Contracts
A Connecticut buyer is in contract to purchase a home. The seller's representative passes away before closing. What happens to the purchase contract?
AThe contract is automatically void since the agent died
BThe listing contract with the broker terminates, but the purchase contract between the buyer and seller (or seller's estate) survives and must be completed by the seller's estate✓ Correct
CThe buyer may terminate without penalty
DThe contract transfers to the deceased agent's broker
Explanation
The death of a real estate agent terminates the listing agreement (an agency contract), but not the purchase and sale agreement between the buyer and the seller. The underlying purchase contract survives and must be performed by the seller's estate.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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