Contracts
A 'contingency' in a South Carolina purchase agreement:
ARequires both parties to use the same attorney
BSpecifies a condition that must be met for the contract to proceed✓ Correct
CAutomatically extends the closing date by 30 days
DGuarantees the seller will make all repairs
Explanation
A contingency is a condition that must be satisfied before the contract is binding or before closing can occur. Common contingencies include financing, inspection, and appraisal contingencies.
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