Contracts
A Florida purchase contract includes a 'mortgage contingency.' If the buyer cannot obtain financing by the specified deadline, the buyer may:
AAutomatically extend the closing date
BTerminate the contract and receive a deposit refund per contingency terms✓ Correct
CSue the seller for specific performance
DConvert to an all-cash offer
Explanation
If the buyer cannot obtain the required financing by the deadline in a mortgage contingency, the contingency allows the buyer to terminate the contract and receive a refund of their earnest money deposit. The seller is not at fault.
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