Finance
A North Dakota buyer who makes a purchase offer contingent on receiving satisfactory loan terms is protected because:
AThe seller cannot accept any other offers during the contingency period
BIf the buyer cannot obtain satisfactory financing on the specified terms, they can terminate and typically recover their earnest money✓ Correct
CThe buyer's lender is obligated to approve the loan
DThe buyer can demand the seller lower the price
Explanation
A financing contingency protects the buyer by allowing them to terminate the contract and recover earnest money if they are unable to obtain financing on the terms specified in the contract (e.g., interest rate not to exceed X%, loan amount at least Y, within Z days).
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