Contracts
In South Dakota, a 'purchase agreement' (sales contract) for real estate typically becomes binding when:
AThe buyer makes the offer
BBoth parties have signed and acceptance has been communicated to the buyer✓ Correct
CThe earnest money is deposited
DThe property passes inspection
Explanation
A binding real estate contract is formed when the seller accepts the buyer's offer (or the buyer accepts the seller's counteroffer) and that acceptance is communicated to the other party. Both parties' signatures and communication of acceptance are required.
Related South Dakota Contracts Questions
- In South Dakota, a buyer who makes an offer on a property and then revokes it before the seller accepts has:
- Which of the following is true about earnest money in a South Dakota real estate contract?
- Which of the following is an example of a contingency that would protect the SELLER in a South Dakota purchase agreement?
- A right of first refusal in a South Dakota purchase agreement means:
- A unilateral contract in South Dakota real estate is best illustrated by:
- A South Dakota contract that is 'void' differs from one that is 'voidable' in that a void contract:
- When a real estate contract is said to be 'executed,' it means:
- Under the South Dakota Seller's Property Condition Disclosure, which statement about the seller's obligations is TRUE?
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