What is a 'contingent offer' and how does it affect Delaware home sellers?
Why An offer conditioned on one or more events occurring — such as the buyer selling their current home, obtaining financing, or satisfactory inspection results Is Correct
Answer B: An offer conditioned on one or more events occurring — such as the buyer selling their current home, obtaining financing, or satisfactory inspection results
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
Key Contracts Terms in This Question
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Key Terms to Know
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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