A real estate sale contract is an executory contract until the closing or settlement of the transaction. This means that until the transaction is completed, the contract is considered executory, meaning that one or both parties have not completed their obligations under the contract.
A real estate sale contract is a legally binding agreement between a buyer and seller that outlines the terms and conditions of the sale or purchase of a property. The contract typically includes details such as the purchase price, closing date, and any contingencies or conditions that must be met before the sale can be completed.
Once all of the terms and conditions of the contract have been met, such as the transfer of the property's title and the exchange of payment, the contract is no longer executory. At this point, it becomes an executed contract, meaning that all parties have fulfilled their obligations under the agreement.