Contracts
A Massachusetts buyer's offer includes a mortgage contingency. If the buyer cannot obtain financing by the contingency date, the buyer may:
AProceed to closing without financing
BCancel the contract and receive a full deposit refund✓ Correct
CSue the seller for breach of contract
DExtend the closing date unilaterally
Explanation
A mortgage contingency protects the buyer by allowing them to cancel the contract and receive a full refund of their deposit if they are unable to obtain the specified financing by the contingency deadline.
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