Contracts
A Virginia buyer inserts a 'home sale contingency' in their offer. This means:
AThe buyer will give the seller their home as a trade
BThe offer is contingent on the buyer successfully selling their current home by a specified date✓ Correct
CThe buyer must sell within 30 days
DThe seller's home must appraise at a specific value
Explanation
A home sale contingency makes the Virginia purchase offer contingent on the buyer completing the sale of their current property by a specified date. This allows the buyer to use their sale proceeds for the new purchase.
Related Virginia Contracts Questions
- A Virginia buyer makes an offer with a home inspection contingency that allows them to void the contract within 10 days. The seller accepts. On day 12, the buyer tries to void the contract citing inspection issues. The buyer is:
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