Contracts
Under the FAR-BAR contract, if neither party is in default and the transaction cannot close due to a title defect, the buyer's remedy is:
ASue the seller immediately for specific performance
BReceive a full refund of the deposit and cancel the contract✓ Correct
CDemand the seller fix the title within 5 days
DExtend closing indefinitely until title is cleared
Explanation
Under the FAR-BAR contract, if a title defect cannot be cured within the contractually allowed time, and neither party is in default, the buyer may cancel the contract and receive a full refund of the earnest money deposit.
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