Contracts
A Minnesota buyer needs to sell their current home before they can complete the purchase of a new home. To protect themselves if their home doesn't sell, they should include a:
ARight of first refusal clause
BHome sale contingency in the purchase agreement✓ Correct
CBridge loan provision
DAutomatic extension clause
Explanation
A home sale contingency protects buyers by making the purchase of the new home conditional on the sale of their current home within a specified time period. If their current home doesn't sell, the buyer can cancel the new purchase agreement and get their earnest money back. This is a common protective contingency in Minnesota when buyers have an existing home to sell.
Related Minnesota Contracts Questions
- In Minnesota, specific performance is a remedy available to a buyer when:
- In Minnesota, the statute of frauds requires real estate contracts to be:
- A Minnesota purchase agreement contains a 'time is of the essence' clause. What does this mean for the parties?
- A Minnesota buyer submits an offer with a personal property addendum listing specific items. The seller accepts but scratches off the riding lawn mower from the list. This creates a:
- In Minnesota, a seller who accepts an offer 'subject to board approval' has created which type of contract?
- In Minnesota, which of the following provisions in a purchase agreement specifically addresses who is responsible if the property is damaged or destroyed between signing and closing?
- In Minnesota, a 'walk-through inspection' (final walkthrough) before closing allows the buyer to verify:
- In Minnesota, a purchase agreement becomes void automatically in which situation?
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →