My sister has a marital interest in the home of her deceased husband. 

A lot of that has to do with demographics (age, marital status, income, lifestyle).

I just wasn’t too sure what “contract for sale” really signified.

Seller wanted home gone it was causing marital strife; vacant and an expense.ARV $125,000.

Seller wanted home gone it was causing marital strife; vacant and an expense.

Keeps the marital strife levels down too.

regardless of your marital situation.

I've noticed a lot of Duplexes around are 2/2's but they don't appraise nearly as high as the few 3/2's (which granted are generally newer but maybe that also signifies a shift in market preference) from what I can tell looking at comparables and one element of this strategy is to be sure I am building at 70-80% of expected appraisal so I can refi out as much as possible.The point that Kitchens and Bath are the main sellers I can understand.

My question is; what event signifies when is legal liability is transferred from seller to buyer?

I have found that in today's maket an absorption rate of 30% or higher is a decent place to be investing.That 30% absorption rate signifies that the inventory in this location is turning over every 3 - 4 months.