Contracts
A 'contingency' in a West Virginia real estate contract means:
AThe transaction is complete and unconditional
BThe contract contains a condition that must be fulfilled before the transaction can close✓ Correct
CThe seller has already found a replacement property
DThe broker's commission is contingent on the buyer's satisfaction
Explanation
A contingency is a condition written into a West Virginia purchase contract that must be satisfied before the parties are bound to close. Common contingencies include financing approval, satisfactory inspection, and sale of the buyer's current home.
Related West Virginia Contracts Questions
- Under West Virginia contract law, which element is NOT required for a valid real estate contract?
- In West Virginia, a real estate licensee who drafts a complex custom real estate contract for a client (rather than using standard forms) may be engaged in:
- A valid real estate contract in West Virginia requires all of the following EXCEPT:
- Which of the following is NOT a required element for a valid West Virginia real estate contract?
- Under West Virginia contract law, 'consideration' in a real estate purchase agreement is most commonly provided by:
- Earnest money deposited with a West Virginia broker in connection with a purchase contract is:
- Under West Virginia law, an agreement to pay a real estate commission must be in writing to be enforceable because:
- A West Virginia real estate contract includes an 'as-is' clause. This means the buyer:
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