AccountingBLOCK

bizark · 03-05-2008, 03:42 PM

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!

ZaddY · 03-05-2008, 04:22 PM

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!

You are right about the forum

The best answer would be the 2nd one, considering that your question is related to accrual accounting.

03-05-2008, 03:42 PM	#1 (permalink)
bizark Status: Getting feet wet Join Date: Mar 2008 Location: USA Posts: 39 Credits: 623	Sale of Real Estate 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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