Contracts
Under Oklahoma contract law, if a buyer's earnest money check is returned for insufficient funds after the seller has accepted the offer:
AThe contract is automatically void
BThe contract remains valid but the buyer may be in breach; the seller should consult their broker and attorney regarding options✓ Correct
CThe seller must immediately relist the property
DThe buyer has 48 hours to replace the check with no consequences
Explanation
A returned earnest money check does not automatically void the contract in Oklahoma. The contract may still be enforceable, but the buyer could be considered in breach.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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