Final answer:
The status of a property purchase agreement that is signed by both parties but has not had title transfer is considered executory. This means that the contract has been established but not fully performed. It is not implied, affirmed, or void.
Step-by-step explanation:
When a broker receives a bona fide offer to buy a property and the purchase agreement is signed by both parties, yet the title has not yet been transferred, the status of this contract is considered executory. This term describes a contract that has been formally established and signed, but not all of its terms and conditions have been fulfilled by the parties involved. In this case, full performance is pending because the title transfer, a crucial part of the transaction, has not been completed.
An executory contract is an important concept in the field of real estate and is distinct from the other types of contract statuses. A contract is not implied, as that would indicate terms and conditions not explicitly stated but inferred by actions or the circumstances of the agreement. It is not affirmed, which would suggest a contract that's been officially confirmed or ratified, particularly after being previously null or void. Lastly, the contract in question is not void; a void contract is one that lacks legal force or effectiveness, typically due to lack of essential elements or illegality.
The fact that both parties have signed the purchase agreement means that they have entered into a binding commitment; however, until the title is passed, the agreement remains in the phase of execution. The closing of the transaction, where the title will pass and all other contract conditions satisfied, will mark the end of the executory period and the contract will be considered executed.