Contracts
In Georgia, a real estate purchase contract becomes 'executed' when:
AThe buyer makes an offer
BAll parties have signed and the contract has been fully performed✓ Correct
CEarnest money is deposited
DThe contract is recorded
Explanation
An 'executed' contract is one in which all parties have signed AND all required performance has been completed. A signed but unperformed contract is still 'executory'.
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Key Terms to Know
Earnest Money
A 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.
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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