Contracts
A 'subject to financing' contingency in Indiana specifies which of the following details to be complete?
AOnly the interest rate
BLoan amount, type of financing, interest rate, and time period to obtain a commitment✓ Correct
COnly the name of the lender
DOnly the maximum purchase price
Explanation
A well-drafted financing contingency should specify the loan amount, loan type (conventional/FHA/VA), maximum interest rate, and the deadline for obtaining a financing commitment.
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