Contracts
A Kentucky real estate purchase contract that has been accepted by both parties but not yet closed is described as:
AExecutory✓ Correct
BExecuted
CVoid
DContingent
Explanation
An executory contract is one that has been formed but not yet fully performed (closed). Once both parties have fully performed (the deed is delivered and funds are exchanged at closing), the contract becomes executed.
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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).
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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