Contracts
When an Oklahoma purchase contract contains a 'subject to appraisal' contingency, the buyer may terminate if:
AThe property appraises above the purchase price
BThe property appraises below the purchase price and the seller won't reduce the price✓ Correct
CThe buyer changes their mind about the property
DThe appraisal takes more than 30 days
Explanation
A financing or appraisal contingency allows the buyer to terminate the contract if the property appraises below the agreed purchase price and the parties cannot agree on a price adjustment. Lenders will not loan more than the appraised value.
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