Quote:
Originally Posted by bizark
I hope I am posting in the right forum. Here is the question that was encountered during one of my lectures and the professor wasn't sure. Since then, I have been curious...
Real estate sale is considered complete when?
1) when the contract is signed
2) when all contingencies permitting withdrawal of one of the parties are removed
3) when the sale is closed and the title is transfered
I think it is the third one!
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You are right about the forum
The best answer would be the 2nd one, considering that your question is related to accrual accounting.