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The Moment of Conception
http://www.daltonsazhomes.com/ blog/ 05052008/ the-moment-of-conception/
Though banks negotiate purchase contracts verbally before signing off on the final paperwork, a residential real estate purchase contract hasn’t officially been executed until it’s signed by both parties and returned to the buyer. Or is it? Put another way, when is the moment of conception - the moment where a purchase offer elevates to the status of an accepted and executed contract? That’s the question a pair of clients are trying to determine right now. We viewed a property last week only to learn the bank already has verbally accepted an offer but has not sent back the executed contract.
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