Contracts
A Connecticut seller who died between the execution of a purchase agreement and the closing—what happens to the contract?
AThe contract is automatically void
BThe contract survives and the estate is typically obligated to complete the sale unless the contract provides otherwise✓ Correct
CThe buyer must find a new seller
DThe real estate broker receives the full commission immediately
Explanation
Real estate contracts generally survive the death of a party. The seller's estate (through the executor or administrator) is typically obligated to complete the sale, subject to probate court approval.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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