Contracts
In New Jersey, a 'contingency for the sale of buyer's property' in a purchase contract allows the buyer to:
ADelay closing indefinitely
BCancel the contract without penalty if the buyer cannot sell their current home within the specified contingency period✓ Correct
CForce the seller to accept a lower price if the market drops
DTransfer the contract to another buyer
Explanation
A home sale contingency allows the buyer to void the contract and recover their deposit if their current home does not sell within the agreed timeframe. Many sellers include a 'kick-out' clause allowing them to accept another offer if the contingency is not removed within a specified period.
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