Contracts
A 'subject to financing' clause in an Oklahoma purchase contract typically specifies:
AThat the buyer must accept any financing available regardless of terms
BThe loan amount, interest rate, term, and type of loan the buyer must qualify for, and gives the buyer a specified period to obtain it✓ Correct
CThat the seller must arrange financing for the buyer
DThat financing is guaranteed by OREC
Explanation
A financing contingency typically specifies the loan amount, maximum interest rate, loan term, and loan type (e.g., conventional, FHA, VA) that the buyer must obtain. If the buyer cannot secure these terms, they may terminate the contract and receive their earnest money.
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