Effect of Execution by the Parties
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FAQ
1be in writing.2make clear on its face that it is intended to be a deed by the person making it or the parties to it.3be validly executed as a deed by the person making it or one or more of the parties to it (section 1 of the Law of Property (Miscellaneous Provisions) Act 1989)
When a person "executes" a document, he or she signs it with the proper "formalities". For example: If there is a legal requirement that the signature on the document be witnessed, the person executes the document by signing it in the presence of the required number of witnesses.
Consider the two definitions of executed agreement:To complete and validate a legal document, law, decree, or judicial sentence. Fulfilling the requirements of a legal document or other agreement by signing or sealing.
An executed contract is a legal document that has been signed off by the people necessary for it to become effective. The contract is often made between two or more people, but it can also be between a person and an entity, or two or more entities.Some contracts even require the signatures be witnessed.
Only the two parties entering into the agreement need to sign it and the signatures do not need to be witnessed. Despite there being no legal requirement for a signature to be witnessed, it can prove helpful in evidence if a dispute arises about the validity of the agreement.
A contract under which unperformed obligations remain on both sides, or where both parties have continuing obligations to perform. For example, most leases or contracts for the sale of goods where the goods have not been delivered by the seller and the buyer has not paid, are executory contracts.
A contract is said to have been executed when both parties have completed their obligations. In the case of an executed contract in real estate, that milestone comes at closing, when the documents are signed by both parties.
Execution will simply require your individual signature. The agreement should also state your name below the signature line as well. It is best practice to sign the agreement in the presence of a third-party witness. The witness should also sign the agreement for evidentiary purposes to avoid future disputes.
