Contracts
In Massachusetts, a 'tender' in a real estate contract context means:
AA formal offer of money or performance by one party to fulfill contractual obligations✓ Correct
BA new offer to purchase
CThe earnest money deposit
DThe final mortgage amount
Explanation
Tender is the act of one party offering to perform their contractual obligations (by offering payment or presenting the deed) to place the other party in default if they refuse to perform. It is often required before suing for breach.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
Math Concepts
State-Specific Concepts
Escrow Disputes
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