a sale is a contract
when purchasing real estate, the buyer and seller enter into a contract. if the seller is allowing the buyer to pay off the purchase over a period of time, they might enter into a land contract for the sale. real estate licensees and brokers obtain licenses through the real estate department in the state in which they do business. a contract is a voluntary agreement between parties to the contract. legally enforceable contracts include the following elements: the parties must enter into the agreement voluntarily, the contract makes a promise, the promise involves a legal act and there is some form of compensation.