Contracts
A 'subject to financing' contingency in a West Virginia purchase contract protects the:
ASeller — allowing them to cancel if they find a better offer
BBuyer — allowing them to void the contract and recover earnest money if they cannot obtain the specified financing✓ Correct
CLender — allowing them to refuse the loan if the appraisal is too low
DBoth buyer and seller equally
Explanation
A financing contingency protects the buyer by allowing them to void the contract and recover their earnest money if they cannot obtain financing on the specified terms within the contingency period.
Related West Virginia Contracts Questions
- Under West Virginia contract law, which of the following is NOT required for a valid real estate contract?
- A West Virginia commercial lease assigns to the tenant the right to extend the lease for an additional 5 years at a predetermined rental rate. This is called a:
- A West Virginia seller counters a buyer's offer by changing the closing date. The buyer's original offer:
- A West Virginia purchase contract contains a financing contingency stating the buyer must obtain loan approval within 15 days. If the buyer cannot obtain financing within that period, the buyer may:
- If a West Virginia real estate contract is signed by someone without mental capacity (due to a court-declared incompetency), the contract is:
- A West Virginia buyer includes an escalation clause in their offer. This means the buyer will:
- A West Virginia real estate purchase contract includes a time-is-of-the-essence clause. This means:
- A West Virginia buyer and seller have a signed purchase contract. The buyer discovers major structural damage during the inspection period. The buyer should:
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →