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Define Meeting of the Minds in Real Estate

Meeting of the Minds: 

Meeting of the Minds is a legal term that refers to the agreement between two parties to a contract. It means that both parties have the same understanding of the terms of the agreement and have reached a mutual understanding. Essentially, it means that both parties are on the same page and have agreed to the same thing.

Example: 

Let's say you are buying a house from someone. You and the seller have negotiated the terms of the sale, including the purchase price, closing date, and any contingencies. Before the sale can proceed, both you and the seller must have a "Meeting of the Minds" to ensure that you both have the same understanding of the terms of the sale.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

Meeting of the Minds, oh what a thing!
It's when two parties agree to everything.
They both understand the terms of the deal,
And have reached a mutual understanding, it's real!

For example, let's say you're buying a house,
You and the seller have come to a rouse.
You negotiate the terms, with great care,
And now it's time for a Meeting of the Minds, oh so fair!

You sit down together, and go through it all,
The purchase price, the contingencies, and more in thrall.
You both must agree, and understand it the same,
For the sale to proceed, and without any blame.

It's a legal term, so important to know,
To ensure that both parties are on the same show.
Meeting of the Minds, it's a must,
For contracts to be binding, and not bust!