Contracts
A New Hampshire purchase and sale agreement becomes binding when:
AThe seller signs the offer
BThe buyer receives notice of the seller's unqualified acceptance✓ Correct
CThe earnest money is deposited
DThe attorney reviews the contract
Explanation
A contract is formed when the offeree (seller) accepts the offer and the offeror (buyer) receives notice of that acceptance. Acceptance must be communicated to create a binding contract.
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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.
Purchase AgreementA 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.
Math Concepts
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