A signed contract for the sale of a home will remain executory until what event occurs?

A signed contract for the sale of a home remains executory until the transaction has closed, which is the point at which the legal title to the property is transferred from the seller to the buyer. Until closing, both parties still have outstanding obligations or conditions they must fulfill, such as financing arrangements and inspections. The executory phase means that the contract is active and requires both parties to complete their respective duties.

Once the closing happens, and the transaction is finalized, the contract is termed "executed," meaning that the rights and responsibilities outlined in the agreement have been completed. At that moment, the buyer officially becomes the owner of the property, marking the end of the executory phase.