What do you need to have a valid contract

This is according to Florida Law. Regulations in your state may vary. Consult a competent Real Estate Attorney for further information.

1. An agreement to purchase -there must be an agreement to purchase a piece of land or a house, condo, mobile home, or other real property.

2. The agreement must be in writing- Verbal agreements are unenforceable. In a hot seller's market, many agents would not even take verbal negotiations, but wanted everything written up. Of course, by the time the agreement was written up and signed by the buyer, the property may well have been sold to someone else!! All changes on a written agreement must be initialed by all parties. Some unscrupulous sellers and their agents may try to "sneak something by" a buyer and their agent. If everything on a written agreement is not signed and initialed by BOTH PARTIES, you don't have a valid contract-just a counter-offer.

3. Consideration-some type of earnest money deposit must be put into an escrow account. The amount is specified in the contract. Proof of escrow deposit must be given to the seller and their agent ( if an agent is being used) within the time frame specified in the contract. If this is not done, you do not have a contract- you have nothing. Any of the parties may walk away from the transaction, and consider it a "dead deal".