Contracts
An Alaska buyer's financing contingency expires. The buyer has not yet received loan approval. Without a written extension, the financing contingency is:
AAutomatically extended by 7 days
BWaived — the buyer must proceed or be in default✓ Correct
CConverted to a cash purchase requirement
DSubject to arbitration to determine outcome
Explanation
If a contingency deadline passes without being exercised, the contingency is typically deemed waived. The buyer must then proceed with the purchase or be in default — unless both parties agree in writing to extend the deadline before it expires.
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