Contracts
A Maine real estate purchase and sale agreement that has been fully signed by all parties is best described as:
AAn executed contract
BAn executory contract✓ Correct
CAn offer
DA letter of intent
Explanation
A real estate purchase contract is executory — both parties have signed but obligations remain to be performed (inspection, financing, closing). It becomes executed only when all obligations are completed at closing.
Related Maine Contracts Questions
- In Maine, a real estate listing agreement that does not specify a termination date is:
- Maine's standard purchase and sale agreement typically provides for 'prorations' at closing. Prorations adjust for:
- In Maine, if a purchase contract contains a 'liquidated damages' clause, in the event of buyer default the seller's remedy is typically:
- In Maine, an 'as-is' sale means:
- In Maine, a lease for more than one year must be:
- In Maine, an 'exclusive agency listing' allows the seller to:
- In Maine, which type of listing agreement gives the broker the exclusive right to collect a commission regardless of who sells the property?
- In Maine, a 'backup offer' is accepted 'subject to' the first contract. If the first contract falls through, the backup offer:
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