Contracts
A real estate purchase contract typically becomes void if:
AThe buyer changes their mind after signing
BAn essential contingency is not satisfied and the contract provides for automatic termination✓ Correct
CThe listing expires before closing
DThe seller decides to rent instead of sell
Explanation
Many purchase contracts include contingencies (financing, inspection) that, if not satisfied, allow one or both parties to terminate. If the contract specifies that failure to meet a condition renders it void, the contract automatically terminates.
Related Arkansas Contracts Questions
- An exculpatory clause in a real estate contract is designed to:
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- A buyer makes an offer on a property. Before the seller accepts, the buyer changes their mind and withdraws the offer. This is:
- A 'kick-out clause' in a real estate contract allows the seller to:
- An interpleader action is used by a broker when:
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