Contracts
A Nebraska buyer who performs their obligations under a purchase agreement by fulfilling the due diligence period, obtaining financing, and closing on time has:
AMet only part of their contractual obligations
BPerformed the contract — all obligations have been fulfilled✓ Correct
COnly satisfied their lender's requirements
DCompleted a unilateral contract
Explanation
When a buyer completes all their obligations — due diligence, financing, and closing — the contract is fully performed (executed). Both parties have fulfilled their promises.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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