What must all real estate contracts in Guam include to be legally binding?

For a contract to be legally binding in Guam, it must include consideration. Consideration refers to something of value that is exchanged between the parties involved in the contract. In real estate transactions, this typically involves the buyer agreeing to pay a certain amount of money in exchange for the seller's transfer of property ownership. This mutual exchange creates a binding agreement, as it demonstrates the intent of both parties to enter into a contractual relationship.

In contrast, a witness signature, a closing date, or a property appraisal, while important in facilitating or formalizing the transaction, are not mandatory elements for a contract’s legality. For example, not every contract requires a witness to be enforceable, and while having a closing date is helpful for clarity and to outline timelines, the absence of such a date does not invalidate the existence of the contract. Similarly, a property appraisal can provide valuable information regarding the property’s value but is not required for the binding nature of the contract itself.