Contracts
A Maryland real estate purchase contract is considered 'ratified' when:
AThe buyer submits the earnest money deposit
BAll parties have signed and a copy has been delivered to all parties✓ Correct
CThe mortgage is approved
DThe home inspection is completed
Explanation
A contract is ratified (fully executed) in Maryland when all parties have signed and copies of the executed agreement have been delivered to all parties.
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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.
Math Concepts
State-Specific Concepts
Escrow Disputes
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