In a Delaware real estate transaction, what is 'delivery and acceptance' of a deed?
Why The physical transfer of the deed from grantor to grantee, with the grantee's acceptance of it, which completes the transfer of title Is Correct
Answer B: The physical transfer of the deed from grantor to grantee, with the grantee's acceptance of it, which completes the transfer of title
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
Key Contracts Terms in This Question
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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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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