ContractsCâu 52 / 120
A financing contingency in a purchase contract protects the buyer by:
a.Guaranteeing the seller will lower the price
b.Requiring the seller to pay all closing costs
c.Allowing the buyer to cancel and recover earnest money if approved financing cannot be obtained
d.Forcing the lender to approve the loan
Giải thích
A financing contingency lets the buyer terminate the contract and typically recover earnest money if they cannot obtain the specified loan. It shifts the risk of loan denial away from the buyer.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- In Texas, residential real estate sales contracts most commonly use forms that are:
- A license holder who is not a licensed attorney may generally:
- Earnest money in a real estate contract functions primarily as:
- The Texas 'option period' (termination option) in the standard residential contract generally allows the buyer to:
- Which of the following best describes a bilateral contract?
- When an offeree responds to an offer by changing a material term, the response is legally a:
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