Question

Shakeel and Shaheen have sold their home, made an offer on Derek and Kamisha’s home, and the offer was accepted. All the details of the sale have been worked out, agreed upon and signatures obtained. Now, Shakeel and Shaheen must obtain a loan for the property. What is the best term to describe their position in the transaction’s timeline?
A) In Contract
B) Chain of Title
C) Abstract and Opinion
D) Both B and C

Answer 1

Answer:

The correct answer is letter "A": In Contract.

Explanation:

In Law, making transactions "In Contract" refers to fulfilling the legal terms an agreement establishes. In the case, in particular, property ownership transfers demand a written agreement between the owner and the buyer. After the initial agreement has been signed by both parties, the buyer can look for the approval of a mortgage loan to cover the expenses of the purchase.

Thus, Shakeel and Shaheen are in an "in contract" position in their home purchase transaction.

Answer 2

Answer: option A

Explanation:

For there to be a contract it means there must be an agreement between 2 or more parties.

A clear offer has been made because it is clear, definite and unequivocal.

It has also been signed and an agreement was made.