Contracts
What is a 'release of contingency' in an Idaho real estate contract?
ACancellation of the purchase agreement
BA written document signed by the contingent party confirming they have waived or satisfied a contractual contingency, removing that condition from the agreement✓ Correct
CThe lender's approval of the loan
DThe seller's removal of the property from the market
Explanation
A release of contingency (or contingency removal) is a written statement by the buyer (or other contingent party) that they have either satisfied a contingency condition or waived their right to cancel based on it. Once a contingency is released, the contract becomes more binding and the buyer typically cannot use that contingency as a basis for cancellation.
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