Contracts
Vermont's 'home sale contingency' allows a buyer to:
ASell any home they own, not just in Vermont
BMake their purchase contingent upon the successful sale of their existing home within a specified period✓ Correct
CSubstitute a different property after signing
DDelay closing indefinitely until their home sells
Explanation
A home sale contingency makes the purchase of a new property contingent upon the buyer's successful sale of their current home within a specified timeframe, protecting the buyer from carrying two mortgages simultaneously.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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