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A Michigan purchase agreement typically becomes binding when:

Correct Answer

B) The seller accepts and communicates acceptance to the buyer

A purchase agreement becomes binding when the seller accepts the offer and communicates that acceptance to the buyer or buyer's agent.

Answer Options
A
The buyer signs
B
The seller accepts and communicates acceptance to the buyer
C
The earnest money is deposited
D
The home inspection is complete
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Related Topics & Key Terms

Related Topics:

contract-formation-elementsreal-estate-offer-and-acceptancecontract-contingenciesearnest-money-deposits

Key Terms:

contract formationacceptancecommunication of acceptancebinding agreement datepurchase agreement
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