Contracts
A contract contingency in North Carolina allows the buyer to:
AAvoid all closing costs
BTerminate the contract or renegotiate if a specified condition is not met✓ Correct
CDelay closing indefinitely
DRequire the seller to make all repairs
Explanation
A contingency is a condition that must be satisfied for the contract to proceed. If the condition is not met, the buyer typically may terminate and recover their earnest money deposit.
Related North Carolina Contracts Questions
- A NC real estate transaction where the closing attorney discovers the seller's deed was fraudulently obtained should result in:
- A 'material breach' of a NC real estate contract gives the non-breaching party the right to:
- Under NC law, which of the following is NOT a remedy for breach of a real estate purchase contract?
- In NC, the 'integration clause' (merger clause) in a real estate contract means:
- Under the NC Offer to Purchase, 'earnest money' serves primarily as:
- If a buyer in NC makes an offer that includes a 'financing contingency,' closing may be delayed or cancelled if:
- In NC, the standard Offer to Purchase specifies that risk of loss if the property is damaged before closing falls upon:
- Under NC contract law, 'rescission' of a contract restores the parties to:
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