When Does a Contract Become a Binding Contract?

Question: We signed a contract to sell our house, and gave the buyers certain time limits. From the date of “contract ratification” they had 7 business days to have the house inspected, and 30 days in which to obtain financing.

Exactly what constitutes “ratification”? A REALTORĀ® friend told us that a contract is ratified when all parties sign off on the contract document, but a lawyer friend said it starts when all contingencies have been removed.

Who is right?

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