Contracts
A Connecticut real estate contract is said to be 'executory' when:
AIt has been fully performed by both parties
BIt has been signed but not yet fully performed✓ Correct
CIt is being drafted by the parties
DIt has been reviewed by an attorney
Explanation
An executory contract is one that has been signed and is binding, but where performance (closing, delivery of deed) has not yet been completed. Most real estate contracts are executory until the closing.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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