Contracts
When a Missouri purchase contract says 'all contingencies must be removed in writing,' this means:
AThe seller can waive contingencies without the buyer's agreement
BThe buyer must provide written notification to remove each contingency by the specified deadline✓ Correct
CVerbal removal is acceptable if witnessed
DMREC handles contingency removal
Explanation
Missouri contracts requiring written removal of contingencies protect both parties. The buyer must affirmatively provide written notice by each contingency deadline.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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