Contracts
A contingency in a real estate contract is best described as:
AA penalty clause for breach
BA condition that must be met for the contract to become binding✓ Correct
CAn addendum describing personal property
DA clause requiring the seller to make repairs
Explanation
A contingency is a condition precedent — a specified event or condition that must occur (or be waived) for the contract to proceed to closing. Common Nevada contingencies include financing, inspection, and appraisal.
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