Contracts
A Nebraska purchase agreement becomes a binding contract at the moment of:
ASigning by the buyer
BSigning by the seller
CAcceptance and communication of acceptance to the offeror✓ Correct
DRecording with the county clerk
Explanation
A contract is formed when acceptance is communicated to the offeror. Both offer acceptance AND communication of that acceptance to the buyer are required.
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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.
Earnest MoneyA 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.
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.
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