Contracts (alternative)
A Maryland buyer who cannot close due to genuine inability to obtain financing despite good faith efforts, and who has a proper financing contingency, is entitled to:
AForfeit their earnest money deposit
BReceive a return of their earnest money deposit✓ Correct
CBe sued for breach of contract
DPay a penalty equal to one month's mortgage payment
Explanation
If a buyer has properly exercised a financing contingency after genuinely failing to obtain financing despite good faith efforts, they are entitled to a return of their earnest money deposit.
Related Maryland Contracts (alternative) Questions
- In Maryland, a purchase contract that requires the buyer to use a specific title company is:
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- In Maryland, a seller who accepts two offers on the same property simultaneously has:
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- In Maryland, earnest money forfeited by a defaulting buyer typically goes to:
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