During the period after the real estate sales contract is accepted but before the delivery of the deed, the status of the contract is executory.
An agreement that controls the acquisition and selling of real estate is known as a real estate purchase agreement. It establishes the parameters of the deal and the circumstances in which a sale will take place and is made between a buyer and a seller.
A contract is considered to be executed whenever all of the parties have fulfilled their initial commitments. Executory refers to something that needs to be completed or resolved in order to be considered valid. A contract that is currently being executed is deemed to be ineffective until it has been fully completed, signed, sealed, and delivered.
An executory contract between two parties indicates that the agreement has been signed, but that one or both parties still have obligations to complete before the contract can be considered fully executed.
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