Contracts
In West Virginia, a real estate purchase contract is classified as which type of contract before the closing occurs?
AExecuted contract
BExecutory contract✓ Correct
CUnilateral contract
DImplied contract
Explanation
Before closing, a real estate purchase contract is executory — it has been formed (signed by both parties) but performance (transfer of title and payment) has not yet been completed. Once closing occurs, the contract becomes executed.
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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.
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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