Escrow & Title
A Washington home sale closing has been delayed 3 times due to lender issues. The buyer wants to know if the seller can terminate the contract due to the delays. Under typical NWMLS agreement language, termination is possible only if:
AThe closing date passes without an extension agreement
BThe buyer fails to perform by the closing date without a written extension agreement signed by both parties✓ Correct
CThe lender is at fault for the delay
DThe delay exceeds 2 weeks
Explanation
Under typical Washington purchase and sale agreement language, if the buyer cannot close by the specified closing date and the parties have not agreed to a written extension, the seller may have grounds to declare the buyer in default. The closing date is a material term, and extensions must be in writing.
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