Key Takeaways
- Kansas purchase contracts must be in writing and contain all essential terms to be enforceable
- Essential elements include: competent parties, offer and acceptance, consideration, legal purpose, and proper form
- Earnest money deposits are held by the broker in a trust account until closing or contract termination
- Contingencies must be clearly stated with deadlines for satisfaction or waiver
- Kansas uses standard purchase contract forms approved by the Kansas Association of Realtors
Last updated: January 2026
Kansas Purchase Contracts
Purchase contracts in Kansas establish the terms for the sale of real property. These contracts must comply with Kansas contract law and the Statute of Frauds.
Essential Contract Elements
For a Kansas real estate contract to be enforceable:
| Element | Requirement |
|---|---|
| Competent parties | Legal capacity to contract |
| Offer and acceptance | Meeting of the minds |
| Consideration | Something of value exchanged |
| Legal purpose | Lawful objective |
| Written form | Required for real estate (Statute of Frauds) |
| Property description | Adequate identification |
Competent Parties
| Competent | May Lack Capacity |
|---|---|
| Adults 18+ | Minors under 18 |
| Sound mind | Mentally incapacitated |
| Sober | Intoxicated persons |
| Not under duress | Under undue influence |
Consideration
| Valid Consideration | Examples |
|---|---|
| Money | Purchase price, earnest money |
| Property | Trade or exchange |
| Promise | Promise to perform |
| Forbearance | Giving up a right |
Standard Contract Terms
Key Provisions
| Section | Contents |
|---|---|
| Parties | Buyer and seller names |
| Property | Legal description or address |
| Price | Purchase amount |
| Financing | Type and terms of loan |
| Earnest money | Amount and holder |
| Closing | Date and location |
| Possession | When buyer takes occupancy |
| Contingencies | Conditions to closing |
Earnest Money
Purpose and Handling
| Aspect | Details |
|---|---|
| Purpose | Shows buyer's good faith |
| Amount | Negotiable, typically 1-3% |
| Holder | Broker's trust account |
| Deadline | Deposit per contract terms |
Earnest Money Disputes
When buyer and seller disagree about earnest money:
| Resolution | Description |
|---|---|
| Written agreement | Both parties sign release |
| Mediation | Neutral third party helps |
| Interpleader | Broker files with court |
| Litigation | Court decides |
Key Point: The broker cannot decide who gets the earnest money. They must hold it until both parties agree or a court orders release.
Common Contingencies
Financing Contingency
| Element | Details |
|---|---|
| Loan type | Conventional, FHA, VA, etc. |
| Loan amount | Maximum financing needed |
| Interest rate | Maximum acceptable rate |
| Deadline | Date by which loan must be approved |
Inspection Contingency
| Element | Details |
|---|---|
| Scope | General, roof, termite, radon, etc. |
| Deadline | Date for completion |
| Options | Accept, negotiate repairs, or terminate |
Appraisal Contingency
| Element | Details |
|---|---|
| Purpose | Property must appraise at purchase price |
| Remedy | Renegotiate or terminate if low |
| Waiver | Buyer may waive at own risk |
Sale of Buyer's Property
| Element | Details |
|---|---|
| Condition | Buyer must sell current home |
| Deadline | Date for sale to close |
| Kick-out clause | Seller can accept other offers |
Contract Status Types
| Status | Meaning |
|---|---|
| Pending | Under contract, contingencies remain |
| Contingent | Subject to specific conditions |
| Under contract | Binding agreement in place |
| Closed | Transaction completed |
| Terminated | Contract cancelled |
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Test Your Knowledge
Which of the following is NOT an essential element of a Kansas real estate contract?
A
B
C
D
Test Your Knowledge
Who holds the earnest money in a Kansas real estate transaction?
A
B
C
D