Alex and Michael Helbig signed a contract to purchase their first home from sellers Joe and Bonnie Watson. Once closing occurred and all closing requirements wrapped up, the Helbigs were given the keys to their house. What type of contract do they have at this point

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21-07-2022
Business

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Alex and Michael Helbig signed a contract to purchase their first home from sellers Joe and Bonnie Watson. Once closing occurred and all closing requirements wrapped up, the Helbigs were given the keys to their house. What type of contract do they have at this point

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-07-26T17:33:15+02:00

"Alex and Michael Helbig signed a contract to purchase their first home from sellers Joe and Bonnie Watson.". The type of contract do they have at this point is an Executed contract

This is further explained below.

What is Executed contract ?

Generally, A signed contract that creates a contractual connection between two or more parties is referred to as a "executed contract."

In conclusion, They signed a deal to buy their first house from the seller's Joe and Bonnie Watson. An Executed contract is the sort of agreement they now have.