Contracts
In Michigan, a 'release of contingency' notice by the buyer means:
AThe buyer is backing out of the contract
BThe buyer waives a specified contingency and commits to proceeding with the purchase✓ Correct
CThe seller releases the buyer from the contract
DThe earnest money is released to the seller
Explanation
When a Michigan buyer submits a release of contingency, they are waiving their right to exit the contract based on that contingency—committing to proceed with the purchase. The contract becomes less conditional upon each contingency release.
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