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Contract Legalities

A legal real estate contract has five essential parts:

1. Competent Parties - This is generally defined as being of legal age and sound mind. In México language is a very important issue. If the parties involved do not understand Spanish, the legal language of the country, they are not considered competent no matter how mature or intelligent they are. Thus, the contract must be translated into English.

2. Lawful Objective - If it is discovered that the intent has been to set up any kind of illegal operation the contracts can be voided. It is also unlawful to try to sell a property that is that one does not own.

3. Offer and Acceptance - The contract must be signed by both parties and include the date when it takes effect and the place where it was signed.

4. Legal Description - Legal descriptions can take several different forms, but most importantly, the property must be clearly identifiable.

5. Consideration - Consideration accompanies a contract as an evidence of good faith. One of the elements of a binding contract; the exchange of values by the parties to the contract. Such values may be money or promises.