Contracts
In New York, a real estate purchase contract that is 'subject to' the sale of the buyer's current home is an example of a:
ATime is of the essence clause
BHome sale contingency✓ Correct
CLiquidated damages clause
DMerger clause
Explanation
A home sale contingency makes the buyer's obligation to purchase conditional upon the successful sale of their existing home within a specified period. If the current home does not sell, the buyer can cancel the purchase contract.
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