Contracts
A Mississippi real estate sales contract is 'contingent upon the sale of the buyer's current home.' This type of contingency is called:
AA financing contingency
BA home sale contingency✓ Correct
CAn inspection contingency
DA title contingency
Explanation
A home sale contingency (or sale of existing property contingency) makes the purchase of a new property contingent upon the buyer first selling their current home. Sellers often dislike this contingency because it creates uncertainty, and some insist on a 'kick-out clause' allowing them to continue marketing.
Related Mississippi Contracts Questions
- An addendum to a Mississippi purchase agreement:
- Which of the following is an example of a 'contingency that benefits the seller' in a Mississippi purchase contract?
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