During the time between execution and closing/funding, a contract is classified as which type of contract?

A contract that is classified during the timeframe between execution and closing/funding as an executory contract means that the terms of the contract have been agreed upon and signed by the involved parties, but the obligations, such as the transfer of property or payment, have yet to be completed.

In this context, "executory" signifies that one or both parties still have responsibilities to fulfill under the contract before it is considered fully executed. The contracts remain legally binding as they are still active and enforceable until all conditions stipulated are satisfied, culminating in closing or funding, at which point the contract would become a fully executed contract. The concept helps clarify what stage a contract is in the transaction process, emphasizing that although the parties are bound to their agreements, the finalization of details is still outstanding.