Contracts
In Kentucky, an offer to purchase real property expires if:
AThe buyer revokes it before acceptance
BThe seller does not respond within 24 hours
CEither A, or the deadline specified in the offer passes✓ Correct
DThe buyer changes their mind within 3 days
Explanation
An offer expires (1) by its own terms if a deadline is specified and passes, (2) if the offeree rejects it, (3) if the offeror revokes it before acceptance, or (4) by operation of law.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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