Contracts
A Connecticut buyer's offer is contingent on the property appraising at the purchase price. The appraisal comes in $15,000 below the agreed price. The buyer's options under a typical appraisal contingency include all of the following EXCEPT:
ARenegotiate the purchase price with the seller
BPay the $15,000 difference in cash above the appraised value
CTerminate the contract and get the earnest money back
DForce the seller to accept the appraised value immediately without any negotiation✓ Correct
Explanation
An appraisal contingency gives the buyer the right to renegotiate, make up the gap in cash, or terminate if the appraisal is low. The buyer cannot unilaterally force the seller to accept the appraised value without negotiation—the seller has the right to negotiate or let the contract terminate.
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