What does consummate mean in real estate?

The term “ consummate means to complete or accomplish. In the context of buying a home, it means to sign all the necessary paperwork to officially transfer the ownership of the property from the seller to the buyer.

What does the word consummate mean in real estate?

Speaking of sex, the word consummate can also apply to buying a home. A property can be “consummated” once it passes the inspection stage. The passing of the final inspection is when the buyer gets the keys to their new home. At that time the sale becomes final and legally binding.

What does consummate mean in real estate terms?

The term “consummate” refers to the completion of a sale in a real estate transaction. Anything beyond the signing of the final contract is considered “consummation” of the sale. The completion of the sale can occur in a number of ways, including the transfer of title, the fulfillment of the legal terms of the sale, and the receipt of the funds.

What does the word consummate mean in real estate investing?

The word “consummate” is used to describe the moment when a contract is signed and legally binding. In other words, when a deal is completely signed off on, making it impossible for either party to pull out of the deal without significant repercussions.

What does the word consummate mean in real estate investing terms?

When we refer to a transaction in real estate as being “consummated,” we mean that it has been fully completed. This usually includes signing off on the deed and transferring legal ownership of the property.