Contracts
A Pennsylvania real estate contract where one party has fully performed is called:
AExecutory
BExecuted✓ Correct
CBilateral
DUnilateral
Explanation
An executed contract is one where all obligations have been fully performed by all parties. At the close of a real estate transaction, the contract becomes fully executed — the seller has conveyed the deed and the buyer has paid the purchase price.
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Key Terms to Know
Deed
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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