Contracts
A buyer makes an offer on a Pennsylvania property with a 'Due Diligence' contingency period of 14 days. During this period, the buyer:
AMust close within 14 days of the offer
BHas 14 days to inspect, investigate, and determine whether to proceed — may terminate for any reason✓ Correct
CIs locked into the purchase and cannot withdraw
DMust obtain full mortgage commitment within 14 days
Explanation
A due diligence contingency gives the buyer a specified period to investigate the property — inspections, environmental reviews, feasibility studies — and the right to terminate for any reason (or a specified reason) during that period. This is common in commercial transactions and protects the buyer's investigation rights.
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