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Real Estate Word of the Day: Contract

A contract is a legally binding agreement between two or more parties that outlines the terms and conditions of a transaction. In the context of real estate, contracts serve as a safeguard for both buyers and sellers, clearly defining their rights, responsibilities, and obligations throughout the transaction process. A well-drafted contract minimizes ambiguity, reduces the likelihood of disputes, and provides a framework for a successful property transfer.


One example of this in real estate is a listing agreement. The listing agreement is a contract between a property owner and a real estate agent, detailing the agent's responsibilities, marketing strategies, and compensation. It is also used in the context of…

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