Contracts
A Connecticut real estate contract has a 'contingency removal date' that has passed without the buyer removing the contingency. What happens to the contract?
AThe contract automatically converts to a cash purchase
BThe seller may declare the contract void and return the earnest money✓ Correct
CThe contingency removal date automatically extends by 30 days
DThe buyer may continue negotiating indefinitely
Explanation
If a buyer fails to remove a contingency by the stated removal date, the seller typically has the right to declare the contract terminated and return the earnest money. The exact consequences depend on the specific contract language.
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