Contracts
A purchase agreement that contains a home sale contingency means:
AThe buyer must sell their current home before the purchase can close✓ Correct
BThe seller must find a replacement home before closing
CThe lender must approve the home sale
DBoth parties must sell homes simultaneously
Explanation
A home sale contingency makes the purchase contingent on the buyer successfully selling their current home within a specified timeframe; if the contingency is not satisfied, the buyer may exit the contract.
Related Indiana Contracts Questions
- An option contract gives the optionee the:
- An Indiana purchase agreement that includes a 'subject to appraisal' contingency allows the buyer to:
- An Indiana lease with an option to purchase (lease-option) gives the tenant:
- Indiana purchase agreements typically provide that if the property is destroyed before closing:
- Indiana uses the 'mailbox rule' for contract acceptance, which provides that acceptance is effective when:
- In Indiana, a purchase contract signed by a person under legal guardianship (adjudicated incompetent) is:
- In Indiana, an acceptance that changes the offeror's proposed closing date from July 15 to August 15 is legally:
- In Indiana, earnest money in a real estate transaction is typically held by:
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →