Contract Law for Real Estate Professionals

This course brings an understanding of what constitutes a contract, how to write a contract, the critical importance of the contract in the real estate transaction, and what to be aware of in the process. It also explains earnest money, financing, inspections, title and closing, post-closing, and much more.

The modules covered in this course are:

1. Definition of a contract
2. Legal enforceability
3. Legally required elements
4. Property
5. When do we have a deal?
6. Earnest Money
7. Financing contingency
8. Inspections
9. Default
10. Remedies
11. Title and Closing
12. Post Closing

Learning Objectives

At the conclusion of this course, students will be able to:

• identify what is needed to prepare a good contract.
• explain what makes a contract legally enforceable.
• identify five different kinds of real property ownership.
• recognize types of property descriptions and determine which are more reliable.
• recognize when an offer is complete enough to be accepted and create a contract.
• explain the purpose of earnest money.
• recognize the risks to the seller when they provide financing for the buyer.
• list some tips for writing contingencies.
• explain the importance of documentation when proving contract default.
• describe remedies that are available to the seller if the contract has been breached.
• describe how to examine the deed to be sure it follows the contract.
• identify examples of non‐disclosure related risks in a post‐closing context.

Course Content

Each module will begin with an informational video lecture from the course instructor, Vern Jarboe, followed by interactive activities to expand upon the module's subject. At the end of each module is a short quiz to help remember the important points you should now be better familiar with.

After completing all of the modules and interactive activities, a certificate for Illinois real estate continuing education can be printed for your records. Your completion credit will then be uploaded to IDFPR by Illinois REALTORS®. A certificate for 4 hours of credit towards earning your GRI designation will also be issued upon course completion.