Contracts
In New Mexico, a real estate purchase agreement is fully 'executed' when:
AThe buyer signs the offer
BAll parties have signed and the agreement is complete with no remaining contingencies unmet✓ Correct
CThe property closes
DThe title company receives the contract
Explanation
A fully executed contract means all parties have signed and all required elements are in place. In practice, many agents use 'executed' to mean signatures are complete; 'consummated' or 'closed' refers to the actual performance of the contract.
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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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