Contracts
What is a release of contingency (contingency removal) in a Nevada residential purchase contract?
AA court order releasing a party from the contract
BA written statement by the buyer formally removing (waiving) a specified contingency, committing them to proceed without the protection of that condition✓ Correct
CAn automatic process where contingencies expire after the inspection period
DA release of all earnest money to the seller
Explanation
When a buyer releases a contingency in Nevada, they formally waive that condition and commit to proceed. For example, releasing the inspection contingency means the buyer accepts the property regardless of inspection findings. Failure to remove a contingency by its deadline may allow either party to cancel.
Related Nevada Contracts Questions
- An 'as-is' clause in a Nevada purchase contract means:
- What is a home warranty in a Nevada residential real estate transaction?
- What is a right of rescission under the Truth in Lending Act (TILA) in Nevada refinance transactions?
- Nevada is a community property state. In a community property marriage, real property acquired during the marriage is generally owned:
- In Nevada, a purchase agreement becomes binding when:
- Under Nevada law, which element is NOT required for a valid real estate contract?
- What is a purchase and sale agreement (PSA) in Nevada?
- A lease with an option to purchase in Nevada requires the tenant to:
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →