Contracts
Under Pennsylvania law, when is a real estate contract considered 'fully executed'?
AWhen the buyer signs the offer
BWhen both buyer and seller have signed the contract and all parties have been notified of final acceptance✓ Correct
CWhen the earnest money deposit is delivered to the broker
DWhen the title company receives the executed contract
Explanation
A Pennsylvania real estate contract is fully executed (a binding bilateral contract) when all parties have signed the agreement AND notice of final acceptance has been communicated to all parties. An offer signed by only one party is not yet a 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.
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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Math Concepts
State-Specific Concepts
Escrow Disputes
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