Contracts
The equitable title passes to the buyer in a real estate purchase contract when:
AThe deed is recorded with the county
BThe purchase agreement is signed by both parties✓ Correct
CThe buyer makes the final mortgage payment
DThe closing occurs and funds are distributed
Explanation
Equitable title (the right to acquire legal title) passes to the buyer when a binding purchase agreement is executed. Legal title passes later upon delivery and acceptance of the deed at closing.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
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