Contracts
A Maine real estate purchase contract is an executory contract until:
AThe inspection period ends
BAll contingencies are removed
CClosing, when title transfers and all obligations are fulfilled✓ Correct
DThe loan is approved
Explanation
An executory contract has obligations yet to be performed. A real estate purchase contract remains executory until closing, when title passes and all contractual obligations are fulfilled.
Related Maine Contracts Questions
- In Maine, an addendum to a purchase and sale agreement must be:
- A Maine listing agreement is a contract between:
- A Maine purchase agreement's 'rider' is:
- When a Maine seller accepts an offer with an escape clause (kick-out clause), it means:
- Maine's standard residential purchase agreement typically includes a section on 'inclusions and exclusions.' This section specifies:
- Under Maine contract law, 'time is of the essence' in a real estate contract means:
- In Maine, a purchase and sale agreement becomes binding when:
- A Maine purchase contract that is 'voidable' differs from one that is 'void' in that:
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