Contracts
A 'contingency' in a Georgia real estate contract:
AA. Always results in the contract being void
BB. Makes the contract conditional on a future event — if not satisfied, a party may terminate✓ Correct
CC. Requires court approval to be enforceable
DD. Can only be waived by the seller
Explanation
A contingency is a condition that must be met for the contract to be fully binding and for closing to occur. Common contingencies include financing, inspection, and appraisal. If a contingency is not satisfied, the applicable party may terminate the contract.
Related Georgia Contracts Questions
- Under the GAR Purchase and Sale Agreement, the 'inspection contingency' allows the buyer to:
- Under Georgia contract law, 'impossibility of performance' occurs when:
- A buyer who discovers a previously unknown major defect after closing but before moving in may have which remedy?
- The Georgia law requiring real estate contracts to be in writing is based on which principle?
- In Georgia, the earnest money in a real estate transaction is typically held by:
- Under the GAR contract's 'New Loan' contingency, if the buyer cannot obtain financing at specified terms, they may:
- The GAR Purchase and Sale Agreement's 'Exhibit B — Seller's Property Disclosure Statement' requires the seller to:
- When a Georgia real estate contract's closing date passes without closing due to circumstances beyond either party's control (like a natural disaster), the contract may be:
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