Contracts
A buyer's offer in North Carolina lapses (expires) when:
AThe MLS listing expires
BThe time period for acceptance specified in the offer passes without acceptance✓ Correct
CThe buyer fails to close within 30 days
DThe seller does not respond within 24 hours
Explanation
An offer expires if not accepted within the time specified in the offer. If no time is stated, it expires after a reasonable time.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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