Contracts
What is a 'home sale contingency' in a Rhode Island purchase contract?
AA contingency allowing the seller to sell their current home before closing
BA contingency making the purchase dependent on the buyer successfully selling their current home by a specified date✓ Correct
CA contingency on the home passing inspection
DA contingency on the home appraising at a certain value
Explanation
A home sale contingency makes the buyer's purchase dependent on the sale of their existing home by a specified date. If their home does not sell in time, the buyer can terminate the contract and recover earnest money.
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