What is 'constructive delivery' of a deed in Delaware?
Why Delivery made by placing the deed in a third party's (escrow agent's) hands for delivery to the grantee upon satisfaction of conditions Is Correct
Answer B: Delivery made by placing the deed in a third party's (escrow agent's) hands for delivery to the grantee upon satisfaction of conditions
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).
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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.
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