Contracts
A Pennsylvania buyer's home sale contingency allows the buyer to:
AVoid the contract if they cannot sell their current home by a specified date✓ Correct
BForce the seller to reduce the price if the buyer's home doesn't sell
CKeep their current home and purchase the new one simultaneously without penalty
DTransfer their mortgage to the new property
Explanation
A home sale contingency in a Pennsylvania Agreement of Sale allows the buyer to void the purchase contract and recover earnest money if they cannot sell their existing home by the contingency date. Many sellers negotiate a 'kick-out' clause allowing them to continue marketing while the buyer's home is listed.
Related Pennsylvania Contracts Questions
- A Pennsylvania Agreement of Sale clause stating 'This agreement is contingent upon the property appraising at or above the purchase price' is a(n):
- In Pennsylvania, the Seller's Property Disclosure Statement is required by:
- An option contract in real estate gives the optionee:
- A Pennsylvania real estate contract where one party has fully performed is called:
- Pennsylvania's 'Anti-Deficiency' protections for certain residential mortgages mean:
- A listing agreement clause that entitles the broker to a commission even if the property sells after the listing expires to a buyer found during the listing period is called a:
- In Pennsylvania, a listing agreement is a contract between the:
- A 'rent-to-own' arrangement in Pennsylvania where a portion of rent credits toward the purchase price should be:
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →