Contracts
A Utah buyer who removes all contingencies in their purchase contract but the deal later falls apart due to financing:
ACan still cancel without penalty because lender denial is outside the buyer's control
BMay forfeit their earnest money because the financing contingency was removed✓ Correct
CCan request a 30-day extension automatically
DIs entitled to a refund if the seller has not suffered damages
Explanation
If a buyer removes contingencies (including financing) and then cannot close, they are in breach of contract. The seller may be entitled to retain the earnest money as liquidated damages.
Related Utah Contracts Questions
- An integration clause in a Utah real estate contract states that:
- Under the Utah REPC, the due diligence period gives the buyer the right to:
- Under the Utah REPC, the Financing Condition protects the buyer if:
- In Utah, the Real Estate Purchase Contract (REPC) is the standard form used for residential transactions. The REPC is promulgated by:
- The Utah REPC's Inclusions and Exclusions section defines which items:
- An option contract in real estate gives the optionee (buyer) the:
- Under Utah law, which of the following contracts is required to be in writing to be enforceable?
- An acceleration clause in a mortgage allows the lender to:
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →