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Simple English definitions for legal terms
ready, willing, and able
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A quick definition of ready, willing, and able:
Ready, willing, and able: When someone is fully prepared and able to buy something, they are called "ready, willing, and able." This is important for real estate brokers because they only get paid when they find a buyer who is ready, willing, and able to buy a property. For example, if a broker wants to get paid for helping sell a house, they need to find someone who is ready to buy the house, willing to pay the price, and able to actually complete the purchase.
A more thorough explanation:
When someone is fully prepared to buy something and has the money to do so, they are "ready, willing, and able." This phrase is often used in real estate when a broker is trying to sell a property.
For example, let's say a real estate broker shows a house to a potential buyer. The buyer loves the house and wants to buy it, but they don't have the money to do so. In this case, the buyer is not "ready, willing, and able" to buy the house.
However, if the buyer has the money and is ready to sign the contract, they are "ready, willing, and able." In this case, the broker can receive their commission for the sale.
Overall, "ready, willing, and able" means that someone is fully prepared and able to buy something, and it's important in real estate because brokers only get paid when they find a buyer who meets these criteria.