Dec 02

Agreement Fully Executed

I get a kick from the agent who sends me a fully executed contract…. Oh, are we already closed? I think the trust is being opened. lol Patricia Kennedy Accepts – a fully executed document that is not delivered to the other party is insignificant! While any type of contract must be “executed” by the parties by adding their signatures, some individuals and companies refer to a contract for which the terms will be executed later under the specific name “execution contract”. This can cause confusion for the layperson if he hears the term “executed contract,” which can only refer to the fact that the contract was signed by all parties or if he can refer to a signed contract for which the terms were immediately executed. You should be careful if you use the term “executed.” You`ve had a few answers. A fully implemented offer is when all parties have agreed to all the terms of the offer and all signatures and initials have been collected in the document and you have a binding date. Tony and Suzanne Marriott, Associate Brokers As I said, a contract will be executed when the property is entered into. Until then, it is executory when there are still elements to be done. It is customary, but it is not correct to say that a contract is executed when all signatures and initials are obtained. The contract is executed if all contracting parties sign it. The contract itself is executed in full when all the terms of the contract are met.

In the case of Real Estate, the contract would be fully executed on the day of closing. We have recently been involved in several situations involving security incidents in which we ask our customers for the final contract executed with the seller whom we believe is the cause of the incident, but the contract we obtain has not been fully executed by both parties. Without addressing the legal impact of the absence of a fully executed contract between the parties, it is always preferable, on a practical level, to have a contract signed by both parties if you try to use it to assert that the other party has not fulfilled its contractual obligations or that it is liable for the costs associated with a security incident.