A buyer makes an offer on a property, and the seller accepts it without any changes. At what point does a binding contract typically come into existence?

Question: A buyer makes an offer on a property, and the seller accepts it without any changes. At what point does a binding contract typically come into existence?

Answer options:

• When the buyer's salesperson notifies the buyer that the seller has signed the acceptance.
• When the seller's salesperson sends the accepted agreement to the buyer's salesperson. ✅ When the accepted offer is communicated to the buyer.
• When the agreement is registered at the Land Registry Office.

Correct answer: When the accepted offer is communicated to the buyer.

Explanation: A binding contract is formed when acceptance of an offer is communicated back to the offeror (the buyer in this case). Until the buyer is aware of the acceptance, they could potentially revoke their offer.