sense hopefully so that's the difference there between those last two all right next one Novation what is Novation so think about
37:15
that one
37:31
all right the legal procedure in which an original contract is terminated and
37:37
replaced with a new one that's Novation this is the legal process
37:42
um you know which makes it possible to transfer all contract benefits and liabilities from previous parties to a
37:48
set of new ones in plain terms it's a simple way to replace an old contract with a new one while maintaining most or
37:54
all of its original properties all right next one contract assignment oh okay this is a
38:00
good one all right so think this one over
38:11
all right so what is a contract assignment well a contract assignment occurs when a
38:16
party assigns its contractual rights to a third party assignments make it possible to transfer all contract
38:22
benefits from previous parties to a set of new ones now you might be thinking okay what's the difference between that
38:28
Innovation will unlike Novation that occurs to replace an old contract with a new one assignments transfer the rights
38:34
from the original party to a new one there is no new contract it's the same one but with different parties so
38:41
hopefully that makes sense and we did it guys that was 38 real estate contract vocabulary terms hopefully you guys
38:47
enjoyed hopefully you learned something today for more videos like this click here and click here to subscribe thank
38:54
you guys so much for watching don't forget to check out our website for more until next time see ya bye
#Training & Certification
#Legal
#Real Estate
#Real Estate Services
#Real Estate Law
#Real Estate Agencies
#Real Estate Title & Escrow